“Two decades ago, JPMorgan’s biggest competitors were Bank of America, Wells Fargo, Goldman Sachs and Morgan Stanley. Today, that list includes Stripe, PayPal, Dave, Chime, SoFi, Revolut and other fintechs, Dimon said.
‘They’re coming at you, some to pick a sliver of the business, some to take your whole business,’ the CEO said. ‘If you put your head in the sand, you will lose. I think that was true 30 years ago, but I think it’s probably more true today.’
‘The brain power and money that’s going into this thing is extraordinary,’ he said. ‘If we don’t do our job faster, quicker – yeah, we’ll lose, too.’”