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JPMorgan CEO Expects Growth Opportunities 'almost Everywhere'

JPMorgan Chase & Co.'s (JPM) Chief Executive Officer Jamie Dimon said that he expects opportunities for the company to expand "almost everywhere" -- including in businesses where it's already dominant and one that's been particularly tough across the industry in recent years.

In an annual letter to shareholders, Dimon said, "We see growth opportunities even in Fixed Income, Currencies and Commodities, where we already have the #1 market share at 11.4%. There may be some underlying growth as the capital markets of the world grow, even though this is partially offset by declining margins like we have experienced over the last 30 years. However, we see opportunities to gain share in various products and in certain regions where we have low share."

In other areas -- such as investment banking, asset management and consumer and commercial banking -- the bank plans to hire, add branches, enter new markets or roll out new technology, he said.

JPMorgan Chase plans to build up to 400 Chase branches in 15-20 new markets and hire up to 4,000 additional employees over the next five years. The employees will support branch growth and more lending to small businesses and homeowners.

He said the company currently has excess capital, but due to recent tax reform and a more constructive regulatory environment, the company hopes, in the future, to use more of excess capital to grow businesses, expand into new markets and support employees.

Dimon said,"We need to form a bipartisan group of experts whose direct charge is to fix our healthcare system. I am convinced that this can be done, and if done properly, it will actually improve the outcomes and satisfaction of all American citizens."

Dimon said,"As for JPMorgan Chase, fortunately, we have the resources to be prepared for a hard Brexit, as we must be. It essentially means moving 300-400 jobs around Europe in the short term and modifying some of our legal entities to be able to conduct business the day after Brexit."

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