Comment by nickyvdicarlo
11 hours ago
For what it's worth, JP Morgan specifically is probably the best positioned of all the major banks to endure any political and/or economic instability that might arise in the near-ish future. Not that this should necessarily drive your decision on who to bank with, but having spent the last decade or so working at various large US banks I have a lot of respect for the way JPMC operates
- The vast majority of their infra (at least as of ~3 years ago) is self-hosted in data centers that they own, and a lot of their other key cloud infra is/was multi-cloud (i.e. operations could fail over to GCP in the event of an AWS outage)
- Financially they have the healthiest balance sheet of any non-state-owned bank (like, in the entire world). Over the last ~20 years JPMC has acted as a sort of lender of last resort several times, most recently when they bought out First Republic.
- Politically, after navigating the aforementioned instability Jamie Dimon has almost carte blanche support from the shareholders, and everyone knows it. As a result, he can afford to be a lot less... compliant with the current US regime than other major players have been recently.
Thank you, this is great insider info. I only wish they had free checking accounts; they have all sorts of requirements in order to waive their monthly fee. Then I’d switch in a heartbeat because of your post.