Jamie Diamond and JP Morgan

The last time you had inflation induced revenue growth for banks headcount increased 51 percent 51 percent in the 1970s now we expect headcount to remain flat. Jamie diamond has called a hurricane he said we have a recession he said look out and partly with good reason I mean the Fed is tightening partly well quantitative tightening the feds tightening and then you have stricter bank capital rule so there are reasons to be very concerned but at the same time Jamie diamond and JP Morgan they're investing more than they have ever done before. The scalability of the bank business models is underappreciated Banks will be adding revenues at lower marginal cost without adding too many people more revenues more earnings per employee that is why it