Jamie Dimon confronted Bill Gates after the Microsoft founder said banks were dinosaurs: ‘Obviously he was dead wrong, he'd probably agree with that' [Fortune]
JP Morgan Chase & Co. (JPM)
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Source: Fortune
two decades ago, Microsoft co-founder Bill Gates suggested it might be time to start “bypassing” these financial institutions—and Dimon hasn't forgotten. In the mid-1990s Gates—now a billionaire worth $149 billion per Bloomberg's Billionaire's Index —didn't appear to hold banks in especially high esteem. He reportedly said banks were “dinosaurs” that could be bypassed, and added that while “banking is necessary, banks are not.” Such statements caught the attention of Dimon, now also a billionaire himself, who said he confronted the Big Tech founder in the late 1990s. Dimon “remembered” Gates's criticism of the industry and called him out on it a number of years later, he told Bloomberg's Emily Chang on her podcast ‘The Circuit.' “I spoke to him about it in 1997,” Dimon said. “Obviously he was dead wrong—he'd probably agree with that.” But the 68-year-old Harvard alumni agreed with Gates on the wider point that “technology changes everything”—even if that hadn't meant banks
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