JPMorgan Chase CEO Jamie Dimon says incumbent banks should be "scared shitless" by fintech rivals, adding that some - including Plaid - are competing unfairly.
Dimon offered his blunt assessment in a conference call with analysts on Friday, responding to a question about the threat posed by fintechs: "Absolutely, we should be scared shitless about that."
The JPMorgan chief said payments will be the main battleground: "I expect to see very, very tough, brutal competition in the next 10 years," adding "I expect to win, so help me God".
Among the rivals Dimon has warned his team about are PayPal, Square, Stripe and Ant, as well as Big Tech players like Amazon, Apple and Google.
Dimon also took aim at bank data sharing startup Plaid. There are “people who improperly use data that’s being given to them, like Plaid,” he told analysts.
Another gripe is the way that firms like Chime partner small banks so that they can charge high debit card swipe fees. Large banks are prevented from charging these high fees under the Durbin Amendment.
These are among the "examples of unfair competition, which we will do something about eventually,” said Dimon.