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Quarterly earnings: Stay or go away like Trump wants? America’s top banker makes his choice
JPMorgan Chase CEO Jamie Dimon backs President Donald Trump's concerns about quarterly earnings reports. Dimon says it pressures companies into short-term decisions. He notes a decline in US public markets. Dimon mentions increased private equity and regulatory burdens. He suggests reforms to revitalize public markets. Dimon acknowledges challenges for smaller firms in affording full NYSE listing and SEC compliance.
JPMorgan Chase Chairman and CEO Jamie Dimon has backed U.S. President Donald Trump's renewed criticism of quarterly earnings reporting, arguing that the system puts undue pressure on companies and often forces short-term decision-making.
Dimon, who is in India for JP Morgan's 10th annual India conference, told that excessive disclosure and litigation tied to quarterly results have already contributed to the shrinking size of U.S. public markets.
“I like that he pointed it out. There is a tremendous amount of quarterly reporting that isn't worthwhile. In the US, the bigger picture is that public markets have shrunk: we've gone from 8,000 public companies to 4,000 since 1996, while private equity has grown from 1,000 to 12,000. Mortgages and half of leveraged lending have left banks,” Dimon told in an exclusive interview with TOI's Mayur Shetty.
He added that the extraordinary cost of listing, regulatory compliance, and litigation linked to quarterly earnings weigh heavily on executives. “Litigation from quarterly earnings pressure is real—I didn't think it was a big deal before, but many CEOs feel it and may make short-term decisions they shouldn't. Activists add pressure too. We need a major effort to reinvigorate public markets, make them better and faster,” Dimon noted.
Also Read: No quarterly results? A divisive idea makes a comeback
While acknowledging that smaller companies are still turning to stock markets, Dimon pointed out that they often cannot afford the full burden of a New York Stock Exchange listing or U.S. Securities and Exchange Commission (SEC) compliance. “Smaller companies are going public, which is good, but they can't always afford full NYSE listing or SEC compliance. We've reduced some research burdens for them, and I think more reforms like this are needed. President Trump is pointing out a real problem,” he said.
A Long-Running Debate
Dimon's remarks come as Trump has once again pushed to replace quarterly reporting with a six-month cycle, reviving a debate first raised during his presidency in 2018. The SEC has confirmed that the proposal is now a regulatory “priority” under Chairman Paul Atkins, framing it as part of a wider effort to “eliminate unnecessary regulatory burdens on companies.”Also Read: 'Natural friends' India, US can get trade deal done, H-1B hike comes out of the blue- America's most powerful banker
Supporters of the change, including Warren Buffett and Dimon himself, argue that quarterly reporting feeds short-termism and undermines sustainable growth. In a 2018 Wall Street Journal op-ed, Buffett and Dimon urged companies to stop issuing quarterly earnings guidance, warning that it “leads to an unhealthy focus on short-term profits at the expense of long-term strategy, growth and sustainability.”
Internationally, financial hubs such as Singapore, the UK, and the EU have already adopted semi-annual reporting. Advocates say these models reduce compliance costs without harming transparency.
India's Own Debate
The issue has resonance in India too. Former SEBI Chairman M. Damodaran has in the past called for an end to quarterly earnings guidance, saying it fuels short-termism. SEBI currently mandates listed companies to file unaudited quarterly results within 45 days of each quarter.Infosys' former CEO Vishal Sikka had also reflected on the tension between quarterly performance and long-term goals, noting that the 90-day cycle “means little on a long journey.”
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Source: EconomicTimes
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