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Bloomberg
Count the chief of the biggest US bank among doubters of Facebook Inc’s effort to create a cryptocurrency.
“It was a neat idea that’ll never happen,†JPMorgan Chase & Co CEO Jamie Dimon said on a panel at a conference hosted by the Institute of International Finance in Washington.
Dimon said the idea wasn’t particularly unique and pointed to his own firm’s stablecoin, JPM Coin. The Libra Association, the group that will oversee the digital currency, took a blow last week when several key partners, including Mastercard, Visa and EBay, abandoned the project.
In a wide-ranging discussion, Dimon and Morgan Stanley CEO James Gorman talked about their own firms’ technology efforts and the risks that come with those developments. JPMorgan is spending more than $11 billion this year on tech, while Gorman said his firm’s budget is $4 billion.
Gorman said the financial industry went from first choice to last choice for tech talent after the crisis, but has become more competitive for the top people.