In cleaning up the computer mess, Dimon displayed another tenet of his philosophy: Keep a firm grip on IT. Last year he canceled IBM’s seven-year contract to manage J.P. Morgan’s computer systems. IT isn’t a sideline, he believes, but rather an essential skill the firm should totally control. “When you’re outsourcing it’s almost impossible to do the integration, because people don’t care that much,” he says. “We want patriots, not mercenaries.” And of course, he also hates paying the markup for having outsiders do the work.
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“[But given] the cost of solar and the cost of wind being the lowest margin of any kind of energy—and innovation is driving down these costs—means the fact that we haven’t had policy certainty really doesn’t matter. The place in the United States where there’s the highest amount of renewables is Texas. You think of Texas as being fossil fuel central, and it is in the United States, but it’s also renewable central, and that has everything to do with economics.”