JAMIE DIMON TELLS ANALYST: Here's Why I'm Richer Than You

JPMorgan's CEO Jamie Dimon just burned CLSA bank analyst Mike Mayo during the bank's Investor Day.

Mayo is known for being a famously outspoken analyst when it comes to the banks.

This is what happened when Mayo was pressing Dimon about whether the bank would raise more capital than is required.

Here's the recap that we transcribed from the audio:

Mayo: UBS is required to have 10 percent common equity and they've chosen to have 13 percent common equity because they say it's a competitive advantage. Their customers appreciate that. So how much higher would you go above 9.5 percent? And would you view higher capital as a competitive advantage?

Dimon: You know, so here's a company I've run with higher capital my entire life. Ok so [when] we went into this crisis we were at 7 percent Basel I, which was higher than most other people. And I do this chart ... 7 percent quarter by quarter '08, '09, never went down. It was clearly adequate for us. The equivalent of that 7 today is 14. So 9.5 Basel 3 is the is equivalent to 14 under Basel 1. Double. I personally think it's plenty of capital. ... We have to meet the regulator requirement and we want you to be completely comfortable. I personally think they'd be comfortable the way we are today.

Mayo: I think what I hear UBS saying in the presentation is that if I'm an affluent customer I'll feel a lot better going to UBS if they have 13.5 capital ratio than another big bank with a 10 percent ratio. Do you agree with that?

Dimon: You would go to UBS and not JPMorgan?

Mayo: I didn't say that. That's their argument.

Dimon: That's why I'm richer than you.

Everyone started laughing after that.