$NFT
Trending UpSnapshot Window: 2026-07-16 18:50 UTC · ← Back to Crypto Overview
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Tom Lee: JP Morgan makes $60B a year - with 300,000 employees. Jane Street made $40B last year with only 3,000. Tether made billions with just 300. "If you combine Tether and Jane Street, you'd have more profits than JP Morgan and only 3,300 employees." His prediction: in 10 [Spoken audio]: I think it means that the banks of the future are going to be replaced by DeFi and crypto native companies. And let me give you an example. The most profitable bank in the world today is JP Morgan, which is projected to make $60 billion this year, which is a huge number, and they need 300,000 employees to do that. But let's mix in Tether and Jane Street. So Jane Street is a crypto trading firm. They move money, just like banks move money. But they're specialized in moving money very quickly using computerized system. Well they made $40 billion last year, which is almost as much money as JP Morgan, but with only 3,000 employees. So in other words, like, they're much better returning profit per employee or return on invested capital. And then take a company like Tether, which only has 300 employees, and they made $15,000. So the way I would look at it is that if you combine Tether and Jane Street, you'd have more profits than JP Morgan and only 3,300 employees. But the point I'm making here is that native digital companies using blockchain as settlement eliminate a lot of processes and people and then they end up making a lot of money. So in 10 years, my guess is half of all the largest financial institutions in the world will be native digital. It's not a stretch. The reason it's not a stretch is take every industry. I mean, imagine when the internet came and someone said, here are the biggest newspaper companies. In 10 years, these will still be the same. The legacy, it obviously wasn't. They were all replaced. If you took media, the same thing, all these media companies in the digital world lost market share to companies like Netflix. And of course, I saw this in telecom, which is where I spent most of my career, where the wireless companies became the most important businesses much bigger than the legacy telecom systems. So...
