JPMorgan Chase CEO calls for fairer economy worldwide

The health crisis must be an “electric shock” to build a more equitable economy. This is the call Jamie Dimon, the CEO of JPMorgan Chase, the first American bank and one of the most powerful in global finance. For the banker, too many people live on the edge of the poverty line. On the other hand, on the climate, the bank remains lagging behind and again demonstrated this during its General Assembly.

This crisis must serve as an electric shock and a call to action for businesses and governments to reflect, think, act and invest for the common good and to tackle the structural obstacles that have hitherto prevented economic growth. more equitable for many years“This statement does not come from an NGO or an economist thinking about the next world. It comes from one of the biggest bankers on the planet: Jamie Dimon, CEO of JPMorgan Chase.

Read Chairman and CEO Jamie Dimon’s memo on our continued efforts to support employees, customers and communities through COVID-19.

– J.P. Morgan (@jpmorgan) May 19, 2020

In an internal document consulted by hooly News, it explains that the economy to come will have to give a “wide access to opportunities“To all. This is not a first for this major voice in global finance, which has already called for a reform of capitalism. In his letter to shareholders in 2019, he wrote that”in many ways and without bad intentions, many businesses have managed to avoid – or almost literally get around – many of society’s problems“.

Today, as the world faces the global pandemic and heads for a global economic crisis, he reaffirms: “The past few months have brought to light a harsh reality (…) Too many people live on the edge of the poverty line“The leader promises to share”soon“ideas about this fair economy because”by doing the right thing in these times of crisis, we can come out stronger“.

A political objective

He is already highlighting his company’s actions. JPMorgan Chase has helped 1.5 million accounts, eliminating overdraft fees, extending the repayment dates for auto loans, consumer loans and home loans and removing penalties for late payments or late payments.

This new exit from the banker, who has not hesitated to speak in recent years on societal issues, ranging from health coverage to education through social inequalities, discrimination and diversity, could revive speculation on his entry into politics. Jamie Dimon, closer to the Democrats, had refused President Donald Trump’s offer to become secretary of the Treasury, close sources told hooly News at the time.

Climate confrontation

On the climate, Jamie Dimon’s position is more ambiguous. At the bank’s general meeting on May 19, a resolution from the NGO As You Sow asked how JPMorgan would align its funding with the objectives of the Paris Agreement. While the other American banks (Wells Fargo, Bank of America, etc.), faced with the same resolution, chose dialogue with the NGO, JPMorgan opted for the confrontation by asking the regulator to withdraw the resolution. Without success, it passed before the shareholders’ vote and was rejected only by a small majority. An affront to the management of JP Morgan.

Jamie Dimon’s bank has also been criticized recently for favoring large companies, such as the restaurant chains Shake Shack and Ruth’s Chris Steak House, in the federal loan plan for American small and medium-sized businesses devastated by the coronavirus crisis. “We have provided more than $ 30 billion in funding to over 250,000 businesses, which has helped support over three million employees. The average loan we made was $ 122,000, and half of those loans went to businesses employing fewer than five people.“, Jamie Dimon defended himself.

Ludovic Dupin with hooly News

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