Jamie Dimon says coronavirus crisis is ‘wake up call’ for a more inclusive economy

Jamie Dimon says coronavirus crisis is ‘wake up call’ for a more inclusive economy
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  • JPMorgan Chase CEO Jamie Dimon said Tuesday in a memo that the coronavirus crisis should be used to build an economy that offers opportunities for “dramatically more people.”
  • “The last few months have laid bare the reality that, even before the pandemic hit, far too many people were living on the edge,” Dimon said.
  • The memo, issued ahead of his bank’s annual shareholder meeting, served as an update to the New York-based bank’s response to the pandemic.

JPMorgan Chase CEO Jamie Dimon said Tuesday in a memo that the coronavirus crisis should be used to build an economy that offers opportunities for “dramatically more people.”

The memo, issued ahead of his bank’s annual shareholder meeting, served as an update to the New York-based bank’s response to the pandemic. Dimon also detailed the steps his firm has taken to support customers and employees since the crisis began two months ago, as well as his thinking about returning employees to work sites.

“It is my fervent hope that we use this crisis as a catalyst to rebuild an economy that creates and sustains opportunity for dramatically more people, especially those who have been left behind for too long,” Dimon said. “The last few months have laid bare the reality that, even before the pandemic hit, far too many people were living on the edge.”

Since the pandemic took hold in the U.S., 36.5 million people have filed unemployment claims, and the toll has hit lower-income workers hardest: Nearly 40% of households with incomes of less than $40,000 have reported a job loss, the Federal Reserve said last week. Even for those with jobs, the crisis exposed another disparity: While office workers have mostly been able to work from their homes, lower-paid work is more likely to require in-person activities, putting those employees at greater risk of infection.

“Unfortunately, low-income communities and people of color are being hit the hardest, exacerbating the health and economic inequities that were already unacceptably pronounced before the virus took over,” Dimon said.

Source: CNBC

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