Jamie Dimon: Coronavirus Is ‘Wake-Up Call’. America Isn’t Inclusive Enough
By Jamie Dimon
May 19, 2020
The impacts of the COVID-19 pandemic continue to reverberate within our neighborhoods, workplaces and homes and throughout our economy. In my annual letter to shareholders last month, we described the actions our firm is taking to support our employees, customers and communities. Things are changing quickly, so I wanted to update you on our recent efforts. I also want to share how we are thinking about and preparing for not only the safe re-opening of our economy, b
It took the pandemic for DImon to realize that the US is not an inclusive society, but one that prays on the poor, the sick, the uneducated, and the unconnected… I would say this is really stunning, expect this is the same man who did not know that on can’t live of the $16/h pay his tellers get. https://www.cnn.com/2019/04/10/politics/katie-porter-jamie-dimon-bank-employees/index.html
Can we have this guy for President?
The transition from Trump to Dimon as president would be seamless in one respect. Both have been heads of organizations under practically continuous criminal investigation and charges.
Meanwhile, bank reserves have gone from $165B on March 18 to $1,384B on April 29.
Jamie, your magnanimity is appreciated, but you’re late to the wakeup call. You were told in Congressional hearings that large portions of our economy were suffering. You were deaf to the warnings.
You do run a profitable bank though, so credit where credit is due
Way late, and still the same arrogant attitude under it all. $45 billion to the big guys and $50 mil to the ordinary guys. I once asked my private banker how much money I would have to have before the bank would pay serious attention to me and he said $10 mil would get me a couple of invites to the odd conference call with cocktails but it would take $50 mil to be on “the list”. I have a friend who held a very senior position at Chase for 15 years and who has them managing something like $10 mil of his money and they screw him over whenever.
You would need 20X that $50 million to be able to really trade, where that means getting a bank to structure bespoke products tailored to your exact outlook/needs/preferences. $50 million puts you on the VIP list for Morgan, the cute Merrill broker down the street at the local BofA branch office who isn’t allowed to receive institutional research because she wouldn’t know what to do with it.
Actions speak louder than words
NATO -> no action, talk only. While I appreciate the PR update, I find the stated accomplishments not extra ordinary, but business as usual banking. Without a Fed backstop, what profit margin compressing actions has he taken?
Sorry, one more point- JP Morgan raised lending standards in April for home loans. A 700 credit score and a 20% down payment is now required. Also, I have heard that they are making significantly less “jumbo” loans unless existing customer and very conservative LTV ( loan to value).
To be fair, this tightening of lending criteria is industry wide.
The time to sell a vacation/ second home was “yesterday”.
Same guy who said that “I don’t pay enough in taxes” until it was pointed out that he is not required to take all of the deductions for which he is eligible.
As people age occasionally their suppressed liberal and humanitarian instincts make a surprise appearance being very noticeable in the wealthy….. I am certain I am not alone in observing this phenomenon…. No value judgement intended here !!!