Dimon calls on companies to be policymakers

JPMorgan CEO Jamie Dimon uses his annual shareholders letter, out today, to urge companies to play a bigger role in fixing the world’s problems, Axios Closer author Courtenay Brown writes.

  • Dimon saysthe nation’s policy design and implementation have been «hampered by short-term thinking,» and few institutions are blameless.
  • «We are bogged down,sometimes crippling our nation, because of self-interest and the associated bureaucracy and bad thinking that follow.»

Dimon told Axios in an interview: «I think America has a bright future. I don’t know if we’re at a crossroads or not, but I think the better strategy is to assume we are and to fix it. It’s a bad idea to not fix it and hope that it really wasn’t that important.»

Dimon’s letter — widely read for insights on the economy, the financial system and politics — dedicates an entire section to public policy:

  • Dimon says America’s competitiveness and leadership were challenged by «China, Covid-19 and our own competence.»

On the stock market: «While equity valuations are quite high (by almost all measures, except against interest rates), historically, a multi-year booming economy could justify their current price.»

On the lasting effects of remote work: «For every 100 employees, [JPMorgan] may need seats for only 60 on average. This will significantly reduce our need for real estate.» But the bank is still planning to build a new New York City headquarters.

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Πηγή: axios.com

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