Banking 6 takeaways from Jamie Dimon’s letter to shareholders

6 takeaways from Jamie Dimon’s letter to shareholders

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A pandemic. A recession. Nationwide unrest over racial injustice. The occasions of the previous 12 months have demonstrated with crystal readability that banks have a job to play in society that goes far past taking deposits and making loans.

It’s now extra vital than ever for banks to grasp what it means to be good company residents — and that entails extra than simply philanthropy, JPMorgan Chase Chairman and CEO Jamie Dimon mentioned in his newest letter to shareholders. In some circumstances, it means participating on the nationwide stage on sure coverage points, he mentioned.

“We have interaction at this stage as a result of corporations (like ours) have a rare functionality to assist,” Dimon mentioned. “We assist not simply with funding however with creating sturdy public coverage, which might have a larger influence on society than the collective impact of corporations which are accountable neighborhood residents regionally.”

In a 66-page letter revealed Wednesday, Dimon mentioned he expects the U.S. financial system to return roaring again from the pandemic-induced recession, however he leveled criticism at regulators for imposing capital guidelines that he mentioned prevented the business from doing extra to prop up the financial system throughout the previous yr.

He additionally had a message for his fellow bankers concerning the menace to their dominance from huge know-how corporations and upstart fintech corporations. “Whereas I’m nonetheless assured that JPMorgan Chase can develop and earn return for its shareholders, the competitors can be intense, and we should get quicker and be extra inventive,” Dimon wrote.

Listed here are six takeaways from his letter:

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