The United States was not sufficiently prepared for the pandemic, says JPMorgan CEO Jamie Dimon

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The United States has not been sufficiently prepared for the current coronavirus pandemic and needs to address poor planning and mismanagement to better prepare for the future, said JPMorgan chief executive Jamie Dimon on Monday. In his annual letter to shareholders, Dimon said he hoped America would “roll up its sleeves” and start tackling its problems, including an expensive healthcare system and unequal access to education, a litigation and regulatory system that paralyzes small businesses and inefficient infrastructure. . “There should have been a pandemic manual,” he wrote. “Likewise, every problem I noted above should have detailed, non-partisan solutions. Dimon took a detour from his regular annual letter, which tends to touch on questions of geopolitical and public policy importance, as well as his take on the bank and its performance. “When the time is right and the future is clearer, I will provide a more complete and current view on how this crisis could change our strategies regarding the way we manage the business, work with our customers and governments and develop public policy solutions ”. he said. “However, right now, as we tackle the growing effects of this pandemic, I want to focus on what we, as a bank, can do to stay strong, resilient and well positioned to support our colleagues, clients, customers and communities across the globe. JPMorgan’s profits for 2020 “will drop significantly,” he said, but the bank has sufficient capital to weather the worst case scenario. The bank is willing to work with the federal government on its stimulus packages to help provide credit to businesses that need it. More than 180,000 JPMorgan employees work from home, but the bank has been able to keep three-quarters of its approximately 5,000 branches open. Bank Grants 90 Days Grace Period For Mortgage And Auto Loan Payments, Eliminates Minimum Payment Requirements On Credit Cards And Waives Or Reimburses Charges On Things Like CDD , did he declare. Customers withdrew more than $ 50 billion in revolving credit facilities and the bank approved more than $ 25 billion in new credit extensions in March alone. The first quarter was the most important for the issuance of premium bonds, said Dimon. The bank has stopped buying back its own shares and the board of directors would consider suspending its dividend in the worst case. JPMorgan Actions
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