WASHINGTON (Axios): 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 says the 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.