Show an ad over header. AMP

JPMorgan's Jamie Dimon: Companies have "extraordinary capability" to help society

JPMorgan CEO Jamie Dimon is calling on companies to play a bigger role in the world’s problems, saying today in his annual shareholders letter that the business sector should be a “responsible community citizen."

Why it matters: Corporations are increasingly facing more pressure to take a stand on politically divisive issues.


  • "[C]ompanies (like ours) have an extraordinary capability to help ... not just with funding but with developing strong public policy, which can have a greater impact on society," Dimon writes.

What he's saying: "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 tells Axios in an interview.

The big picture: Dimon's letter is widely read for the head of the nation's largest bank's musings on the economy, the financial system and politics.

  • He dedicates an entire section to public policy — saying America's competitiveness and leadership was challenged by "China, Covid-19 and our own competence."
  • Dimon says the nation's policy design and implementation has 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," says Dimon.

More details from the shareholder letter:

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."

  • Dimon says "there is some froth and speculation in parts of the market, which no one should find surprising."

On taxes: "Business tax rates should be globally competitive."

  • "The wealthy are less likely to complain about taxes if the money is to help the less fortunate or help build a better country."

On the shrinking role of legacy banks: Banks face "extensive competition from Silicon Valley, both in the form of fintechs and Big Tech companies (Amazon, Apple, Facebook, Google and now Walmart), that is here to stay."

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." (It's still planning to build its new New York City headquarters.)

Read the letter.

Big European soccer teams announce breakaway league

12 of world soccer's biggest and richest clubs announced Sunday they've formed a breakaway European "Super League" — with clubs Manchester United, Liverpool, Barcelona Real Madrid, Juventus and A.C. Milan among those to sign up.

Details: So far the breakaway league that's due to start in August consists of six clubs from England, three from Spain and three from Italy.

Keep reading... Show less

Senate Democrats settling on 25% corporate tax rate

The universe of Democratic senators concerned about raising the corporate tax rate to 28% is broader than Sen. Joe Manchin, and the rate will likely land at 25%, parties close to the discussion tell Axios.

Why it matters: While increasing the rate from 21% to 25% would raise about $600 billion over 15 years, it would leave President Biden well short of paying for his proposed $2.25 trillion, eight-year infrastructure package.

Keep reading... Show less

Republican leaders raked in sizable donations from grassroots supporters

Republican leaders turned to grassroots supporters and raked in sizable donations after corporations cut them off post-Jan. 6.

Why it matters: If those companies hoped to push the GOP toward the center, they may have done just the opposite by turning Republican lawmakers toward their most committed — and ideologically driven — supporters.

Keep reading... Show less

CDC: Half of US adults have received one COVID-19 vaccine dose

Data: CDC; Chart: Axios Visuals

Half of US adults have received at least one dose of the COVID-19 vaccine and about a third are fully vaccinated, according to new data from the Centers for Disease Control and Prevention.

Why it matters: COVID-19 cases and hospitalizations are still on the rise, CDC director Rochelle Walensky said during Friday's White House COVID-19 briefing. With cases in many states being driven by variants, public health officials have emphasized the need to ramp up vaccinations.

Keep reading... Show less

Israeli intel agencies believe Vienna talks will lead to U.S. return to Iran nuclear deal

Israeli military intelligence and senior officials in the Mossad briefed a meeting of the nation's security cabinet that talks in Vienna between Iran and other world powers will lead to the U.S. returning to the 2015 nuclear deal, two officials who attended the meeting told me.

Why it matters: The Israeli government is very concerned about a U.S. return to the nuclear deal and is trying to convince the Biden administration not to take the pressure off the Iranian regime.

Keep reading... Show less

"It hurts": Latino community of 13-year-old killed by police in Chicago reels after shooting

Residents of Little Village, a well-known and predominantly Latino neighborhood in Chicago, are grieving the death of Adam Toledo, a 13-year-old Mexican American boy from the neighborhood who was shot and killed by a police officer on March 29, NBC News reports.

Why it matters: Adam Toledo's killing shines a spotlight on police shootings of Latinos, who are killed by law enforcement at the second-highest rate after Black Americans, according to data from the Washington Post.

Keep reading... Show less

Biden adviser warns "there will be consequences" for Russia if Navalny dies

The Biden administration warned the Russian government "that there will be consequences" if jailed Russian opposition leader Alexei Navalny dies, National Security Adviser Jake Sullivan told CNN on Sunday.

The big picture: Sullivan also defended President Biden for not mentionining Navalny in a Thursday speech about Russia or in a Tuesday call with Russian President Vladimir Putin,saying the White House aims to deal with the issue "privately and through diplomatic channels."

Keep reading... Show less

Prosecutor on leave for failing to "fully present the facts" after shooting of 13-year-old boy

Cook County prosecutor James Murphy was placed on administrative leave Friday after he implied in court that 13-year-old Adam Toledo, who was shot and killed by a police officer in March, was armed when he was shot, the Chicago Tribune and Chicago Sun-Times report.

Why it matters: Videos of the shooting show that Toledo dropped what appears to be a weapon and put his hands in the air a moment before before he was fatally shot. A lawyer for the Toledo family said Thursday that if the teen "had a gun, he tossed it."

Keep reading... Show less

Insights

mail-copy

Get Goodhumans in your inbox

Most Read

More Stories