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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.

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Pentagon confirms explosion outside Kabul airport

The Pentagon confirmed Thursday that there was an explosion outside the Hamid Karzai International Airport in Kabul on Thursday.

The big picture: "Casualties are unclear at this time," Pentagon spokesperson John Kirby added in a tweet. The State Department issued a warning on Wednesday night urging Americans not to travel to the airport and to leave immediately if they were gathered near the Abbey Gate, East Gate, or North Gate.

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5 Reasons Why We Decided To Homeschool

First things first. We have a deep respect for the public school system and teachers in general. We have several friends and family members that are educators. This post is not a manifesto for why everyone should drop the public system and start homeschooling their children. In fact, it's not meant to sway you in one way or the other. It's simply a chronicle of the thought process that Lynn and I employed when making the final decision this year to give homeschool a shot.

Choosing to home school our children wasn't an easy or quick decision, which it shouldn't be. But we considered every option and weighed the pros vs the cons. We made our ultimate decision based on what is best for our children and our family.

Education is a critical part of every child's development. So it's no wonder that parents (and even non-parents) are so passionate about schooling.

We're no different.

Yet we've still been on the receiving end of the awkward glances and ill-worded reactions when we explain that we're taking education in-house. I get it. It's different. It's not in the mainstream, and that's OK.

So let me outline for you our 5 core reasons for traveling this path.

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