Jamie Dimon is chief executive officer of JPMorgan Chase & Co.
On the coronavirus pandemic:
- "At a minimum, we assume that it will include a bad recession combined with some kind of financial stress similar to the global financial crisis of 2008"
- More specifically for his firm, JPM earnings this year will be "down meaningfully"
- 180,000, or about 70%, of the firm's employees are working from home
- JPM is paying around $1,000 to those whose jobs don't allow them to work remotely
Adds:
- people could return to work more quickly if governments made tests widely available
- to determine who has recovered from the disease
- "The country was not adequately prepared for this pandemic,"
Dimon is correct on the unpreparedness. Three months of denial from the very top of the US administration that there was even a problem has cause such a tragic escalation in the numbers of lives lost.
