Sep 25, 2017

Jamie Dimon: invest in the Rust Belt

Jamie Dimon in Detroit. Photo: Rick Osentoski / Invision for JPMorgan Chase Co. via AP

Jamie Dimon stressed the importance of investing in the middle of the country at Fortune and TIME's CEO Initiative Monday. "Lots of communities are suffering. We need to do more to create jobs and opportunities ... 85% of jobs are private enterprise," Dimon said. In 2014, J.P. Morgan Chase invested $100 million in Detroit's entrepreneurs and small businesses.

The bottom line: 75% of U.S. venture capital dollars go to 3 states, per Revolution CEO Steve Case. Lack of investment in the middle of the country has left large parts of America behind, Axios' Kim Hart reports.

More from Dimon's interview:

  • "We've kind of become the hometown bank in Detroit and earned a lot of respect."
  • "Go on the morning shows. Four million people watch, and they don't know the good things you're doing," Dimon told CEOs.
  • J.P. Morgan is spearheading a Veteran Jobs Mission. Through it, 300 companies have hired 400,000 vets, and the goal is to hire 1 million.
  • This month, the company pledged $40 million and $10 million for development of the poorest neighborhoods in Chicago and DC, respectively.

Go deeper

Kenan Thompson and Hasan Minhaj to headline White House Correspondents' Dinner

Kenan Thompson on "SNL" in 2018. Photo: Rosalind O'Connor/NBC via Getty Images

Kenan Thompson, the longest-tenured "Saturday Night Live" cast member, will host the White House Correspondents' Association dinner on April 25.

And Hasan Minhaj — host of Netflix’s "Patriot Act with Hasan Minhaj," and the entertainer at the 2017 dinner — will return as featured entertainer.

"Billions": Season 2020

Mike Bloomberg speaks at Hardywood Park Craft Brewery in Richmond, Va., on Saturday. Photo: James H. Wallace/Richmond Times-Dispatch via AP

Money alone can’t buy a presidential election, but it surely gets you VIP access.

Why it matters: Billionaire Michael Bloomberg is duking it out with Billionaire Donald Trump, often on Billionaire Jack Dorsey’s Twitter and in ads on Billionaire Mark Zuckerberg’s Facebook, all chronicled in Billionaire Jeff Bezos’ Washington Post. 

Biometrics invade banking and retail

Illustration: Eniola Odetunde/Axios

Banks have been quietly rolling out biometrics to identify customers — verifying them by their fingerprint, voice or eye scan — and retailers like Amazon are getting into the game.

Why it matters: These companies are amassing giant databases of our most personal information — including our gait, how we hold our cellphones, our typing patterns — that raise knotty questions about data security and privacy.