Apr 5, 2018

First look: Jamie Dimon on making the economy work for more people

Photo: Scott Olson / Getty Images

Jamie Dimon — chairman and CEO of JPMorgan Chase, and chairman of the Business Roundtable — gives Axios readers a taste of the issues animating corporate America, with this sneak peek at his annual shareholder letter.

A big thing: "The role of business in society: ... It is important to explain both what we do and why it is so important for our communities. As the primary engine of economic growth, the private sector has an important role to play in making sure the benefits are widely shared. The future of business and the health of our communities are inextricably linked. We believe that making the economy work for more people is not simply a moral obligation — it’s a business imperative."

  • "Strengthening diversity: ... First, it is the right thing to do from a moral perspective. Second, it is better for business to include a group of people who represent the various communities where we operate. And third, if I can pick my team from among all diverse people, I will have the best team."
  • "Collaboration: People don’t think about the challenges in their everyday lives as being Democratic or Republican issues — and our political leaders need to stop thinking that way. We need a well-performing, competent government to thrive as a nation."
  • "Prisoner re-entry: Supporting re-entry programs is an important part of our effort to create opportunity that strengthens communities and results in a stronger economy."
  • "Global Engagement & Trade: Reversing the interconnectedness built by our post-World War II institutions is neither desirable nor feasible. As a nation, we cannot isolate ourselves any more than we can stem the ocean’s tide."

Go deeper ... Dimon op-ed in today's Wall Street Journal, "Businesses Can Make Sure Growth Helps Workers" ... Annual report, and full text of letter.

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Live updates: Coronavirus spreads to Latin America

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens.

Brazil confirmed the first novel coronavirus case in Latin America Wednesday — a 61-year-old that tested positive after returning from a visit to northern Italy, the epicenter of Europe's outbreak.

The big picture: COVID-19 has killed more than 2,700 people and infected over 81,000 others. By Wednesday morning, South Korea had the most cases outside China, with 1,261 infections. Europe's biggest outbreak is in Italy, where 374 cases have been confirmed.

Go deeperArrowUpdated 1 hour ago - Health

GOP congressman accuses California pension official of working for China

Illustration: Rebecca Zisser/Axios

The latest season of Red Scare has come to Sacramento.

Driving the news: Rep. Jim Banks (R-Ind.) has repeatedly accused Ben Meng, chief investment officer of the California Public Employees' Retirement System (CalPERS) of tacitly working on behalf of the Chinese government. Banks also says that, were it up to him, Meng would be fired — and has questioned the patriotism of California Gov. Gavin Newsom for not at least investigating Meng.

Go deeperArrow1 hour ago - World

South Carolina "kingmaker" Jim Clyburn endorses Joe Biden

Joe Biden with Rep. Jim Clyburn at the World Famous Jim Clyburn Fish Fry in Columbia, South Carolina in June 2019. Photo: Logan Cyrus/AFP via Getty Images

House Majority Whip Jim Clyburn (D-S.C.), the highest-ranking black member of Congress, endorsed former Vice President Joe Biden Wednesday, days before South Carolina's primary.

Why it matters: Clyburn wields tremendous political influence in South Carolina, where a weak showing by Biden could be the death blow to his presidential campaign. Biden has long viewed the state as his firewall due to his strong support among black voters, who make up about 60% of South Carolina's Democratic electorate.