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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.

Subscribe to Axios AM/PM for a daily rundown of what's new and why it matters, directly from Mike Allen.
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Go deeper

Ben Geman, author of Generate
8 mins ago - Economy & Business

Tesla's wild rise and European plan

Tesla's market capitalization blew past $500 billion for the first time Tuesday.

Why it matters: It's just a number, but kind of a wild one. Consider, via CNN: "Tesla is now worth more than the combined market value of most of the world's major automakers: Toyota, Volkswagen, GM, Ford, Fiat Chrysler and its merger partner PSA Group."

Dave Lawler, author of World
49 mins ago - World

China's Xi Jinping congratulates Biden on election win

Photo: Paul J. Richards/AFP via Getty Images

Chinese President Xi Jinping sent a message to President-elect Biden on Wednesday to congratulate him on his election victory, according to the Xinhua state news agency.

Why it matters: China's foreign ministry offered Biden a belated, and tentative, congratulations on Nov. 13, but Xi had not personally acknowledged Biden's win. The leaders of Brazil, Mexico and Russia are among the very few leaders still declining to congratulate Biden.

Kendall Baker, author of Sports
2 hours ago - Sports

College basketball is back

Illustration: Sarah Grillo/Axios

A new season of college basketball begins Wednesday, and the goal is clear: March Madness must be played.

Why it matters: On March 12, 2020, the lights went out on college basketball, depriving teams like Baylor (who won our tournament simulation), Dayton, San Diego State and Florida State of perhaps their best chance to win a national championship.