JPMorgan's Jamie Dimon says the coronavirus crisis is a 'wake-up call' to tackle economic inequality
- JPMorgan CEO Jamie Dimon said in a memo on Tuesday that the coronavirus pandemic is a "wake-up call" to address economic inequalities.
- The bank chief called for a more inclusive economy where there is "widespread access to opportunity."
- JPMorgan has taken steps to help those struggling during the outbreak, such as delaying payments and refunding fees.
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JPMorgan CEO Jamie Dimon said in a memo to stakeholders on Tuesday that the coronavirus pandemic is a "wake-up call" to build an "inclusive economy" that recognizes the financial situations of all parties involved.
Dimon said: "This crisis must serve as a wake-up call and a call to action for business and government to think, act, and invest for the common good and confront the structural obstacles that have inhibited inclusive economic growth for years."
The bank chief said he looked forward to sharing more ideas on how to create an "inclusive economy" that is stronger, more resilient, and offers "widespread access to opportunity."
Dimon said: "From the reopening of small businesses to the rehiring of workers, let's leverage this moment to think creatively about how we can mobilize to address so many issues that inhibit the creation of an inclusive economy and fray our social fabric."
The JPMorgan boss said the bank has taken several steps to help more than 1.5 million accounts belonging to people who are struggling financially in the wake of the pandemic. They include delaying payments and refunding fees across home-lending, business-banking, deposit, and credit-card accounts.
A number of other banks have taken measures to help customers affected by the pandemic. Wells Fargo is offering mortgage payment deferrals and waiving fees. The bank is also pausing foreclosure sales and evictions for customers affected by the coronavirus.
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