JPMorgan CEO Dimon says economic recovery may derail


JPMorgan Chase and Co-Chief Executive Jamie Dimon said the economic recovery from the coronovirus slowdown could result from lack of additional economic stimulus, elections and a second wave of transition.

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Dimon commented on Friday to share with Keef, Brewett & Woods analyst Brian Kleinhanjal, who wrote about their meeting in a report.

Dimon said earlier government stimulus delayed the full effects of the recession. As it hits, customers who borrow from banks will feel the impact, the note said.

Consumers are spending less. “Based on their data, it is unclear whether the trend is getting better or worse,” Kleinhanjal wrote.

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JPMorgan is the largest US bank by asset and estimates spending trends from transactions through accounts at its 4,900 branches and its credit card businesses.

Dimon also said that employees’ work from home during the epidemic had damaged overall productivity and called “creative combustion”, which occurs more in offices.

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JP Morgan is moving people safely back to the office, Dimon said.

“Jamie thinks a change in the office would be good for younger employees and to promote creative ideas,” Kleinhanjal wrote.

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