While warning investors to prepare for an economic storm as the war in Ukraine continues to put pressure on commodity markets, the CEO of JP Morgan rejected claims that stakeholder capitalism is "woke."
At a conference in New York on Wednesday, Jamie Dimon said he was not awake. People think stakeholder capitalism is for being woke.
Stakeholder capitalism is the idea that companies should serve the interests of all their stakeholders, not just their shareholders.
His comments come as US banks have faced criticism in recent years for their stance against gun makers and fossil fuel companies.
In the interview, he said that some companies were going too far in their social positioning.
He said that the company wanted to treat its employees with respect regardless of their race, sexual orientation, or ethnicity.
Any senator or congressman who says that is not thinking clearly because they want to win in the marketplace. I want the best employees, I want happy employees.
Speaking about the economic outlook, the CEO of JP Morgan said that there were big storm clouds on the way. We don't know if it's a minor storm or a Superstorm.
Europe is going to suffer in the short run from what happens in oil. It almost has to go up in price because we are not taking proper actions to protect you from what will happen to oil in the next five years.
Despite his pessimism about the US economic outlook, he said that the bright clouds were healthy consumer spending, low unemployment, and rising wages, and that the banking industry was in great shape.
I think it is ok to hope that it will work out. I hope so. That is my Goldilocks, I hope, he said.
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