JPMorgan Chase & Co. CEO Jamie Dimon said the economic recovery from the coronavirus recession could be traced to a lack of further economic stimulation, the election and another wave of infections.
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Dimon made the remarks Friday to stock analyst Brian Kleinhanzl of Keefe, Bruyette & Woods, who wrote about their meeting in a report.
Dimon added that the stimulus of the previous government had delayed the full effects of the recession. As it hits, customers who have borrowed from the banks will feel the impact, the note said.
Consumers spend less. “Based on their data, it is unclear whether this trend is getting better or worse,”
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JPMorgan is the largest U.S. bank by assets and estimates expense trends from transactions through accounts in its 4,900 branches and credit card companies.
Dimon also said that having employees work from home during the pandemic has hurt overall productivity and reduced what he called the “creative combustion” that happens more in offices, Kleinhanzl wrote.
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JPMorgan is safely moving back to the office, Dimon said.
“Jamie believes that a shift back to the office will be good for the young employees and to promote creative ideas,” Kleinhanzl wrote.
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