Today’s Financial Times covered an internal memo from Jamie Dimon to the staff of JP Morgan Chase. Dimon notes the need “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.” At the same time nearly 50% of his shareholders want JP Morgan to be more transparent in its reporting on environmental issues. Whilst Dimon’s memo noted he would be coming with more specific suggestions in the near future, I think it is fair to ask the question as to why those suggestions are not yet ready? And why are they not yet in implementation? Talk is very good but action makes for change.
At the same time what was JP Morgan’s record in supporting minority owned businesses in the recent crisis programs rolled out by the US government. As noted in the New York Times, there is a noticeable lower level of support for minority enterprises from these programs. One of the best ways to ensure inclusive economic growth is to support minority enterprises that provide jobs and income. Surely as with disclosures on environmental issues, JP Morgan can also provide insight into their efforts in these areas.
Finally although this post focuses on JP Morgan, the issues raised are relevant to all large banks. I applaud the support for inclusive economic growth provided by Dimon’s words, but it is the actions of his bank and other banks that will make the difference.
