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Tags: jamie dimon | companies | back to work | virus

Jamie Dimon: US Companies Back to Work by 'June, July, August'

Tuesday, 14 April 2020 05:59 PM

Jamie Dimon said the U.S. economy probably won’t re-open until at least June, July or August.

JPMorgan Chase & Co.’s chief executive officer made the prediction on a call with journalists Tuesday after the bank released first-quarter results

Long-lockdowns across the nation could have consequences “way beyond just the economy,” Dimon said, referring to the potential for spikes in mental-health issues, domestic violence and substance abuse.

“Obviously with the government, with plenty of capacity in our hospitals, you’ll open it up in a staggered way,” Dimon said on the call. “We have plans to do that over time, so hopefully that’ll happen at one point and I think in some ways, the sooner the better. But it’s got to be safe for everybody,” he said.

"A rational plan to get back to work is a good thing to do, and hopefully it will be sooner rather than later,” Dimon said Tuesday in a conference call with analysts. “But it won’t be May. We’re talking about June, July, August, something like that,” Dimon said.

“The turn-on will be regional and by company, all following standards and best health practices,” Dimon said. “And in some ways, you need to get that done because the bad economy has very adverse consequences way beyond just the economy in terms of mental health, domestic abuse, substance abuse, etc.”

In the wide-ranging discussion, Dimon, who has long joked that he plans to keep running the biggest U.S. bank for five more years, said an emergency heart procedure that forced him to take a temporary step back didn’t change his views on retirement.

“I’m feeling great,” Dimon said. “I’m walking several miles a day. I like working, I’ve been working for several weeks now. It doesn’t really change very much how I view the world.”

Dimon underwent surgery on March 5 after being diagnosed with an acute aortic dissection, and returned to work four weeks later. He temporarily handed control of the firm to Co-Presidents Daniel Pinto and Gordon Smith just as the coronavirus pandemic started to rattle the global financial system.

His brief absence put the spotlight on potential successors and generated speculation that the health scare might cause the longstanding CEO to re-evaluate his life choices, possibly retiring earlier than anticipated.

“For a while I was unable to get back to work watching the markets gyrate a thousand dollars a day,” Dimon said. “I was eager to get back.”

He said he was proud of the way his lieutenants “naturally ran the place” while he was away, underscoring the strength of the bank’s bench. Then he repeated another one of his mantras: A change in leadership isn’t necessarily his call.“Remember, how long I remain in the post is up to the board,” he said. “It’s not up to me.”

© Copyright 2022 Bloomberg News. All rights reserved.


StreetTalk
Jamie Dimon said the U.S. economy probably won’t re-open until at least June, July or August.
jamie dimon, companies, back to work, virus
464
2020-59-14
Tuesday, 14 April 2020 05:59 PM
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