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JPMorgan Chase News – Impact of Business Closures on Inflation Dynamics
Christina Dello Buono:
The Federal Reserve took a significant step announcing new framework to keep interest rates low and allowing inflation to temporarily exceed its 2% target.
To break down what this means, we have Jordan Jackson with Asset Management's Global Market Insights Strategy Team. Jordan, you're probably hearing from investors who are concerned about inflation. Why is inflation something we should pay attention to?
Jordan Jackson:
It's a great question. First, let me start by explaining what exactly inflation is. It's essentially the price on a basket of goods and services that you or I consume over a period of time. Now if inflation is too high, it tends to limit our spending capacity in the economy. And so, for example, in an extreme hyperinflation type of environment, you can imagine a world where everyday consumers are racing to the grocery stores to buy items before the prices go up.
On the other hand, if inflation is running too low, that's essentially associated with a weak economic environment reflective of low wages and really weak demand. So inflation is critically important, not just for policymakers, but for everyday consumers and Americans alike.
Christina Dello Buono:
This global pandemic has required social distancing. States are still mandating some businesses to stay closed. How has this impacted inflation compared to previous recessions?
Jordan Jackson:
I think it's really important to assess these business closures and the impact that they've had on the broader labor market, and then tying that into how that has impacted inflation dynamics. So we know that typically recessions are associated with heavy amounts of unemployment. And that's been true this time around, unfortunately, as well.
We've lost about 22 million jobs over the months of March and April here. We've since clawed some of those jobs back. But it's still a very challenging environment for many, many Americans. And typically associated with this wave of job losses is a loss of incomes. What's been offsetting those loss in incomes have been government stimulus by the way of one-time stimulus checks as well as additional unemployment insurance benefits that have been added on top of normal state unemployment insurance.
Now if we did not have some of that government stimulus, it's likely that we would have been in a disinflationary type of environment for a longer period of time. We saw inflation peak in February of 2020. We saw those disinflationary pressures beginning to set in through much of March through April. We're now starting to see, as businesses open back up as the economy gets back online, we're starting to see some of those inflationary pressures starting to come back.
Christina Dello Buono:
So what's the Federal Reserve's role in all of this? And what is the Fed attempting to do?
Jordan Jackson:
So I think the Fed's role is really twofold. The first is they've been trying to avoid sort of a financial market meltdown similar to like we saw in the global financial crisis back in 2008-2009. By doing this, what they've done is they've essentially restarted their asset purchase programs, and they've also established a host of credit facilities to ensure they are the lender of last resort throughout the economy.
I think the second thing that the Fed is really trying to do is keep interest rates anchored near zero in an effort to try to encourage spending as the economy opens back up. One of the things that we've noticed that's been quite interesting is that super low interest rates have really helped the housing market.
We've seen building permits come back. And we've seen people stepping back into the housing market buying new homes. And we've also seen that play out through car sales as well, recognizing that it's a bit cheaper to step in to buy a car today than it was before.
Now another element that the Fed has maybe further complicated things is they've taken an average inflation targeting approach to their policy framework. Now what that means is that they'll allow inflation to run a bit hot, or above that 2% level that they traditionally target, to compensate for inflation that runs persistently low for a period of time. Taking all that away, I think the main thing that the Fed is trying to communicate to the markets is that they're willing to allow inflation to run a bit hot here for the foreseeable future.
Christina Dello Buono:
And now that the economy is starting to reopen, what does that mean for us? Are there risks to higher inflation?
Jordan Jackson:
Yes, there are certainly risks. As the economy opens back up and more and more people become employed again and regain those wages, we're likely to see consumption trends begin to start to pick back up. I think what's been pretty interesting, we saw spending patterns drop the least and bounce back the quickest for low-income earners. And I think that's a reflection of some of the government stimulus that we've seen come down over the past couple of months here.
And I would also add, from a business side of the equation, one of the things that many of us may have noticed in stepping back into our barber shops and hair salons, that some of them may be charging a little bit more. They’re just recognizing that after a few months of closures, that some of those businesses as they start to open back up may start to charge higher prices in order to compensate for that period without receiving any revenue.
Christina Dello Buono:
So what are ways investors can manage their portfolios during these times?
Jordan Jackson:
We think there are really three key ways that investors can manage this sort of inflation risk within their portfolios. We think the first is a greater degree of exposure to both domestic and international equities. We know that equities are the growers of the portfolio over the long run. And the return potential for equities far outpace that of the expected rate of inflation.
I would say the second thing to sort of hedge against some of these inflation risks are assets like commodities – so assets like gold and silver. Again, those types of commodities are denominated in dollars. And so as inflation potentially moves higher, the value of the dollar falling, that provides a nice tailwind to some of these commodity assets that could be a nice hedge as well.
And then lastly, I think just outright inflation hedge type of products, things like Treasury Inflation-Protective Securities, or TIPS, and floating rate notes can potentially be another way that investors can hedge against this risk.
Christina Dello Buono:
Well, thank you for joining us today, Jordan.
Jordan Jackson:
Thank you for having me, Christina.
JPMorgan Chase News – Impact of Business Closures on Inflation Dynamics
JPMorgan Chase News Week of March 16, 2020
Christina Dello Buono, Anchor:
This week: It’s Women’s History Month. A look at how Women on the Move is fueling female ambition and advancing financial equality all over the world.
Sam Saperstein, Head of Women on the Move:
And we think that is so important just to help women in general have a cushion and be more financially stable.
TV Advertisement Narrator:
When her needs are financial, her reaction is Chemical.
Christina Dello Buono, Anchor:
Targeting women for banking. We’ll show you a JPMorgan Chase predecessor’s ad for the “New York Woman.”
Plus, he climbed the highest peak in South America all while promoting disability inclusion.
Welcome to JPMorgan Chase News. I’m Christina Dello Buono reporting from New York.
We are celebrating women — their drive and accomplishments — this Women’s History Month and every month with JPMorgan Chase’s Women on the Move program. It’s a global initiative expanding women-run businesses, advancing financial equality and empowering women’s career growth. Last year Women on the Move set a goal to extend $10 billion in credit to women-owned small businesses by the end of 2021.
Sam Saperstein, Head of Women on the Move:
This really represents the ability to help tens of thousands of women all over the country really help grow and launch their businesses in every industry. So we're so excited when women come to us. We can talk to them about their dreams and ambitions around their businesses and actually help them to get there.
Christina Dello Buono, Anchor:
Already they’ve provided over $3.7 billion.
New this year, a new talent development program for associates and vice presidents is launching internally to focus on growth, communication and negotiations. Senior level women will serve as mentors.
Sam Saperstein, Head of Women on the Move:
That VP level is so critical to us. It represents a very big part of our pipeline for senior level roles, and it also is the place where we start to see more women leave the firm. Not necessarily to stay home, but to go to other jobs. And so we really want to make sure we can keep more of these VP-level women so that they can keep going further in their careers.
TV Advertisement Narrator:
The New York Woman. When her needs are financial, her reaction is Chemical. Chemical New York. The bank that works hardest for you.
Christina Dello Buono, Anchor:
As of 1965, women in the New York area were earning more than $5 billion per year and running 75 percent of their families’ total income. That’s according to former Chemical Bank Chairman and President William Renchard. Chemical Bank is a JPMorgan Chase predecessor. And historically banks focused on men.
So Chemical debuted its “New York Woman” campaign, including a TV ad featuring glamorous women and original jazz, newspaper and radio spots, and a spot in Vogue magazine — a first for the bank.
TV Advertisement Narrator:
The bank for the New York Woman, whoever she is.
Christina Dello Buono, Anchor:
This campaign won awards and won the business of women.
He scaled Mt. Aconcagua in Argentina. Yes, for sport, but each climb Akash Negi tackles in the Seven Summits Challenge — a climb of the tallest peaks on every continent — is to help raise autism awareness.
We first introduced you to the JPMorgan Chase cybersecurity data engineer after he climbed Denali. When he reached the summit, he pulled out a Chase flag in honor of disability inclusion.
Negi has seen family friends impacted by autism and Negi currently serves on the board of the family’s autism awareness nonprofit.
This time for Aconcagua, he came packed with a custom JPMorgan Chase flag that represented our Office of Disability Inclusion.
Akash Negi, Cybersecurity Data Engineer:
Last time it was just a logo. So it didn’t show what I was carrying the flag for, right? Was I carrying the flag just for Chase’s name, or ODI’s name or autism awareness? So last time people asked me that question; they said, “Why are you carrying this big company’s flag?”
But this time nobody asked me that question because they could clearly see that this was for autism awareness and this is the company’s commitment and their way of saying that we support this.
Christina Dello Buono, Anchor:
Negi did the entire climb in a total of 12 days. He said he was one of two climbers in his group to reach the summit, along with a guide, and called it a feeling of pride opening his new, custom flag when he reached the top.
That wraps up this week’s JPMorgan Chase News. I’m Christina Dello Buono. We’ll see you next week!
JPMorgan Chase News Week of March 16, 2020
JPMorgan Chase News – Week of March 2, 2020
Kim Morton, Anchor:
This week: Having cash versus investing.
Samantha Azzarello, Global Market Strategist, J.P. Morgan Asset Management:
Thirty percent of millennials said that cash was their favorite investment. Cash is not an investment.
Kim Morton, Anchor:
A look at millennial investing behaviors.
This partnership is a slam dunk!
Grant Hill, Basketball Hall of Famer:
To now have this partnership with Chase, you know, it really has a chance to empower underserved communities.
Kim Morton, Anchor:
Why Chase and the Atlanta Hawks teaming up means greater opportunity for financial health.
JPMorgan Chase just opened a branch to help people who are hard of hearing, but we have a history of providing accessibility to our customers.
Elizabeth Alleva, Archivist, JPMorgan Chase:
It’s not a surprise that they were at the forefront of this type of technology, but also that they’re just such an accepting community and that they want to be the bank of choice for everybody.
Kim Morton, Anchor:
We’ll tell you how the first Braille check writer was created for a JPMorgan Chase predecessor.
Welcome to JPMorgan Chase News. I’m Kim Morton reporting from New York.
When it comes to investing, millennials appear to be more hesitant than other generations. But why? Christina Dello Buono has more.
Christina Dello Buono, Commercial Banking Communications:
Millennial attitudes are a significant departure from previous generations when it comes to investing. But it could have an impact on their future returns. Here to discuss the shift, we have J.P. Morgan Asset Management Global Market Strategist Samantha Azzarello joining us. Sam, what are some of the differences you're seeing with millennial investment behaviors?
Samantha Azzarello, Global Market Strategist, J.P. Morgan Asset Management:
When we say "millennials" we're obviously talking about a very large and diverse group, right? The age range for millennials is actually 25 to 37. That being said, we know that millennials are less likely to own equities than other generations. They feel more comfortable with cash. And I would argue that there’s more reservations around investing in the first place.
Christina Dello Buono, Commercial Banking Communications:
So what's the difference in returns when it comes to investing your money versus having it in a savings account?
Samantha Azzarello, Global Market Strategist, J.P. Morgan Asset Management:
Having savings is unbelievably important. And that is definitely a piece of a financial plan, whether you think about your rainy day or your emergency fund, or just having some buffers. So cash is important, but we know millennials are holding a lot of cash. In fact, 30 percent of millennials said that cash was their favorite investment.
Cash is not an investment, right. An investment is something that grows your money over time. There's obviously always risks, but we think of equities. And equities are one of the main wealth generators that take income and translate that into wealth. And that's how you grow your money effectively over time. So we believe that millennials should look to investing in simple, cheap ways to take some of that cash and invest it in the market.
Christina Dello Buono, Commercial Banking Communications:
So would you say there's a right time for millennials to start investing? And what about the people who want to try to time the markets?
Samantha Azzarello, Global Market Strategist, J.P. Morgan Asset Management:
The right time for millennials to start investing is right now, right. I think it's actually very empowering to know that timing the market is really difficult. It's very hard to do it well. So what's actually working for us is to just steadily and consistently put money into the market.
For example, you could be putting $50 a month into the broad stock market every single month, and know that you're taking care of future you, which is really empowering to think about. Also retirement's unbelievably important. Many of us retire in 401(k)s. But there's a lot of life to live before we retire. And I like to think that investing your money now is a tool to reach those financial goals that might happen before we retire, right. Buying a home. Having a baby. Getting married. Investing, to me, is very powerful and it's a tool to help you reach other goals in your life.
Christina Dello Buono, Commercial Banking Communications:
Great. Well, thanks for joining us, Sam.
Samantha Azzarello, Global Market Strategist, J.P. Morgan Asset Management:
Thank you.
Kim Morton, Anchor:
What do basketball and financial health have to do with one another?
Chase is teaming up with the Atlanta Hawks to create economic opportunities in greater Atlanta.
That includes partnering with local nonprofits on financially focused initiatives to help underserved individuals, families and small businesses in greater Atlanta.
We kicked off the partnership with a special Chase Chat with hall of famers Grant Hill and Dominique Wilkins, and head of JPMorgan Chase’s Advancing Black Pathways, Sekou Kaalund.
Dominique Wilkins, Basketball Hall of Famer:
A lot of times, you know, the young guys, they put all their eggs in that one basket. But you gotta be willing to pick yourself back up when things are tough.
Sekou Kaalund, Head of Advancing Black Pathways:
Saving isn’t just about putting money in your account. It’s about having a plan and knowing what you’re saving for.
Kim Morton, Anchor:
Chase is now the Official Bank Partner of the Atlanta Hawks. The bank serves 2 million customers and 110,000 small businesses in the Atlanta region.
It’s designed to better serve the deaf and hard of hearing community. Chase recently celebrated the opening of its new H Street branch in Washington, D.C. — the first branch to incorporate both English and American Sign Language.
JPMorgan Chase has a history of providing greater accessibility when it comes to banking.
In 1963, a customer entered a branch of firm predecessor Chemical Bank and asked if there was a way for a person who’s blind to fill out a check on their own.
That inquiry developed into the Braille Checkwriter. It used a pair of hinged plates with cutouts that corresponded to the blank lines on the check. Using the Braille next to each cutout, that user could determine what needed to be written and where.
Elizabeth Alleva with our Corporate History program has more.
Elizabeth Alleva, Archivist, JPMorgan Chase:
So the Braille Checkwriter paved the way for the next thing, which was the Braille checking account. And so people who were blind now were able to receive monthly statements in Braille. Again maintaining this independence for their finances — a very personal thing that one does — and that comfort of knowing that they could go to their bank and do all their banking on their own.
Kim Morton, Anchor:
A few short years later, the Braille Checkwriter was patented and made available to banks across the country. Chemical Bank distributed them for free to any blind customer who opened an account with the bank.
And in 1986, Chemical unveiled the first Braille ATM in New York City, at the same branch where the idea for the Braille Checkwriter began.
That wraps up this week’s JPMorgan Chase News. I’m Kim Morton. We’ll see you next week!
JPMorgan Chase News – Week of March 2, 2020
JPMorgan Chase News Week of February 17, 2020
Kim Morton, Anchor:
This week: It’s been a year since JPMorgan Chase launched Advancing Black Pathways.
Sekou Kaalund, Head of Advancing Black Pathways:
We're just being more intentional in how we leverage schools to truly tap into black talent all across this country.
Kim Morton, Anchor:
How the program has driven change across education, career and wealth creation, and what’s next for 2020.
JPMorgan Chase is preparing young adults for high-wage, in-demand jobs with a new $75 million, five-year global investment.
Plus, a partnership supporting tech companies founded by women.
Melissa Smith, Head of Specialized Industries for Middle Market Banking:
We are well aware of the challenges that female — both female, I would say, and diverse founders face in really getting their businesses off the ground and up and running. And we want to be part of that solution.
Kim Morton, Anchor:
Welcome to JPMorgan Chase News. I’m Kim Morton reporting from New York.
It’s about making the economy work for as many people as possible. That’s why one year ago this month, JPMorgan Chase launched Advancing Black Pathways as a way to build on the firm’s efforts to invest in the economic success of black individuals.
More than 40 percent of Americans do not have enough money saved for a $400 emergency. So how do you make sure you’re taking the right steps toward overall financial health?
For more, let’s send it over to Heather Burian.
Heather Burian, Corporate Communications:
Advancing Black Pathways focuses on three key areas: Wealth, education and careers. And the impact in just a year is powerful. I'm joined by the head of Advancing Black Pathways, Sekou Kaalund. And Sekou, congratulations.
Sekou Kaalund, Head of Advancing Black Pathways:
Thank you.
Heather Burian, Corporate Communications:
Really you’re just getting started, but what has made you the proudest so far?
Sekou Kaalund, Head of Advancing Black Pathways:
I'm really proud at how we have been able to galvanize the energy and passion around this firm to really drive impact in the black community. And so that has resulted in us building the infrastructure, a phenomenal team. And also identifying the best ways to leverage our philanthropic and our business resources to amplify the work we're doing and really drive change across education, career and wealth creation.
Heather Burian, Corporate Communications:
Let's talk about education. Because JPMorgan Chase made that commitment to hire 4,000 black students by 2024. Already we have hired 1,000. So why target that demographic and how do you plan to grow that talent pool?
Sekou Kaalund, Head of Advancing Black Pathways:
We target that demographic because as a firm we know that unless we hire the best and brightest talent, we're not going to be able to maintain our position as the largest bank, most profitable bank in this country. We're just being more intentional in how we leverage schools and go beyond some of the schools we've recruited from historically to truly tap into black talent all across this country.
Heather Burian, Corporate Communications:
Why is it important to bring financial health to black communities?
Sekou Kaalund, Head of Advancing Black Pathways:
Well, it's important because, as we look at statistics, if we do nothing, based on the status quo, by 2053 the median net worth of blacks will be zero. And that's terrifying to me, especially when we have tremendous resources and tools to be able to promote financial health. So for us, and for me in particular, this is an imperative that we actually teach at a younger age to students, financial literacy.
We're promoting financial health in the colleges we're partnering with. At Howard University last year, 2,000 freshmen went through a financial health curriculum as part of orientation. That's never been done before in this country. And so we're excited that we're on the cusp of being innovative around financial health.
Heather Burian, Corporate Communications:
So Sekou, what's next for Advancing Black Pathways?
Sekou Kaalund, Head of Advancing Black Pathways:
What's next? So 2019 we were able to truly test and learn what works — you know, some things we could do more of, what partnerships will really help us accelerate the impact that we want to have. So 2020 is really all about driving results.
So as we look at the hiring and we look at implementing financial health across more universities, the biggest thing is really access to capital. We have developed a program to truly get access to capital and content to black businesses. So we're really excited about the opportunity to drive wealth creation, create stronger, more vibrant communities, and really build strong clients for J.P. Morgan.
Heather Burian, Corporate Communications:
Sekou, thanks so much again for joining us.
Sekou Kaalund, Head of Advancing Black Pathways:
My pleasure.
Kim Morton, Anchor:
Globally, 21 percent of people ages 15 to 24 are not employed nor receiving education or training. To help address that, JPMorgan Chase announced a new, five-year, $75 million investment to better prepare young people for an evolving workforce and advance policy solutions. Seven million dollars is going to Denver, Colorado. It will help underserved students gain access to higher education and work experiences, paving the way to high-wage, in-demand jobs.
JPMorgan Chase marked this commitment during an event at Pinnacol Assurance, a Colorado-based workers compensation insurer known for its robust apprenticeship program.
Jamie Dimon, Chairman and CEO, JPMorgan Chase:
It’s not just the specific skill. It’s the social skill, the speaking skill, the smiling to the crowd, the understanding— all these kids, they’re attacking a problem. They’re working as part of a team. And those things never go away.
Angela Mendoza-Rico, Pinnacol Assurance Apprenticeship Program:
It’s really important that I do everything I can because I want to set a good example for my siblings. My sister, who is 16, she’s so smart. I can tell she’s going to go somewhere one day. I tell her, “If I can do this, you can do this and so much more.”
Kim Morton, Anchor:
Denver is just the beginning. This career readiness initiative, part of our New Skills at Work program, will launch in nine other cities around the globe.
The goal is to close the funding gap for female founders.
It’s why J.P. Morgan and The Vinetta Project teamed up to launch a program that sources, funds and supports technology-related female founded companies.
It’ll give them greater access to capital, networking opportunities and advisory services from J.P. Morgan.
Melissa Smith, Head of Specialized Industries for Middle Market Banking:
We clearly can provide traditional banking services for those companies. But more importantly, I think it is that advice and expertise, as well as the mentorship that we can provide. And our objective is obviously to establish a long-term relationship with these companies, help serve them at their various early stages and then again help them as they sort-of journey to a much larger company.
Kim Morton, Anchor:
The two groups designed a program featuring a series of events including showcase pitch events, a problem-hacking cohort, half-day boot camp and more.
That wraps up this week’s JPMorgan Chase News. I’m Kim Morton. We’ll see you next week!
JPMorgan Chase News Week of February 17, 2020
JPMorgan Chase News Week of February 3, 2020
Kim Morton, Anchor:
This week:
Don Felix, Head of Consumer Financial Health for Chase:
Saving becomes critically important because it is the foundation for that security. It is knowing I have the money in my account.
Kim Morton, Anchor:
Are you financially healthy? A look at how saving a little and setting goals can make a big difference.
Some of the world’s most influential leaders together with the theme: Stakeholders for a Cohesive and Sustainable World.
Max Neukirchen, CEO of Merchant Services, JPMorgan Chase:
It actually makes me very proud to share some of the efforts we do across the firm and with our clients on sustainability and on transitioning to a more sustainable economy.
Kim Morton, Anchor:
A look into some of the topics at the annual World Economic Forum in Davos, Switzerland.
Plus, affordability was part of the conversation at the annual J.P. Morgan Healthcare Conference.
Welcome to JPMorgan Chase News. I’m Kim Morton reporting from New York.
More than 40 percent of Americans do not have enough money saved for a $400 emergency. So how do you make sure you’re taking the right steps toward overall financial health?
Heather Burian has more.
Heather Burian, Corporate Communications:
What if you want to buy a house, raise a family, even retire? Your financial health and how you save impacts that — especially since life can throw some curveballs. I’m here with Don Felix, Head of Consumer Financial Health for Chase.
And Don, what does being financially healthy mean and why does the conversation focus around saving?
Don Felix, Head of Consumer Financial Health for Chase:
Essentially, being financially healthy is about establishing peace of mind. We’re here to help our customers and consumers find that peace of mind by helping them to better manage their finances day-to-day, help to build that resiliency to withstand the financial shocks that happen to all of us on an annual basis, and helping them to plan for the long-term, which includes retirement and includes investing. And why savings? Saving becomes critically important because it is the foundation for that security. It is knowing that I have the money in my account to better manage my budget, to help meet the goals I’m setting for myself.
Heather Burian, Corporate Communications:
Is this a problem for families no matter their wealth?
Don Felix, Head of Consumer Financial Health for Chase:
It is absolutely an opportunity for families across the income spectrum especially when we see that 80 percent of Americans have trouble managing paycheck to paycheck. It is about helping out in four key areas: Save, spend, borrow, plan. I almost can’t say it enough. Helping families to save more, spend more thoughtfully, borrow more wisely and plan for the future. What we also know is that all families have goals no matter their income and we recently just launched through our current Autosave feature the new ability to save for specific goals. So whether it’s buy a home, buy a car, or just establish that rainy day fund.
Heather Burian, Corporate Communications:
Don, you’re going to have people say to you “Well, it’s too late to start saving” or “I don’t have the money to start saving.” What do you say to them?
Don Felix, Head of Consumer Financial Health for Chase:
I say another feature that we recently just launched through Autosave is the ability to save as little as a dollar a day. And though some may say “Well that’s not a lot because that would equate to $365 for the year,” when we know that 45 percent of Americans don’t have $400 in savings to withstand that financial shock, that $365 gets you a lot closer. And what it’s really about is establishing a habit. Where it may start with $1, but hopefully it goes to $2 and to $5 and to $10, where we help everyone realize they may have more in their budget than they realize to establish their savings.
Heather Burian, Corporate Communications:
Don, thanks so much for all the insight.
Don Felix, Head of Consumer Financial Health for Chase:
I really appreciate the time, thank you.
Kim Morton, Anchor:
Influential leaders, including heads of state, from around the world gathered at the 50th annual World Economic Forum in Davos, Switzerland where the narrative focused strongly around climate change and sustainability.
Almost every one of the official panels touched on it and many of the clients our team met made it clear it’s on their mind.
Patrick Thomson, CEO of Europe, Middle East and Africa, J.P. Morgan Asset Management:
Important speeches by policy makers, really recognizing the need to address this issue. Certainly from an investor’s perspective, it dominates every conversation. How do you measure it? How do you think about carbon emissions? What is the impact potentially on returns? So that has been a critical topic.
Kim Morton, Anchor:
JPMorgan Chase touted its sustainability commitments in clean financing and renewable energy. In a CNBC interview, Chairman and CEO Jamie Dimon stressed the importance of effective climate policies being set by government globally and said he’d support a carbon tax.
But that wasn’t the only major discussion topic.
Max Neukirchen, CEO of Merchant Services, JPMorgan Chase:
There’s the political environment. First and foremost, the U.S.-China relations, but also the outlook on the U.S. presidential elections as well as the tensions in the Middle East that dominate the discussions. And lastly, there’s definitely the economic outlook and the thought how the next one-to-two years might look.
Kim Morton, Anchor:
We also partnered with The Female Quotient where Dimon; Judy Miller, who leads the office of the Chairman; and Dorothee Blessing, Regional Head for J.P. Morgan in Germany, Austria, Switzerland, Ireland, Israel and the Nordic region; highlighted the importance of diversity in the workplace and how it’s a top priority for the firm.
When it comes to healthcare, patients are prioritizing affordability and accessibility more than ever.
Those were some of the talking points at the 38th annual J.P Morgan Healthcare Conference in San Francisco, California, bringing together thousands of investors from around the world.
There, Chairman and CEO Jamie Dimon said healthcare for the average American should be broached in in a more cost-efficient way.
Nearly eight in 10 Americans say the cost of prescription drugs is too high, according to a poll by the Kaiser Family Foundation.
Lisa Gill, Senior Analyst, Healthcare Technology and Distribution:
The consumer’s the biggest disrupter in healthcare. The consumer wants their services where they want them, when they want them, at the lowest price.
Kim Morton, Anchor:
JPMorgan Chase is working to help through Haven, its healthcare venture with Amazon and Berkshire Hathaway. It will focus on lowering cost, improving outcomes and increasing satisfaction with insurance.
That wraps up this week’s JPMorgan Chase News. I’m Kim Morton. We’ll see you next week!
JPMorgan Chase News Week of February 3, 2020
Press Releases
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November 10, 2020
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JPMorgan Chase Committing $35 Million in Five U.S. Cities to Prepare Young People for Future of Work
October 20, 2020
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September 21, 2020