JPMorgan CEO Dimon says economic recovery could be derailed

Fox Business Flash top headlines for September 12

Fox Business Flash top headlines are here. Check out what’s clicking on FoxBusiness.com.

JPMorgan Chase & Co Chief Executive Jamie Dimon said the economic recovery from the coronavirus recession could be derailed by a lack of additional economic stimulus, the election, and a second wave of infections.

Continue Reading Below

TRUMP PRAISES JPMORGAN FOR TELLING TRADING STAFF TO RETURN

Dimon made the comments on Friday to stock analyst Brian Kleinhanzl of Keefe, Bruyette & Woods, who wrote about their meeting in a report.

Dimon added that earlier government stimulus 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 are spending less. "Based on their data it is unclear if that trend is getting better or worse," Kleinhanzl wrote.

RUBIO QUESTIONS JPMORGAN'S DIMON OVER ALLEGED VIRUS AID FRAUD AT BANK

JPMorgan is the largest U.S. bank by assets and estimates spending trends from transactions through accounts in its 4,900 branches and its credit card businesses.

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.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

JPMorgan is moving to people back into the office safely, Dimon said.

"Jamie thinks a shift back to the office will be good for the young employees and to foster creative ideas," Kleinhanzl wrote.

CLICK HERE TO READ MORE ON FOX BUSINESS

Source: Read Full Article