In a new interview, JPMorgan Chase CEO Jamie Dimon fired back at progressive firebrands Alexandria Ocasio-Cortez and Bernie Sanders, acknowledging the popularity of their economic populism but dismissing it as misguided.
JPMorgan Chase CEO Jamie Dimon has received scathing criticism in recent months from progressive firebrands Congresswoman Alexandria Ocasio-Cortez and Senator Bernie Sanders . In a new interview, he fired back, acknowledging the current appeal of their economic populism but dismissing it as misguided.
At a hearing on Capitol Hill in April, Ocasio-Cortez sat alongside lawmakers who targeted the tens of millions in compensation received by top bank executives, including Dimon, who received $31 million in compensation last year. The ratio between CEO pay and entry-level wages at JPMorgan Chase stands at 381:1, ranking it second highest among the large banks, after Citigroup.
The minimum starting wage at JPMorgan Chase is $16.50 per hour, though it can startat $18 for workers in high-cost regions. Meanwhile, Bank of America announced in April that its hourly pay will rise to $17 in May and increase to $20 by 2021. Story continuesDimon also pointed to the competitive pressure that compels him to pay enough to hire and retain effective workers.
According to Dimon, populist critics misrepresent the actions of wealthy people and big banks. Still, he acknowledged these critics tap into genuine discontent held by people struggling to gain access to services like quality education and health care.“But those problems are we can't build infrastructure,” he adds. “Those problems are the inner-city schools are not graduating our kids. Our litigation system is capricious.
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