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Top banker Jamie Dimon claims greedy bankers let down Americans

By Lawrence Gash

$31m-a-year JP Morgan Chase CEO claims widening wealth gap not good for society in wide-ranging CBS interview

“Greedy” bankers let the American people down, according to Jamie Dimon,chairman and CEO of JP Morgan Chase.

In a wide-ranging interview with CBS, Dimon, a former Class A board member of the Federal Reserve Bank of New York, senior executive at American Express and the CEO of one of the largest banks in the world for 19 years, criticised the widening wealth gap in American society.

“I think it’s a huge problem,” he said. “I think the wealthy have been getting wealthier too much in many ways, so middle class incomes have been kind of flat for maybe 15 years or so, and that’s not particularly good in America.”

When pressed as to his own salary, Dimon who made $31m (£24m) in 2018 stated: “The board sets mine, I have nothing to do with it. I’m going to leave it to the board to set my comp[ensation]. Not you, not the press, my board.”

Although opposing “anything that vilifies people”, Dimon admitted that in the 2007-08 crisis: “I believe there were people...who were greedy, selfish, did the wrong stuff, overpaid themselves and couldn’t give a damn. Yes.”

When asked whether he would consider entering the US presidential race, Dimon said he had “thought about thinking about it” but ultimately decided against it.

Dimon asserted his belief in the US and its place as the foremost economy in the world, claiming: This is the most prosperous economy the world has ever seen and it’s going to be a very prosperous economy for the next 100 years."

Dimon’s interview was aired the day after a Bloomberg report, citing Fed data, said that the top 1 per cent of American society now holds almost as much wealth as the middle and upper middle classes combined.

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