JPMorgan Chase CEO Jamie Dimon released a letter to shareholders today, saying the coronavirus recovery should build an economy that creates opportunities for more people. Read the full memo here:
said Tuesday in a memo that the coronavirus crisis should be used to build an economy that offers opportunities for "dramatically more people."
Since the pandemic took hold in the U.S., 36.5 million people have filed unemployment claims, and the toll has hit lower-income workers hardest:with incomes of less than $40,000 have reported a job loss, the Federal Reserve said last week. Even for those with jobs, the crisis exposed another disparity: While office workers have mostly been able to work from their homes, lower-paid work is more likely to require in-person activities, putting those employees at greater risk of infection.
Dimon said he would soon share his ideas on how the rehiring of workers and reopening of small businesses could help create a more inclusive economy.The impacts of the COVID-19 pandemic continue to reverberate within our neighborhoods, workplaces and homes and throughout our economy. In my annual letter to shareholders last month, we described the actions our firm is taking to support our employees, customers and communities.
In March and April, we approved more than $45 billion in new credit for our clients impacted by COVID-19. This included more than $6 billion to hospitals and healthcare companies, educational institutions, nonprofits and state and local governments.
Since the beginning of PPP, we funded a total of more than $30 billion to over 250,000 businesses, helping to support more than 3 million employees. The average loan amount was roughly $122,000 and half of those loans went to companies with fewer than 5 employees.We are using data-driven solutions to help some of the hardest hit communities get through the pandemic – and to help them recover when it's over.
And we're also finding other ways we can help in our communities. For example, we are collaborating with Marriott and others to provide up to $10 million worth of hotel stays for healthcare professionals fighting COVID-19 in the United States. The initiative is providing free rooms to first responders in locations such as New York City, New Orleans, Chicago and Detroit.
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