Billionaire Jamie Dimon Worries Federal Spending Could Trigger High Inflation, Urges Businesses To Help Government Curb Inequality

Billionaire Jamie Dimon Worries Federal Spending Could Trigger High Inflation, Urges Businesses To Help Government Curb Inequality

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In a conference call Friday morning, Jamie Dimon, the billionaire chairman and CEO of JPMorgan Chase, warned the economic recovery is far from over and urged businesses to help the federal government ward off increasing wealth inequality amid heightened inflationary concerns as he discussed the bank's record fourth-quarter earnings.

JPMorgan Chase and Co. chairman and CEO Jamie Dimon speaks during a conference in San Francisco.



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"Inequality is a real problem," Dimon said, noting that 40% of Americans make below $15 per hour and pointing to JPMorgan's own client base that includes high-earners who have, for the most part, done well during the pandemic–keeping their jobs and seeing home values and savings increase.





"For the lower quartile of earners, it's been the opposite," he added, noting that of the 12 million stimulus checks JPMorgan processed last quarter, many going to people with low account balances were quickly withdrawn–a sign relief was "obviously needed," Dimon said.







The $900 billion stimulus signed into law last month has bolstered JPMorgan's outlook, the firm's