JP Morgan’s Jamie Dimon Defends Stakeholder Capitalism Amid Conservative Criticism

JP Morgan’s Jamie Dimon Defends Stakeholder Capitalism Amid Conservative Criticism

Share to Linkedin JP Morgan CEO Jamie Dimon on Wednesday became the latest finance leader to defend 'shareholder capitalism'—an embrace by businesses of socially conscious and environmentally sustainable actions—pushing back against conservative leaders who have derided the practice as "woke" and discriminatory against the likes of fossil fuel companies. Jamie Dimon, Chair and CEO of JP Morgan Chase, takes his seat to testify before the House Financial ... [+] Services Committee in Washington. At an event organized by the asset management firm Bernstein, the JP Morgan chief said he was a "red-blooded free-market capitalist" and it was a mistake to label shareholder capitalism as "woke," according to the Financial Times. Dimon added that the investment banking giant was serious about climate change—a key tenet of stakeholder capitalism. Dimon, who according to the FT said the bank was committed to treating all employees respectfully, added that lawmakers criticizing this as "woke" were not "thinking clearly". The CEO also made some grim predictions, warning of an economic "hurricane" fueled by Russia's invasion of Ukraine and rising inflation and added his bank was preparing for "bad outcomes" from the strain on the economy. The embrace of socially conscious and environmentally sustainable practices has