The comments came in an annual shareholder letter from Dimon, who often uses the letter to weigh in broad topics like politics, regulation and global events and what it might mean to
Dimon also used his letter to forcefully defend the firm's diversity and equality efforts, pushing back on the arguments from
“America’s global leadership role is being challenged outside by other nations and inside by our polarized electorate,” Dimon said. “We need to find ways to put aside our differences and work in partnership with other Western nations in the name of democracy. During this time of great crises, uniting to protect our essential freedoms, including free enterprise, is paramount."
Dimon had particular concerns with continued large amounts of deficit spending by the
Because of these issues, Dimon said he is less optimistic that the
Also, at a time when some investors and economists are questioning whether the
“These significant and somewhat unprecedented forces cause us to remain cautious,” he said.
As he has done in previous letters, Dimon said he continues to believe that the
“Ukraine needs our help immediately, but it’s important to understand that much of the money that America is directing to
Like many other CEOs, Dimon said he sees promise in the use cases of artificial intelligence. The bank has found 400 use cases for AI so far, Dimon said, particularly in the bank’s marketing, fraud and risk departments. The bank also is exploring using AI in software development and general employee productivity plans.
“We are completely convinced the consequences (of AI) will be extraordinary and possibly as transformational as some of the major technological inventions of the past several hundred years: Think the printing press, the steam engine, electricity, computing and the Internet, among others.”
Of the 61-page letter, Dimon dedicated four pages to the bank's diversity and inclusion work. His vocal defense of the bank's DEI initiatives come at a time when shareholder and political activists have called such programs a waste of company resources. Dimon argued that
“We believe — and we are unashamed about this — that it is our obligation to help lift up the communities and countries in which we do business,” Dimon said. “We believe that doing so enhances business and the general economic well-being of those communities and countries and also enhances long-term shareholder value.”
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