Chauvin’s conviction in George Floyd’s death shows ‘justice has been served’

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Jamie Dimon, CEO of JP Morgan Chase, appears on CNBC’s Squawk Box at the World Economic Forum 2020 in Davos, Switzerland, January 22, 2020.

Adam Galica | CNBC

JPMorgan Chase CEO Jamie Dimon said Wednesday that “justice has been served” after a jury found ex-Minneapolis Police Officer Derek Chauvin guilty on all three counts, including murder in second degree, for the murder of George Floyd.

“Justice has been served, this is the start of a long road to resolving some of these issues,” Dimon said at the start of a JPMorgan event for clients with chief wealth officer Kristin Lemkau.

“We haven’t solved this problem of racial inequality in hundreds of years, and in fact, in a few decades it has regressed,” Dimon said. “We can recognize, in my opinion, that America is a shining light on a hill, it is an amazing country,” but that there are flaws that need to be corrected, he said.

Dimon highlighted JPMorgan’s $ 30 billion commitment to help close the racial wealth gap in the United States, including $ 8 billion in mortgage loans to black and Latino households. The company’s wealth management division recently announced that it will hire 300 additional black or Latino advisers over the next five years.

During the wide-ranging discussion, Dimon reiterated his optimistic view on the economy and the markets, but acknowledged that the markets had incorporated a ‘golden loops’ scenario, and if inflation exceeded expectations or if the Federal Reserve acts more aggressively to dampen support, a correction could occur.

Another risk: there is “always a chance that we have another violent and deadly virus” against which current vaccines do not work. In this scenario, “all bets are off”.

Earlier this month, Dimon said that a U.S. economic boom fueled by deficit spending and effective vaccines could “easily unfold in 2023,” and that the strong economy could justify high valuations in the stock market.

JPMorgan is striving to generate more revenue through asset management and achieved record volumes of retail transactions and account registrations through its Chase app in the first quarter, according to a spokesperson for the bank.

Last week, JPMorgan beat first quarter profit expectations thanks to strong trading results and the release of $ 5.2 billion it previously set aside for loan losses.

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