JPMorgan Chase CEO Jamie Dimon has acknowledged that the impact of COVID-19 will herald significant change to the economy and society, calling it a “wake-up call” for governments and business to build a fairer economy.

In a memo to staff the billionaire executive called for a more inclusive economy and measures from governments globally to tackle economic inequality and create widespread opportunity, saying “This crisis must serve as a wake-up call and a call to action for business and government to think, act and invest for the common good and confront the structural obstacles that have inhibited inclusive economic growth for years.”

Considering the rising unemployment and dampened economic climate, Dimon notes that planning is difficult, but he makes the case for at least attempting to lay the foundations of a world that “creates and sustains opportunity for dramatically more people, especially those who have been left behind for too long”. He continues: “The last few months have laid bare the reality that, even before the pandemic hit, far too many people were living on the edge.”

Whilst long on intention, the memo is vague on how such a desirable situation could be created. Dimon calls for business and government to think, act and invest for the common good and confront the structural obstacles that have inhibited inclusive economic growth, and in turn “fray our social fabric”.

None-the-less Dimon has promised to share his thoughts and ideas in more detail at a later date, and given his position he is at least in a position of considerable influence.

It might also be noted that the entire memo is directly at care of employees and society, and makes no mention of the environmental issues that that are at play within these concerns.

Full memo here.

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