Chauvin conviction in George Floyd death shows ‘justice was served’

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

Adam Galica | CNBC

JPMorgan Chase CEO Jamie Dimon said Wednesday that “justice has been done” after a jury found former Minneapolis police officer Derek Chauvin guilty of the murder of George Floyd.

“Justice has been served, it is the beginning of a long journey to fix some of these things,” Dimon said at the start of a JPMorgan event for clients with the head of asset management, Kristin Lemkau.

“We haven’t resolved this racial inequality problem in hundreds of years, and in fact it has been going backwards in a few decades,” Dimon said. “We can recognize, in my view, that America is a shining light on a hill, it is an incredible country,” but that there are shortcomings that need to be addressed, he said.

Dimon pointed to JPMorgan’s $ 30 billion pledge to help bridge America’s racial wealth gap, including $ 8 billion mortgages to black and Latin American households. The company’s wealth management division recently announced that it would be hiring 300 more Black or Latino consultants over the next five years.

During the long discussion, Dimon reiterated his bullish view of the economy and markets, but acknowledged that the markets had priced in a “goldilocks” scenario and that inflation exceeded expectations or that the Federal Reserve acted more aggressively to contain support, a Correction could occur.

Another risk: there is “always the possibility that we have another violent, deadly virus” that current vaccines are not effective against. In this scenario “all bets are closed”.

Earlier this month, Dimon said a US economic boom fueled by deficit spending and effective vaccines “could easily run through 2023” and that the strong economy could warrant increased valuations in stock markets.

JPMorgan is pushing for more income from managing assets and saw record retail and account login volumes through its Chase app in the first quarter, according to a bank spokeswoman.

Last week, JPMorgan exceeded expectations for a first quarter profit on strong trading results and the release of $ 5.2 billion previously earmarked for credit losses.

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