Summary
Bank CEOs are acknowledging the growing wealth gap in the US, with Jamie Dimon of JPMorgan Chase stating that the country has “left the lower-income folks behind.” Despite record earnings, CEOs such as Charlie Scharf of Wells Fargo are expressing concerns about affordability. Meanwhile, BNY CEO Robin Vince is promoting the Trump Accounts initiative to increase participation in the stock market and grow wealth for more people.
Our Reading
The numbers tell one story.
Bank CEOs are facing a reality check on income inequality. Jamie Dimon’s comments on anti-rich sentiment come as JPMorgan Chase reports its best-ever quarter. Wells Fargo’s Charlie Scharf is worried about affordability. BNY’s Robin Vince is pushing an initiative to increase stock market participation.
The announcement sounds like a faint whisper of corporate social responsibility.
Author: Evan Null
