JPMorgan plans to postpone dividend | Financial

JPMorgan canceled the share buyback program but, unlike many banks and insurers in the Netherlands, has not yet postponed its dividend payment due to the corona crisis. The bank is now considering that, Dimon, the bank’s top executive with $ 2.7 trillion under management, writes in a page-long letter spelled on Wall Street.

In it, Dimon states that the bank is well capitalized, but “not immune” to the blows that everyone receives in the corona crisis.

After a severe recession, companies should take structured steps towards an upturn in production, the CEO said.

Jamie Dimon is one of the few top bankers to survive on Wall Street since the credit crunch. He is also one of the most visible bankers in the public debate, for example about what he considers to be poor financial regulation, American education and healthcare.

No government support

In the letter, Dimon is now cautious about this, except that he is grateful for the good medical support he received. The market was looking forward to his return to the public debate, after heart surgery in early March following a tear in his aorta, which he said he recovered last week.

The bank is capitalized enough to weather the current crisis, Dimon says. The bank will not seek government support, Dimon added.

The CEO, who has been the highest paid on Wall Street in 2019 with more than $ 31 million in 2019, is the first of the major US banks to openly talk about economic recovery in the middle of the corona crisis, where the number of deaths in the United States is still increasing.

Companies should proceed carefully and in a structured manner to resume production. This should be done after extensive testing of who is infected and who may not be, to limit the time, length and suffering caused by the economic downturn.

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