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Jamie Dimon: The US economy was "basically anti-poor"



"If you live in certain neighborhoods, if you are white or Hispanic or black, you can be left behind quite a bit," Dimon told CNN's Poppy Harlow in an interview with Boss Files on Monday.

This week JPMorgan ( JPM ) announced an initiative to tackle some of this problem: a five-year program worth $ 350 million to train workers for the jobs of the future.

A large part of this strategy is to help low-income Americans, including those who were stigmatized by criminal records who find it hard to find work, and get them in and out to drive to the prison.

"Children do not get the education they need to get a job," said Dimon. "And I'm talking about a real job."

Dimon pointed to an overemphasis of employers on applicants with a four-year college degree, saying the graduates of the community should be given more value to college or get another one Training. Some positions may not require university degrees, he added.

The CEO, who has been directing JPMorgan Chase since 2005, said the bank had dropped the college requirements from many of its vacancies. Approximately 75% of US positions published by JPMorgan in 201

8 did not require a university degree.

Dimon also said that there should be more job opportunities for convicts who have spent their time – and that he wants to hire more.

"Many of these people should never have been offenders, or they paid their price," he said. They have families, they have children, they do not get credit, they can not get a home, they have a hard time getting a job, and they deserve a second chance. "

Regulations have historically made it "very difficult" for financial services companies to hire former convicts, he said. JPMorgan, however, intends to make targeted efforts to develop "specific job creation programs" to facilitate the process.

"These are not necessarily violent, lifelong criminals," said Dimon. "These are people who made a mistake when they were young, I tell my friends, you also made a lot of mistakes when you were young, they just were not caught."

For Dimon, these efforts are not the case just about philanthropy. In his view, they can also boost the economy.

More effective vocational training programs would make those who were released from prison "much happier and more productive," he said. "And that would be good for the company."

Such programs are most effective when companies can collaborate with local government and education systems, Dimon says.

In general, he expressed skepticism about the federal government's ability to handle money, saying that Democrats and Republicans would have to do more to justify spending decisions. This should be part of the broader political discussion on raising individual tax rates, he said.

"No one believes that sending more money to Washington will solve the … problems we got," said Dimon. [19659022]
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