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JPMorgan CEO: Stimulus package would lower the risk of double-dip recession

October 13, 2020. Summarized by summa-bot.

Jamie Dimon, chief executive officer of JPMorgan Chase & Co., poses for a photograph on the sidelines of the JP Morgan Global China Summit in Beijing, China, on Wednesday, May 8, 2019. Dimon??put the odds of the U.S. and China reaching a trade deal at 80 percent, sounding a note of optimism even after the rising specter of tariffs roiled global markets. Photographer: Giulia Marchi/Bloomberg

JPMorgan Chase CEO Jamie Dimon expressed confidence Tuesday in America's ability to get through next month's election even as he urged the federal government to do more to prevent a double-dip recession.

New York (CNN Business)JPMorgan Chase CEO Jamie Dimon expressed confidence Tuesday in America's ability to get through next month's election even as he urged the federal government to do more to prevent a double-dip recession.

"A decent stimulus package would be helpful," Dimon said, because it would lower the chances of a double-dip recession and minimize the damage done to small businesses and unemployed Americans.

"The consumer is in reasonably good shape for whatever we may face next," JPMorgan chief financial officer Jennifer Piepszak said during the call.

Returning to the office -- and building a new one

JPMorgan said that in New York City and London, about 20% of its employees have returned to offices, a level the bank expects to maintain for the foreseeable future.

In some other parts of the country, JPMorgan said that up to 50% of employees on de-densified floors have returned to the office.

The pandemic has not derailed JPMorgan's plans to build a new Manhattan headquarters that will accommodate around 14,000 people.

That plan, announced two years before the health crisis erupted, calls for combining workers in various New York offices into a taller building.

"I do expect New York headcount to come down over time, but we're still building our headquarters," Dimon said.

But Dimon does anticipate New York real estate will have a "bit of a tough time" because some companies will allow employees to work from home permanently or partially, reducing the amount of office space needed.

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