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Don't Expect Normalcy Until Summer 2021, Warns JPMorgan CEO Jamie Dimon

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Don't Expect Normalcy Until Summer 2021, Warns JPMorgan CEO Jamie Dimon

Jamie Dimon, the CEO of the largest U.S. bank JPMorgan Chase & Co. (NYSE: JPM), doesn't expect pre-pandemic normalcy until mid-2021, reports Bloomberg.

What Happened: At a conference hosted by asset-management industry group Nicsa on Friday, banking billionaire Jamie Dimon expressed his views that the path to returning to pre-pandemic level normalcy can be a long one.

"Local regulations, a lack of a vaccine and workers’ personal circumstances will likely make fully staffing the bank’s offices impossible until the middle of next year at the earliest. We’re going to have to live with this," he said.

The bank, one of the first on Wall Street to bring employees back to the office is still aiming for just 15% to 25% of capacity.

Dimon called for workers to return to the office in mid-September. He warned about lasting economic damage if governments did not open cities cautiously.

In Dimon's version of the "new normal," Zoom meeting with customers are here to stay and business travel is not likely to pick up until some point in 2021.

"We’re starting to see some people get back on the road. I think it can be done quite safely. Some are afraid. We’ll see," said Dimon.

Why It's Important: Dimon's comments came on Friday, when the U.S. reported its highest number of new daily cases since August.

Dimon expects up to 40% of staffers would work from home even after the pandemic, with rotations in and out of offices. "Work-from-home has to work for clients and customers not just for employees," he said.

Dimon reiterated on his view of government providing stimulus to keep the economy from stalling.

 

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