JP Morgan boss says his critics confuse ‘wokeism’ with stakeholder capitalism

JAMIE DIMON, the billionaire chief executive of JP Morgan, has insisted that he is not “woke” for promoting the idea that banks should serve the interests of wider communities rather than prioritising investors.

Mr Dimon described himself as “a red-blooded free-market capitalist” and said his championing of stakeholder capitalism, the Financial Times reported.

Historically, most companies’ focus has been to create long-term value for shareholders. Stakeholder capitalism broadens the remit so that the interests of all stakeholders – customers, suppliers, employees, shareholders and local communities – are served.

Speaking at a conference, Mr Dimon said: “I’m not woke. And I think people are mistaking the stakeholder capitalism thing for being woke. All we’re saying is, when we wake up in the morning what we give a s--- about is serving customers, earning their respect, earning their repeat business.”

Wall Street banks have faced criticism in recent months from Republican politicians for snubbing carbon intensive and defence sectors amid pressure from campaigners to focus on environmental, social and governance issues.

JP Morgan was among 19 financial institutions to receive a letter from officials in Texas demanding that they clarify whether or not they were boycotting fossil fuel companies.

Pat Toomey, a Republican on the Senate banking committee, last year voiced concerns “about increasing pressure on banks to embrace ‘wokeism’”, following a hearing in which Mr Dimon testified.

Mr Dimon hit back at claims that financial institutions were woke for wanting to treat employees with respect regardless of their ethnicity, race or sexual orientation.

He said: “Any senator or congressman who says that’s woke, they’re not thinking clearly. Because I want to win in the marketplace. I want the best employees, I want happy employees.

“I don’t think people should get involved in some of these issues where it’s far more detailed than you think and people [are] just getting jazzed up about, you got to do this. No, you don’t.”

Mr Dimon also criticised institutional investors that rely on proxy advisers such as ISS and Glass Lewis. “If that’s how you vote, shame on you. I mean seriously, you should be embarrassed, OK? And do your own homework,” he said.

‘Any senator who says that’s woke, they’re not thinking clearly. Because I want to win in the marketplace’