Photo: Lisa Du, Business Insider
Bloomberg has the details of the end of year email missive that Jamie Dimon sent to JP Morgan employees.Dimon, who has been frustrated by the political rhetoric aimed at bankers and defended their role in creating economic growth throughout 2011, was characteristically straightforward:
“2011 was another year of challenges, both for JPMorgan Chase and for countries around the world…There is a lot of frustration out there and more than a little hostility toward our industry.“
“In the face of challenges, JPMorgan Chase is doing its part…We have not shrunk back.” [emphasis added]
Dimon pointed to the fact that JP Morgan hired 16,000 employees in the US in 2011, bringing its total workforce to 260,000 in a year when bank after bank announced significant layoffs.
A message like that compares to the two very different kind of people who are listening to Dimon: Employees at JP Morgan, who are likely to be much more full throated in the defence of their firm, and the public, who are are likely to be sceptical of anything a bank CEO has to say in the wake of the financial crisis.
And given that anything you send to a couple hundred thousand people will wind up public, Dimon said bascially what he’s said all year: America, you need JP Morgan more than you know.