COVID-19 revealed flexibility, resilience
During his keynote speech, JPMorgan Chase CEO Jamie Dimon said the world should have been better prepared for the COVID-19 crisis but that the financial sector proved resilient during this difficult year.
“People like us kind of prepare for things like pandemics and closedowns, disasters, but not a global pandemic shutdown,” Dimon said. “The really shocking thing is we were able to – a lot of companies, not just JPMorgan – send our people home [to] work. With the communications tools and trader kits and all these other technologies and stuff like that. It was kind of an amazing lesson.”
He said bureaucracy disappears when you need to make decisions quickly. The banks continued to serve their clients. In fact, April through July were some of the most active months the industry has ever had for trading, investment banking, etc.
Dimon said working from home created minor vulnerabilities – less surveillance for instance – but that the heightened business was essentially “flawless.”
“All [the pandemic] did with digitization was speed it up,” he said.
Dimon stressed the importance of cloud adoption. He said JPMorgan Chase has around 20 percent of its systems in the cloud, but that they need to “get it all there.”