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JP Morgan-Chase’s CEO Decries ‘You Need Us’, At World Economic Forum Discussing International Banking

by Jacob M. Thompson


“You need us to protect that, and so all of this is an ecosystem where you care deeply – again it goes back to a doctor or a hospital you care deeply about, who it is that’s there to take care of you,” she said.

Last month a number of a reputable bankers met at the World Economic Forum in Davos, Switzerland, discussing the future of banking and the transitions they are making to adjust to more a climate-centric economy forward. During the conversation a number of the guests wanted to place great emphasis on the service and care they bring to their customers, and why too much regulation gets in the way of that many of times.

The session was called “Are Banks Ready for the Future?” The WEF wrote: “While the broader ripple effects of April’s banking crisis in the US were contained, risks to the health of the sector persist. What measures need to be put in place to ensure that banks are primed to face an uncertain future, while rebuilding trust in the system?”

The speakers included:

A big part of the conversation had to do with promising resiliency for people who might be cautious about the state of the international banking sector. However, not much was really explained as to how resiliency would be created and maintained.

Where the bulk of the discussion went was the transition to more climate-based investing and regulations from the government. It was the IMF’s Gopinath who said “there’s a very large need for climate finance,” and claimed that by 2030 another $40 trillion needs to be invested in this space.

Interestingly enough the conversation actually got a bit chippy at one point, when Gopinath brought up how the national regulator’s have a big role to play in this in trying to work with the banks to aid in the transition. This appeared to touch a nerve with some of the panelists, and the irritation with the regulators ended up becoming the main topic instead.

For example, leading off of that, JPMorgan-Chase CEO Mary Erdoes tried to emphasize just how much their bank manages, and just how important they are, and why customers should trust them. She said in a rant:

A bank works for its shareholders and for its clients, and of course it’s employees and its communities; but in the bulk of our job is to be a fiduciary for our clients, where we’re helping them invest and to [provide] help for our shareholders, and so it’s not like we have a target for climate Investments or climate financing. We’re helping our clients to do that…


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