The CEO of J.P. Morgan Chase (NYSE:JPM) said that the U.S. economy has essentially been split into those benefiting from thriving corporations and those who are left behind.
Speaking at the bank's New York headquarters Monday Jamie Dimon said, "40% of Americans make less than $15 an hour. (Also) 40% of Americans can't afford a $400 bill, whether it's medical or fixing their car. 15% of Americans make minimum wages, 70,000 die from opioids" annually.
The J.P. Morgan chairman and CEO has frequently voiced concern about the declining labor force participation rate and the shortfalls of the educational system in preparing people for emerging roles.
Making progress against these issues involves companies working with local organizations to provide skills outside of the university context, he said.
The bank's new five-year plan, announced Monday, includes $200 million to develop training programs for in-demand digital and technical roles and $125 million to boost collaboration between employers and the educational system. It also has $25 million to help spread labor market data and analysis to enable companies to focus on ways to lift people out of low-wage positions.
