JP Morgan CEO Jamie Dimon claimed in an interview at a conference on Wednesday that his push toward “stakeholder capitalism” is being misconstrued as being “woke,” and that he remains “a red-blooded free-market capitalist.”
“I’m not woke. And I think people are mistaking the stakeholder capitalism thing for being woke,” Dimon told a conference organized by Autonomous Research, according to the Financial Times. “All we’re saying is when we wake up in the morning, what we give a [expletive] about is serving customers, earning their respect, earning their repeat business.”
Stakeholder capitalism goes beyond traditional shareholder capitalism, which focuses on actions that are favorable to its stock appreciation, to encompass “socially responsible investing” and “environmentally sustainable” methodology with a responsibility towards its “stakeholders” like workers, community, and other factors….