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JPMorgan Chase’s Dimon Offers His Stance On Facebook’s Data Scandal

Jamie Dimon, chairman and chief executive of JPMorgan Chase, offered his opinion on Facebook’s data scandal.

“This privacy issue is a big deal. I don’t buy this argument that millennials don’t care — millennials don’t know,” Dimon said at an event, according to The American Banker. “All of that data — location, shopping, sites, places you visit — all of that information is being accumulated and sold and marketed around the world.”

“I think people have a right to know what it is and where it is and how it’s controlled and why it’s controlled,” he added.

Dimon was responding to a question about advice he’d give Facebook as the social media giant deals with the fallout from reports that Cambridge Analytica, a political consulting firm, was able to access data on 50 million users beginning in 2014. The firm then allegedly used that information to help get Donald Trump elected president.

In addition to sharing his thoughts on Facebook, Dimon also spoke about his own company’s efforts to create a diverse and inclusive workplace at his bank. He added that half of his 10 direct reports are women and two are LGBT, and that the company has been working to promote a program called Advancing Black Leaders.

“We’ve actually grown by 20–30 percent in the last year or two alone our senior black leaders,” he said.
And during his time at Bank One — before it merged with JPMorgan Chase — Dimon canceled memberships to country clubs that weren’t open to everyone.

“I didn’t go hire McKinsey — I walked back to the people, and I canceled the clubs,” he said. “If they don’t allow blacks, Jews or women, we’re not paying. Not only did I do that, I went to all the people who belonged to them and I said, ‘You can pay for yourself, but don’t even bother to put a business lunch through this company; we’re not going to support them in any way, shape or form.’”

Dimon also makes it a point to meet with both employees and customers.

“I learn a lot when I’m on the road,” he said, adding that he tells his employees, “You get a beer and immunity — you can say whatever you want.”

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