JPMorgan Chase CEO Jamie Dimon may know a lot about the financial industry, but he has a harder time understanding the money problems facing his own employees.
That was obvious on Wednesday during the billionaire banker’s exchange with Rep. Katie Porter (D-Calif.) in a hearing with the House Financial Services Committee. The hearing invited leaders of seven top banks to discuss income inequality 10 years after the global financial crisis.
Porter brought up one of her constituents in Irvine, a woman taking home $2,425 a month for her job at JPMorgan Chase and living with her daughter in a one-bedroom apartment that costs $1600 a month.
The woman also spends $100 a month on utilities and more of her paycheck on food, commuting and child care, Porter said.
As a result, she has a $567 budget shortfall every month, according to the lawmaker.
“My question for you, Mr. Dimon, is how should she manage this budget shortfall while she’s working full-time at your bank?” Porter asked.
At first, Dimon questioned the accuracy of Porter’s numbers and asked if the woman was working in a “starter” job.
After Porter confirmed she was, Dimon responded that she “may have my job one day.”
Porter’s reply: “She may, but Mr. Dimon, she doesn’t have the ability right now to spend your $31 million.”
Dimon didn’t have a quick answer when Porter pressed him on how the woman should handle her budget shortfall.
“She’s short $567. What do you suggest she do?” Porter asked.
“I don’t know. I’d have to think about that,” Dimon replied.
“Would you recommend she take out a JPMorgan Chase credit card and run a deficit?”
“I don’t know. I’d have to think about that,” he repeated.
“Would you recommend that she overdraft at your bank and be charged overdraft fees?”
“I don’t know. I’d have to think about it,” Dimon said a third time, adding that he’d love to talk to the woman “about her financial affairs and see if we could be helpful.”
Porter later detailed the woman’s salary and expenses on Twitter so Dimon could check the numbers.
— Rep. Katie Porter (@RepKatiePorter) April 10, 2019
You can watch the exchange below:
.@RepKatiePorter outlined the budget of a single mother who works as a Chase bank teller, and asked JPMorgan CEO Jamie Dimon for solutions for the mother's over-$500 shortfall.Dimon did not have a response pic.twitter.com/pYp6VfuZ3l