JPMorgan’s vaccine requirements will vary by location, Dimon says

JPMorgan Chase, the largest U.S. bank by assets, is electing to tailor its vaccine policies based on where its employees are located in the world or even in the United States, CEO Jamie Dimon told CNBC.

"We're not trying to be consistent because ... there are different laws and different requirements and cities and states and schools, and so here we're adjusting locally,” Dimon said Monday.

The comments come after rival Citigroup warned employees they will be placed on unpaid leave beginning Jan. 15 and fired at the end of the month if they do not comply with a companywide vaccine mandate announced in October, according to Bloomberg News.

Al Drago/Bloomberg

Dimon, who has praised the release of COVID-19 vaccines, said about 97% of JPMorgan’s employees at its headquarters in New York are vaccinated. But he said “it doesn’t have to be the same everywhere.”

“So as buildings get to 95% and 97% vaxxed in certain states, that may end up with a different policy than a different state. And that's fine, too,” Dimon said. “We're not looking for nirvana here. You're not going to find it.”

The Supreme Court heard arguments last week over a federal proposal to mandate large employers require their workers either get the COVID-19 vaccinations or face weekly testing, but experts say the high court is unlikely to approve the requirements, except for health care workers.

The seven-day moving average for new cases across the U.S. reached 680,000 on Jan. 8, up from about 75,000 at the start of November before the current surge from the omicron coronavirus variant, according to the Centers for Disease Control and Prevention. The latest surge has caused concern just as banks are scheduled to begin reporting fourth-quarter earnings on Friday, starting with JPMorgan, Citi and Wells Fargo.

But Dimon talked up the economy in the interview Monday, saying “that the consumer balance sheet has never been in better shape.”

“Home prices are up, stock prices are up, jobs are plentiful and wages are going up,” Dimon said. “And that all tells you what's going to happen in the future. They're in pretty good shape. And businesses, confidence is high, they’ve got plenty of cash and capital.”

He added, however, that he expected the 2021 end-of-year consumer price index that is scheduled to be released on Wednesday will be higher than many expect, putting pressure on the Federal Reserve to raise borrowing rates to get inflation under control.

“It is possible inflation is worse than they think and they raise rates more than people think. I’d personally be surprised if it is just four increases next year,” Dimon said. “You know, I think that four increases of 25 basis points is a very, very little amount, and very easy for the economy to absorb.”