The progressive Senator also attacked Dimon over what he argued was “excessive” compensation. “Mr. Dimon – as CEO you make 800 or 900 times your lowest paid worker. No one thinks you work 900 times harder than a teller. How did we get here?” To which Dimon responded that his compensation is set “by the board” (which he leads).
However, when asked if they support “stakeholder capitalism” by Toomey, all the CEOs responded in the affirmative.
Finally, Sen. Elizabeth Warren took on Dimon. When her turn to speak arrived, she proclaimed that Dimon was “star of the overdraft show” then proceeded to slam Dimon and JPM’s unwillingness to automatically waive overdraft fees that Warren argued were unjust. $1.463 billion – “really $1.5 billion that you collected from your customers” ….but if JPM had automatically waived overdraft fees in line with regulatory guidelines, Warren said profits still would have been $27.6 billion.
When Warren pushed Dimon to commit to refund the money “that JPM took from consumers,” he replied “no”.