Jamie Dimon says that he has discovered classes from his financial institution's advisory work for WeWork this yr, and that he believes the coworki
Jamie Dimon says that he has discovered classes from his financial institution’s advisory work for WeWork this yr, and that he believes the coworking firm has a shot to keep away from chapter.
“I feel they’re going to have a future life,” Dimon, CEO of J.P. Morgan Chase, stated in an interview with CNBC’s Wilfred Frost from the financial institution’s places of work in London.
“We wish them to try this,” Dimon stated. “We do not need them to put off 14,000 folks and have chapter or one thing like that. There are plenty of classes to be discovered on the way in which by everyone concerned, and I’ve discovered a number of myself.”
Among the many classes are that corporations ought to have “correct company governance” and an impartial board earlier than submitting to go public, he stated. Shareholders ought to be handled like companions, somewhat than determining the way to extract the best valuation, he stated.
Dimon, who reportedly instantly suggested former WeWork CEO Adam Neumann, declined to say whether or not Neumann or the corporate had been misled by banks. Whereas WeWork finally select a bailout from SoftBank, which had earlier invested within the firm at a $47 billion valuation, J.P. Morgan had organized for a financing deal after the IPO plans imploded in late September.
“You do not know the non-public recommendation we gave him or the corporate,” Dimon stated.
“I do suppose we helped WeWork get to a correct conclusion, which I feel is essential,” Dimon added…