Join our 1,296,793 Subscribers

Get Hottest Naija News straight to your inbox!

165,554FansLike
68,466FollowersFollow
984,000FollowersFollow

BUZZING

Home Finance The economy of the US should have grown by 40% instead of...

The economy of the US should have grown by 40% instead of 20% in the last decade stated Jamie Dimon

- Advertisement -

The CEO of JPMorgan Chase Jamie Dimon stated that the economy of the United States should have risen by 40% and not 20% if the workers hadn’t lacked the necessary skills.

In an event held in the headquarters of JPMorgan in New York Dimon said about the increasing economy of the world. Due to the growth in the economy globally, the conditions of billions of people have been changed. In spite of changes in the economic standards, the plans aren’t completely flawless. He also said that we need to identify these flaws in order to rectify them.

According to Jamie Dimon’s verdict, the list of all the reasons due to which America’s economy improved only by 20% and not 40% are –the building of infrastructures, litigation in the process of taxation, regulations that stopped the formation of small businesses, and many more. But the reason that tops the list is the lack of necessary skills.

JPMorgan Chase on Monday made an announcement on investing $350 million in training the people for upcoming works in the future mostly related to the technical and digital world.

The largest bank of the US –JPM is taking this initiative for five years named as “New Skills at Work”. JPMorgan will invest 200 million dollars in training and developing programs while the 125 million dollars will be invested in strengthening education and training systems to improve the collaborating conditions between the employers and the trainers. The remaining 25 million dollars will be given to support and develop the market data and research on the dissemination of labor actions.

According to the CEO of JPM, a big portion of the economy has been left out. Around 40% of the total American Citizens make less than $15 in an hour, while 40% cannot afford a 400 dollar bill regarding health issues or other daily chores. Due to these reasons, 50% of Americans are not able to complete their graduation.

While the availability of jobs is as high as 7 million, while no workers are available with the required skills to fulfill the tasks.

By addressing these challenges JPMorgan has decided to give money to colleges in order to rectify the broken system. These challenges will not be tackled just by the government, education systems or the community groups. He added that companies like JPM need to be involved in these matters. Therefore JPMorgan took a necessary step the previous year by posting 75% job posts that did not require a college degree.

Derek Barnes
Derek Barnes is the senior editor for 36Naija. Derek has been working as a journalist for nearly over a decade having published pieces many publications including the Knoxville News Sentinel and the Huffing Post. Derek is based in Nashville and covers issues affecting his city and state. When he’s not busy in the newsroom, Derek enjoys fishing. Contact Email: derek@36naija.com Phone: 720.575.5528

JUST IN

BIAFRA: ‘Muhammadu Buhari Must Release Sowore’ – Nnamdi Kanu Urges UN

The leader of the Indigenous People of Biafra (IPOB), Nnamdi Kanu, has told the United Nations to mediate on President Muhammadu Buhari's refusal to...

Naira Marley’s Fraud Trial Set To Start Next Month

Controversial Nigerian music star, Azeez Fashola aka Naira Marley will be back in court on October 22nd for the commencement of his fraud trial. 36NAIJA...

Former Chelsea Player, Didier Drogba Named As Ballon D’or Ambassador

On Thursday, Didier Drogba was chosen as the France Football’s Ballon d’Or ambassador according to 36Naija Sports. The Cote D'Ivoire star will co-host the award...

Ycee Attacks Tinny Entertainment For Not Paying Him His Royalties

Nigerian rapper, Ycee has taken to his Instagram handle to slam his former record label, Tinny Entertainment for not paying him after the music...

Victor Lindelof Extends Manchester United Stay

Manchester United defender, Victor Lindelof has signed a new 5-year contract at the club. The 25-year-old Swedish international has committed his long-term future to Old...

Biafra: Nnamdi Kanu Speaks After Meeting With UN Officials (Photo)

The leader of the proscribed Indigenous People Of Biafra, IPOB, Mazi Nnamdi Kanu has finally reacted to the news of meeting with the United...

3 Islamic Clerics Dupe and Gang-Rape Female Victim In Ogun State

3 self-acclaimed Islamic clerics who specialize in scamming unsuspecting members of the public have been apprehended by the Ogun state police command. The suspects, who...

Kenyan Preacher Conducts Deliverance By Giving Members Hot Slaps (Video)

The video of a Kenyan pastor, James Ng’ang’a is trending on the internet as he conducts a deliverance service for his members by slapping...