Jamie Dimon believes the U.S. economy naturally works against racial minorities and the poor. | Source: Shuttershock

CEO of JPMorgan Chase Jamie Dimon believes the U.S. economy systemically rolls over ethnic minority groups and economically disadvantaged people, making it difficult or impossible for them to gain economic footholds and compete fairly.

Speaking with CNN Money, Dimon refused to say whether this makes the U.S. institutionally racist, but he revealed that JPMorgan is developing a series of initiatives to tackle the problems raised by systemic inequality.

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Jamie Dimon: U.S. Economy Has Failed Minorities and the Poor

Jamie Dimon says economically disadvantaged people have a hard time getting the skills they need to work and survive. | Source: Shutterstock

Dimon says a problem facing such groups is that the economy is structured to be “fundamentally anti-poor,” making it hard for people to develop the skills they need to work. To this end, JPMorgan is set to unveil a $350 million program to provide training and prepare workers for the kinds of jobs that will be available in the future.

College = Overrated?

Some of America’s biggest companies including IBM, Google and Apple are adopting a college-neutral position on their entry requirements. The reasoning is that having a four-year college degree does not, in itself, guarantee a candidate’s qualifications or suitability for a job. More relevant should be the candidate’s expertise, experience and organizational culture fit.

These companies believe many candidates who would have fit well into open roles were turned down because of past degree requirements. They’re now reexamining their decisions to attract a better variety of candidates.

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