NEW YORK — Jamie Dimon, CEO of JPMorgan Chase, said Gen Z is wrong to abandon the American Dream, arguing that success through hard work remains "totally achievable" for most Americans.
Dimon identified the bottom 20 percent of households as the group left behind — a dynamic he said drives social polarization. Their incomes have not increased in 20 years or more, he said. Those households often live in high-crime neighborhoods and attend schools with limited opportunities.
An AP-NORC report published in June found that only a fifth of adults ages 18 to 29 believe the American Dream is possible. Dimon dismissed polling on the subject. "I'm not a big fan of polls, and most of those people will be wrong," he said. He added that he "completely understands" the anger felt by those at the lower end of the wealth scale.
Dimon urged policymakers from both parties to acknowledge inequality and develop solutions. He said it fuels anger and polarization even among affluent Americans who dislike seeing fellow citizens struggle.
JPMorgan Chase launched its multiyear American Dream Initiative in March, focusing on six key areas including support for small businesses and expanded access to skills-based training. The bank plans to double its affordable housing footprint within five years, expand small business financing to 10 million customers from its current seven million, and has committed $40 million to the effort.
Dimon's own family history reflects the arc he describes: his grandparents immigrated to the United States from Greece without high school diplomas and instilled in their descendants the importance of purpose and diligent pursuit of goals.
BlackRock CEO Larry Fink addressed similar skepticism about capitalism in his 2026 letter to shareholders.
Dimon has also pointed to the need for 300,000 workers to rebuild American shipbuilding, noting those jobs can pay $100,000 without a college degree. He views such opportunities as a way to restore hope for young people entering an economy being reshaped by artificial intelligence.
