Elizabeth Warren Hammers JPMorgan Chase CEO Jamie Dimon on Pandemic Fees

“I did the math for you.”

Tom Williams/Congressional Quarterly/Zuma

Fight disinformation: Sign up for the free Mother Jones Daily newsletter and follow the news that matters.

During Wednesday’s congressional hearing with Wall Street CEOs, Sen. Elizabeth Warren (D-Mass.) lambasted the heads of banks that collected overdraft fees during the pandemic: “Corporate profits are more important to your bank than offering just a little help to struggling families,” she told them.

Warren pressed JPMorgan Chase CEO Jamie Dimon on the amount of money his bank collected in overdraft fees in 2020—a number she says works out to nearly $1.5 billion. When Dimon refused to say how much the company’s profits would have been if it hadn’t collected the fees, Warren supplied an answer: $27.6 billion.

“You and your colleagues come in today to talk about how you stepped up and took care of customers during the pandemic, and it’s a bunch of baloney,” Warren said. “Will you commit right now to refund the $1.5 billion you took from consumers during the pandemic?”

“No,” Dimon replied.

Watch the video below:

We've never been very good at being conservative.

And usually, that serves us well in doing the ambitious, hard-hitting journalism that you turn to Mother Jones for. But it also means we can't afford to come up short when it comes to scratching together the funds it takes to keep our team firing on all cylinders, and the truth is, we finished our budgeting cycle on June 30 about $100,000 short of our online goal.

This is no time to come up short. It's time to fight like hell, as our namesake would tell us to do, for a democracy where minority rule cannot impose an extreme agenda, where facts matter, and where accountability has a chance at the polls and in the press. If you value our reporting and you can right now, please help us dig out of the $100,000 hole we're starting our new budgeting cycle in with an always-needed and always-appreciated donation today.

payment methods

We've never been very good at being conservative.

And usually, that serves us well in doing the ambitious, hard-hitting journalism that you turn to Mother Jones for. But it also means we can't afford to come up short when it comes to scratching together the funds it takes to keep our team firing on all cylinders, and the truth is, we finished our budgeting cycle on June 30 about $100,000 short of our online goal.

This is no time to come up short. It's time to fight like hell, as our namesake would tell us to do, for a democracy where minority rule cannot impose an extreme agenda, where facts matter, and where accountability has a chance at the polls and in the press. If you value our reporting and you can right now, please help us dig out of the $100,000 hole we're starting our new budgeting cycle in with an always-needed and always-appreciated donation today.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate