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Melita: According to the World Health Organization, nearly 20% of the global population lives with hearing loss. To talk about how the firm is creating an inclusive environment for our deaf and hard-of-hearing employees, we are joined by one of our Human Resource's Chief Data and Analytics Office Vice Presidents, Jill Spade; and an Office of Disability Inclusion Senior Associate, Dana Randel. Thanks for joining us today.

Jill: Thanks so much for having us.

Dana: Thank you for having us, Melita.

Melita: Jill, you are the Vice Chair of the Accessibility Deaf & Hard of Hearing Community here at the firm. You are also deaf and have a rather unique type of hearing disability. Can you tell us more about your hearing condition and how it impacts your typical day doing your job?

Jill: Yes. I have a unique hearing condition, where my audiologists call it a cookie-bite hearing loss. Most people who lose their hearing, lose those high pitches or low frequencies. And I am missing the ones in the middle, which are voice tones. My hearing loss is further complicated by two additional disorders. One is called tinnitus, which is ringing in the ears. And the other is hyperacusis. My tinnitus, I have at any time a minimum of six different tones ringing in one ear and five in the other. They don't play the same tune and they change quite often. I would associate this with having two different genres of music playing death metal in one ear, and classical in another, and then trying to dial into a call, and listen to what's being said. Tinnitus for me is equally as much of a disability as the hearing loss itself. At times, we all want to get away, close the door, and take a deep breath just to get away for a moment. And for me, with the tinnitus, I will never know the sound of silence again.

Melita: Dana, you were recently awarded the CAREERS & the disABLED Magazine's 2022 Employee of the Year Award for being a trailblazer and an advocate. You have been deaf since birth. Can you talk about how you've helped spread awareness about the deaf and hard-of-hearing community here at the firm, including your role in creating the Chat Challenge?

Dana: So the Deaf and Hard-of-hearing Community started in about 2011 with myself and two other members. And we have been able to, over the course of ten-plus years, increase our membership globally. And we also have many, many allies. A lot of what we have done has been around our Did You Hear bulletin, which is a bulletin that we send out monthly to our members that is full of information about different articles of hearing loss. But we also have opened it up in the past two years to any and all types of disabilities because it's not just hearing loss that we want to focus on; it's on anyone with a disability. I think for me, the Chat Challenge, which was an internal employee program, has been the most eye-opening for all of us. It is a global challenge, once a year held in September to October. And what we try to do is ask everyone to turn off your voices, and write, and type; no visual, no verbal. Put yourself in our shoes or in the shoes of somebody who is nonverbal, and have a meeting, and try to get your points across, your takeaways, your asks, or whatever is being discussed in the meeting to others with the right intent. It's not always easy. And that's why we ask that everyone participate in this challenge.

Melita: Jill, what advice do you have for other coworkers with disabilities, in terms of how they can create a workplace to thrive in and get the accommodations they need?

Jill: Well, the decision to self-ID is a deeply personal one. I found that it was the right decision for me. I concealed my disability for longer than I should. And I do believe that it was an impediment and my career trajectory at this point, having self-disclosed, I was able to get the accommodations I need to be successful. I would say to anyone who is considering whether they need accommodations or not, I encourage you to advocate for yourself. Go through the accommodations process. Be patient. You know, getting accommodations in place is not a one size fits all. And you will need to work with the firm to make sure that you get the accommodations that are right for you. Be persistent to make sure that you're not settling for something that's just helping a little. Reach and hope that you're going to get technology or other accommodations that will take you to the next level. I know mine take me to one that I never expected.

Melita: And Dana, going off of that, what can employees do to create a more inclusive work environment for their coworkers?

Dana: Something that we can all do is if you are a Zoom host organizer, please turn on the live transcript right away when you are opening up the meeting. This avoids anyone having to ask for it to be turned on. Some other things that we can do for our blind, low-vision community is send out presentations at least 48 to 72 hours beforehand to allow them time to put it through the screen reader. It will be read to them versus us being able to read it very quickly. But most of all, be the ally. For an example, even though my Head of the Office of Disability and Inclusion does not have a disability, he recently told me a story that was very personal to me. He went to his barber and he has a beard. And if you have a beard, I'm a beard lover, but if the beard goes over the mouth, I can't understand what you're saying. So when he went to his barber, he told his barber that he now had a deaf employee on his team and he needed to make sure that his mouth was totally visible to me at all times. That is being inclusive. That is being an ally. That is being the best manager that you can be. And here at JPMC, we are one JPMC. We are one family. And the best way to be that family is to be exactly that; supportive and inclusive.

Melita: Jill Spade a Human Resources, Chief Data and Analytics Office Vice President; and Dana Randel, Office of Disability Inclusion Senior Associate; thank you both so much for sharing your experiences with us and for being here today.

Jill: It’s a pleasure Melita, thank you.

Dana: Thank you for having us Melita, it’s been great.

Jackie: Although the battle with high inflation continues, some sectors of the economy are starting to experience relief. To give us an update on what we're seeing, we're joined by J.P. Morgan Private Bank Senior Markets Economist, Stephanie Roth. Thank you so much for being here today.

Stephanie: Thank you for having me.

Jackie: So Stephanie, can you first start off my telling us where inflation remains high, and where it's starting to cool down?

Stephanie: Sure. So we have seen some relief in the energy sector. Retail gasoline prices are down about 25% from their high, so that's good for consumers, they feel a little bit better about the outlook. That said, goods inflation remains a little bit elevated, and it's quite sticky even though supply chain issues have gotten better. So we do think eventually that should cool down, the goods sector, but it seems to be taking longer than we would have expected. As for service inflation, that has remained elevated and is starting to accelerate even further. That's driven by a solid economy and consumer spending that remains fairly solid, especially on the service side of the economy. A key component there is shelter inflation. When I say shelter inflation I really mean rent inflation. That has been pretty elevated and rising, and eventually it should cool, but it may take some time.

Jackie: So how are we seeing this impact consumer spending?

Stephanie: Consumer spending has actually been fairly solid this year. It has slowed down from where it was, and that's to be expected, and a lot of that's driven by goods spending. People bought enough stuff as a result of COVID. Now that transition has turned towards service spending, so spending on food and dining, and travel and transportation. So that shift from goods to services has started to play out, and we think that may continue.

Jackie: Now one area being impacted by inflation is the housing market. Can you tell us more about that?

Stephanie: Sure, the Fed is aiming to cool down the housing market, it's been pretty frothy. House prices are fairly elevated, and they're looking to cool them down. Now we shouldn't expect a big decline because there is an inherent buyer there, there's a solid demand for housing. Now shelter inflation is really driven by rents, and that's a different concept than house prices. House prices are more like an asset, and shelter inflation is really recurring payments that you're using for rent. And that has been picking up, and that's driven, again, like I mentioned, by a strong economy. Eventually that should cool down, but it's a sticky component within CPI, and it might take some time.

Jackie: Gotcha. So could we expect a housing market crash like we saw in 2008?

Stephanie: No. We shouldn't expect that. That was driven by excess leverage and poor underwriting standards. It's very different today. Leverage is much more manageable, and underwriting standards are much more pristine. What we would expect, though, is housing activity to continue to slow down and that's okay. That's what the Fed's aiming to do, and we should expect that along with the economy broadly to slow down, but we're still expecting a soft landing  as a result, not necessarily a recession.

Jackie: Stephanie Roth, J.P. Morgan Private Banks Senior Markets Economist, thank you so much for all of that insight, and for being here today.

Stephanie: It was great to be here, thank you.

Jackie: High gas prices will be top-of-mind for many people traveling this summer. To talk about what's driving up prices at the pump and if we can expect relief anytime soon, we're joined by Charlie Schwartzel, Head of Investments and Advice in Houston. Thank you so much for being here today.

Charlie: Thanks for having me.

Jackie: So Charlie, can you first talk about why we're seeing an increase in gas prices

Charlie: Yeah, no question everybody at the pump is feeling the same pressure all over the country and all over the world right now. At the end of the day, it comes down to two things, supply and demand. On the demand side, we're seeing continued strong demand from folks to fly, folks to drive, as the economy is showing some strength coming out of the pandemic. Now, while things may slow down here as prices have gotten elevated, we're seeing a lot of consumer activity as people are switching from buying things when we're all at home to going out and being more involved in the service side of the economy. So that demand has been strong. But perhaps more importantly is the supply pressures we're seeing. And so, with the war in Ukraine and the impact that Russia has on the economy, especially the oil and gas prices, as a very large producer, we've seen a cutback in the supply of oil and natural gas. And that has caused prices to surge.

Jackie: And how are high gas prices impacting air travel?

Charlie: You know, it's interesting. You would expect at some point them to really clamp down on air travel. But again, we're seeing consumers that are out and wanting to travel and fly again. And I don't know about you, but if you looked at airplane ticket prices, they're through the roof. And unfortunately, I think they're likely to stay that way until we see consumers respond and say, "Maybe I'm not going to fly this time. Maybe I'm going to drive or do something closer to home."

Jackie: The big question is, does it look like gas prices are going to cool down anytime soon?

Charlie: I wish I had better news for you, Jackie. But unfortunately, I think the only things that in the very near term that would alleviate some of the high oil and gasoline prices would be a fundamental change in one of those demand or supply dynamics. So, if the economy were to slow and approach more of a recessionary environment. Which hopefully isn't the case, but it's certainly a possibility as prices and interest rates have been high, things could slow down on the demand side. Or if we saw a material change or improvement in the war between Russia and Ukraine we might see those prices stabilize and come down. But there's no easy fix, nor can you turn the spigots on. I sit here in Houston, Texas, energy capital of the world. And there's not an easy way to solve this. It's going to take time.

Jackie: And given the rise in the cost of gas, food, amongst other items due to inflation, how are you advising clients around investing in this environment?

Charlie: It's a tough environment to be investing. And really we're anchoring back on, I guess, two concepts. One, from an investment standpoint, make sure that you're reviewing your portfolio, the risky assets, the not-as-risky assets, and making sure that those are aligned to the goals and objectives you're trying to achieve. And then also, returning to budgeting and making sure that you're, you know, pinching pennies where you can to save money, knowing that food prices, gas prices are likely to remain elevated for some time.

Jackie: Charlie Schwartzel, Head of Investments and Advice in Houston, thank you for all of that great insight and for being here today.

Charlie: Thanks for having me.

Jackie: Seniors are often prime targets for scams and financial exploitation. To provide some insight on how you can protect yourself and your loved ones, we're joined by Head of Business Practices for Consumer Banking, Darius Kingsley. Thank you so much for being here today.

Darius: Thanks for having me here today.

Jackie: Darius, we know that the U.S. population is aging. So when it comes to scams and financial exploitation, does it look like the problem's get worse? 

Darius: Yeah. Unfortunately, the news is not great. We have two trends working against us. First, the American population is just aging. People are getting older as a whole. And by 2050 it's expected that almost a quarter of the U.S. population will be 65 or older. Second, scammers are getting smarter, better, and faster. And they realize there's a lot of different ways they can target people and get seniors  to pick up the phone or respond to an email. They also realize that a lot of people have moved digitally and online, don't transact at the branches much, and they also know that a lot of older customers have become familiar with some of the payment apps. And so they can get seniors often to respond to a scam, send money without even leaving their house.

Jackie: So what are some of the common characteristics that you see in these scams that are targeting seniors?

Darius: You see a couple of things. First and foremost, it's the sense of urgency they create. So you'll get a message saying, "you're in the process of being scammed” through an account you already have, a bank account. Or you'll get a message from a trusted retailer, or from a government agency. And it'll say, "Your account's been hacked or compromised, respond immediately." And I think it's that sense of urgency that makes people want to call back right away, or respond to the email. The second thing you'll see in there is that they'll tell you can fix it by some pretty unconventional means. So it'll say, you need to fix this by buying gift cards.  Or maybe making a wire transfer, or using an online app that you might make payments through. And then, lastly, they'll often ask you for personal information, not just your name and address, but things like Social Security Numbers.

Jackie: And, going off of that, is there a basic rule of thumb people can follow to know if something is fake or legitimate?

Darius: Yes. So I think you can look for three things. First, the communication, the message, the email that you get, it shouldn't be directly asking you for payment. Like, that should just never happen. And, second, it should also certainly not ask for payment in some kind of unconventional payment method, again, "Pay through a payment app," or "Pay with crypto currency," or "Pay with gift cards." And then, third, and you see this a lot, the message shouldn't be pushy. It shouldn't be telling you, "Don't get off the phone," "Respond immediately." It should be much more balanced.

Jackie: And with all these scams targeting seniors, what should a person do if they find themselves in that situation?

Darius: So the first thing is not to panic. If you've answered the phone and you're on with someone, you can hang up on them. If it's a robocall, and they've left you a number to call, or an email, and they say, "Call this number," you don't have to call that number. There should always be a public-facing number for consumers. Whether it's a federal agency, you can go on the website and look up their number. If it's a major retailer, or your bank, you can look on the back of your credit card or debit card and call that number, and that will put you through to a calling center. And then you can explain your problem. And if you know someone who has fallen victim to a scam like that, you should tell the them to contact their bank directly, immediately, again with the number that they have on the back of their credit or debit card. And also contact their local, non-emergency police number and file a police report.

Jackie: And, along with being targeted by scammers, seniors also often fall victim to financial exploitation. Can you talk about what financial exploitation looks like?

Darius: Yes. So financial exploitation is where you have a family member, or maybe a caregiver, or some other close friend slowly take advantage of the senior citizen. Maybe they start on the premise of helping them buy groceries, or paying bills, and they gain access to their account information, perhaps they can get their debit card. And, over time, they slowly drain the senior citizen's account of all of their money. And it's humiliating for the senior citizen, and it's just heartbreaking to see.

Jackie: And for people with aging parents, how do you start that conversation with your parents about their financial security and safeguarding their money, without overstepping any boundaries?

Darius: Yeah, so this can be challenging, but it's important to do. The first thing is, is to actually start the conversation. A lot of people get scared and don't want to start it. It's also important to understand your own family's dynamics. Many people in large families find that their parents are maybe much more willing to talk about money with one sibling, which might not be you, than anyone else in the family. And so it may be helpful to have that person initiate the conversation with your parents. And when you're talking to them, it's important to really ask what they think their own financial situation looks like as they get older. What are their expectations? How do they see it happening out? Do they expect to give other family members access to their accounts over time? So having that kind of conversation, asking them how they took care of their own parents, and whether they have the same expectations for themselves, I think that's a really important step. And, finally, if you want help on how to talk to your parents about scams or financial abuse, we've got some great resources on our website, at Chase.com/financialabuse.

Jackie: Darius Kingsley, Head of Business Practices for Consumer Banking, thank you for all of that great information and for being here today.

Darius: Great. Thank you for having me.

Nick: The U.S. Federal Reserve meets in June to discuss whether to raise interest rates again to combat high inflation. This follows a 50 basis point increase in May, which was the largest in more than two decades. Well, to discuss the economic impact of this, we're joined by Commercial Banking's Head of Research, Ginger Chambless. Ginger, thanks so much for joining us today.

Ginger: Thank you.

Nick: So given that we are expecting more interest rate hikes this year, how likely is it that inflation is going come down anytime soon?

Ginger: It's certainly our expectation that with the Fed raising interest rates and tightening monetary policy, that it will start to tame inflation. We're still pretty early in the hiking cycle and it usually takes a while before higher interest rates affect behaviors in the economy. That said, we do think that we're either very near or just past peak inflation in the U.S. And while it could stay elevated in the near term, we'd expect to see more noticeable improvements later this year. We'd also add that supply chains have a role to play in this inflation story, as bottleneck pressures have constrained supplies of certain goods where demand has been strong. This has pushed up prices. So we think if we get the combination of higher interest rates and improvement in supply chains, that inflation should start to cool to more tolerable levels late this year.

Nick: And how will this tightening cycle affect consumers, do you think? Particularly, those looking at trying to pay off mortgages and credit card bills?

Ginger: Well, the majority of U.S. consumer debt is set at fixed interest rates, so we don't think that recent hikes will have a material impact in terms of debt servicing costs over the near term. Where we do expect to see this have more of an impact would be on how consumers approach future credit-dependent purchases like homes and, to a lesser extent, autos. In the housing market, mortgage rates have risen sharply on the year-to-date basis. More recently, we've seen 30-year fixed rate mortgages at 5.5%. That's up from 3% just six months ago. That's a very large move in a short period of time, and it's starting to impact affordability. But if we look in longer-term historical context, it's manageable and still low. In terms of revolving credit, or credit card debt, this represents about 5% of overall consumer borrowings in the US. And we would expect to see the higher interest rates pass through more quickly here. But even on revolving credit card balances, these were very subdued during 2020 and 2021. We've only recently returned to 2019 levels. And if we take a look at delinquencies, these have ticked up very slightly since the end of last year, but remain near historic lows.

Nick: And on the corporate side, what do these rate hikes mean for small and medium-sized enterprise that account for a lot of the job creation in the United States?

Ginger: When we talk to midsize businesses, I'd note two things. First, for borrowers of variable rate debt, they are doing some scenario planning to understand how the higher interest rates will impact their cash flows and also their profit margins. But probably what's getting more focus is how the higher interest rates will influence the economy, inflation, and the outlook for growth. We think if higher interest rates are successful in teeming inflation without tipping the U.S. economy into recession that that would be a welcome development for businesses, even if it does mean a modest increase to their borrowing costs over the next year.

Nick: Interesting. And are there some industries that are particularly affected by interest rate increases?

Ginger: Yes. So real estate and financials, including banks and insurance companies, have historically been the sector's most sensitive to changes in interest rates. For real estate, a higher interest rate environment is generally more challenging. But what we're finding in today's environment is that real estate's natural inflation-hedging attributes, including price appreciating on the underlying properties as well as the ability to pass through higher rents is providing some offset. In financials, in banks, and insurance companies, a rising and higher rate environment is generally beneficial. It typically coincides with periods where you see increased profitability.

Nick: And you touched on the theme of recession. How likely is that, given that we are seeing slowing economic growth in the United States?

Ginger: So we're not predicting a recession within the next year. And our base case is for a soft landing. While there're certain aspects of the economic recovery that are in the later innings, we have U.S. consumer that has very strong financial health, they've accumulated excess savings at an estimated over $2 trillion. There's very low household debt-to-income levels. And demand continues to be very strong. We've seen continued elevated demand for goods while demand and spending on services is increasing. That's why there's a lotta pent-up demand. I'd also say labor markets are very, very tight. They're as tight as we’ve seen historically with more job openings than there are job seekers. Usually, you see a softening in the labor market before a recession hits. And currently, momentum appears to be going the other way.

Nick: Certainly a situation I know you'll be watching closely. Ginger Chambless, Commercial Banking's Head of Research. Thanks so much for you insights today. Appreciate it.

Ginger: Thank you.

Jackie: The firm released its ESG Report, which takes a look at the work JPMorgan Chase is doing in the Environmental, Social, and Governance sectors to help create a greener and more diverse future. To discuss the key points from the Social section of this report, we're joined by Lucida Plummer, Global Head of Employee Diversity, Equity, and Inclusion. Thanks so much for being here today.

Lucida: Thank you for having me.

Jackie: So diversity is a key part of the “S” in ESG. Can you first talk about the importance of this?

Lucida:  Absolutely. The Social component of ESG really has always been about people, and communities, and addressing social challenges. Diversity, Equity, and Inclusion has become more of a focal point in the Social component of ESG and really a way for us to keep our focus in how we're driving this agenda in the firm. I think the best way to think about it is that everything we do starts from a place of creating a focus on inclusion, and a culture of inclusion here at the firm. Some examples to highlight this in EMEA, for example, we have our LGBT+ and veterans communities, employees that have partnered with a nonprofit to create leadership development programs for LGBT+ youth in the community. We also have been recognized for having gender-inclusive practices in many countries across Latin America. And in the U.S. many of our employees are part of our community impact program across our lines of businesses to help keep the focus on our Racial Equity Commitment.

Jackie: Now let's dive into one of the big topics of this report, which is addressing the racial wealth gap. What is the firm doing to address this issue and build a more inclusive culture?

Lucida: That's a great question. In 2020, JPMorgan Chase committed $30 billion over five years to supporting Black, Latino, and Hispanic communities, and really creating capital, driving capital into these communities, and really creating a structure and focus on how we can really help these communities. What's interesting is that there's an internal and external component to this focus. Externally, it's about driving capital into the Black, Hispanic, Latino community increasing affordable rental housing, and a number of other examples that we're doing to support these communities. Internally, it's really about amplifying the work that we have been doing as a firm to build a more inclusive workforce. For example, last year the firm launched three new centers of excellence in DEI, one around LGBT+, the Asian and Pacific Islander community, as well as Hispanic and Latino community. I think the way we see it is that when we build our workforce, and focus on our workforce, we're able to then have greater impact externally. We've made a lot of progress. And at the end of 2021, we have committed $18 billion toward our $30 billion Racial Equity Commitment. We're proud of the work that we've done there. And obviously we'll continue to do more work.

Jackie: And can you speak more about why we disclose employee diversity numbers in this report? And what's new this year?

Lucida: Absolutely. The reason we disclose employee diversity data is to ensure that we are being more transparent and that we could hold ourselves accountable. Some of the things that are new this year. For example, we have highlighted additional segments of our U.S. workforce, for example, LGBT+, people with disabilities, and veterans. We've also added some additional data points on our board, our operating committee, and senior leaders. I think it's also important to highlight that in 2020 we created an accountability framework. And this is really about helping the firm hold our senior leaders accountable and evaluating them on the progress that they're making in supporting our firm, in supporting our priorities around DEI. Some of the components of this accountability framework really center around making sure we're incorporating all of this into our year-end performance and compensation assessments. Additionally, by disclosing our employee data, that really allows us and helps the firm understand what it is that we need to do, and more importantly, where we need to focus to ensure that we're driving toward the right outcomes.

Jackie: And lastly, what do you hope employees take away from this report?

Lucida: My hope is that they see what I see, which is the amazing progress that we have made as a firm as a result of our DEI efforts. Now we still have a lot of work to do. But we've done so much to get to this point. For example, we expanded and strengthened our DEI organization and really put the right structure and process in place to ensure that we are driving our focus with our lines of business and with our clients, our customers, our communities, and with our employees. So there's a lot of great work that we're doing. And I think the other thing I hope people walk away with is the sense of culture that we have. Jamie recently wrote in his annual letter to shareholders that we are navigating a challenging landscape. But collectively and individually, we came together to keep our business going. As far as the ESG Report is concerned, I think we should walk away with that spirit and keep that as a reminder that collectively and individually we can all come together to really create a culture of inclusion and really create a sustainable economy for all.

Jackie: Lucida Plummer, Global Head of Employee Diversity, Equity, and Inclusion, thank you so much for being here today.

Lucida: Thank you for having me.

Melita: April is Autism Inclusion Month here at the firm. To learn about the strides JPMorgan Chase has made to create a more neurodiverse workforce, plus to hear firsthand experience from and employee with autism, we're joined by Global Head of Neurodiversity, Bryan Gill, and Corporate and Investment Bank Senior Associate, Kym Francis. Thank you both for joining us today.

Kym: Thank you, Melita. It's really exciting to be here.

Bryan: Yeah. Thank you for including me.

Melita: Bryan, let's start off with you. JPMorgan Chase's Autism at Work program began with a handful of employees in 2015. Can you talk about the program's progress and how the firm intends to attract even more neurodivergent talent to the firm?

Bryan: Program started in 2015 with a couple of very inspired colleagues. It started in Technology. But it did not take long for the benefits of this program to reach out to other areas of the firm. We now have colleagues in Operations. And really there's no limit to the types of opportunities and jobs that we can attract autistic talent to. We are working very diligently on expanding the reach of the program. One of the larger challenges is getting into the community, finding talent, and making them aware of the opportunities that we have. Many members of the autistic community may not realize that banking could be a great place to work. So reaching into the community and educating talent from this community on our opportunities and the supports and programming that we have in place is probably the first step. We want access to this underserved, underutilized talent pool.

Melita: Kym, your autism diagnosis didn't occur until after you started working here at JPMorgan Chase. Can you tell us what that experience was like and how the firm accommodated you after your diagnosis?

Kym: Yeah. My experience of kind of telling people at J.P. Morgan that I was going through the autism diagnosis. I think for a lot of people, it's a really big deal as to whether you share it with people or not. For me, it was entirely practical. I needed the time off to go to the appointment. So I had to tell my manager that I needed the afternoon off to go. And he was just straight up, "I'm really glad you told me that, because I was wondering if there was something else going on. And I didn't know how to ask. So, like, thank you for telling me," which is a great reaction. Right? It's his attitude was, from day one, like, "I just want to manage you as an individual. And the more I know about you, the better I can manage you." So by the time the confirmed diagnosis actually came through I think it was March. And the next month was April, so Autism Inclusion Month. And there was an event here in the Bournemouth campus. They had an external speaker coming in to raise awareness of autism. And it was my manager that said to me, "You should go to this event. You should meet more people with autism." So he sends me along to this event. And it was a game changer for me, because I met other people with autism. And that's always been the probably the most impactful thing, to talk to other people, and share experiences, and share what was working for other people. Because if you say, "Hey, I have autism." And somebody goes, "Well, what reasonable adjustments?" "Well, I don't know. I only just found out. I was diagnosed. So I don't know." So having that community of people that J.P. Morgan has created by creating this program meant I had people to ask and go to for advice. And we did get the practical accommodations from the program. So we got the noise canceling headset that was in training for my manager. We got those in place, which was great. But really the biggest thing for me is that by opening up the subject and calling this a program, J.P. Morgan has created a community. And I'm very proud to be a member of that community, which is a very different position than I had when I was going through the diagnosis process.

Melita: Bryan, Kym just talked about how the Autism at Work program is helping neurodivergent employees. But there's still a lot of work to be done. The autism community faces extremely high unemployment and underemployment. What do you think needs to be done to create a more neurodiverse workforce globally?

Bryan: Brian Lamb was on CNBC recently. And he talked about the, you know, the talent shortage and that we need to think about kind of new approaches, new strategies, and get a little creative. The autism community is an amazing, untapped pool of talent. And part of our strategy, and Kym talked to this a little bit, is how do we make this a great place to work to organically attract this talent? And that includes a suite of accommodations that meet the needs of our colleagues to make sure they can thrive, and perform, and be the very best that they want to be here. So we kind of have the, you know, a couple problems. One, we need to get into the community and advertise about our opportunities. We need to create conduits with accommodations that the colleagues can work through our processes. You know, it's interesting that, the autism community, if you meet one person with autism, you've met one person with autism. Everybody is different, just like we're all unique. And they all have and everybody has different needs. Right? So we need to provide a suite and a range of services that help colleagues not only become aware of our opportunities, but help support the application process, help support the interview process. We need to, when they come to the workplace provide maybe environmental or sensory accommodations. All stuff that we can do. And conceptually, we view this as a competitive advantage. If we can make this a great place to work, and attract talent, and retain talent, and develop talent from this community, it's a competitive advantage for us. There's no question this is good for business. And we are not just hiring people because they're from the autism community. We're removing barriers so we can get access to talented contributors from the autism community. Strategically, that's what we're trying to do.

Melita: And, Kym, from your perspective, what do you think employers can do to create a more inclusive work environment for autistic individuals?

Kym: Yeah. I'm going to pick up what Bryan said about this being a great place to work. For me, that's why this employment has worked out. The practical support is not a big deal. And it needs to be not a big deal. Because what that's meant for me is that my career development can be a big deal, because there is the space for it. And I have been guided and developed by my managers to the best of their ability, because they have all the information they need about me. They can go and access training from the team. And they can focus on what I can do and what my strengths are, because they're not running around trying to work out how to get me the right headset, or the parking space that I need. That's all sorted and that's all taken care of. So I would say, yeah, it's getting the culture right and making the right things a big deal and the other things not a big deal.

Melita: Global Head of Neurodiversity, Bryan Gill, and Corporate and Investment Bank Senior Associate, Kym Francis, thank you both so much for joining us today.

Kym: Thank you very much, Melita. It's been great.

Bryan: Such a pleasure. Thank you so much.

Melita: JP Morgan Chase was just ranked the number one employer for people with disabilities by Careers & the DisABLED magazine. To talk about how the firm got here, plus to hear a firsthand experience about disability inclusion here at JPMorgan Chase, we're joined by head of the Global Office of Disability Inclusion, Jim Sinocchi, and Consumer and Community Banking's Product Manager for Business Banking, Betsy Mattimoe. Thank you both for being here today.

Betsy: Thank you.

Jim: Thank you.

Melita: Jim, let's start off with you. This year the firm was awarded the number one employer for people with disabilities. But just five years ago on that same list, we were ranked number 41. What has the firm done in the past five years to improve disability inclusion?

Jim: Well, we've been very intentional about our strategy. That was number one. The second point is that we did have a strategy, and we worked the strategy. We also promoted what we were doing in the outside world. Our communications team has been fantastic and the marketing team has been fantastic. And we got the world out that Chase was in the business of doing this strategy. The Careers & the DisABLED magazine is my Time Magazine or Newsweek Magazine, because it's read by people with disabilities who are interested in working, interested in being a part of the community. And we just joined the list as a challenge to ourselves to see how far we could go at this thing. And I was surprised when I found out that we were number one this year. It's a proud achievement for a bank like us to be number one in this space for people with disabilities.

Melita: Betsy, in 2014 you suffered a ruptured brain aneurysm, leaving you with minor short-term memory loss, a blind spot on your right side, and balance issues. And just four months later you returned to work. Can you talk about your experience returning to work, what the firm did to help you and how your experience changed you?

Betsy: When I woke up in the neuro ICU after my first brain surgery and was able to grasp my situation, you know, listening to the patients and the families around me I realized that I did not have a lot of choices here. But I did choose to be positive. I did absolutely understand what I had to lose. And I realized attitude was everything, And I believe this to this day. So returning to work, number one my head was ready to work before my body was ready to come back. Given the firm’s decision to bring people back and move away from work from home, I’m a little concerned about highlighting this fact.  If we deny a WFH accommodation, this could invite questions as to why this employee was approved.  Can we just focus on the accommodations we put into place once the employee returned to the workplace?. I needed to work. Number two so working with Chase and my doctor, we were able to set up a medical accommodation. And for me, that translated into a flexible work arrangement. I needed to work to avoid heavier commute scenarios because of my blind spot. So that's really, really helpful for me. And then third when we were setting up the medical accommodation, the Chase nurse asked all kinds of questions of me. And what happened is they redid my cube ergonomically. The folks from facilities dimmed the lights above my cube. And it has been more helpful than I could ever have thought of. And really, for everything that I needed, every accommodation, Chase has really gone above and beyond what I could've ever imagined. It's been great.

Melita: Thank you for sharing your experience Betsy. Speaking of an inclusive work environment, Jim, what is the firm doing to make sure they stay as the number one employer for people with disabilities?

Jim: We ran under a guidance regarding attitude, accommodations, assimilation, and accessibility. The idea is under those four A’s are all the things that we do for the firm. And the four A’s have been the mainstay of our strategy here. So we have an accommodations program run by HR, where accommodations are delivered around the world for people with disabilities. Our attitude is basically our approach to disability inclusion. Assimilation talks about how we take people who come in as associates, VPs, et cetera, and how do we move them through the business? And finally, how we really develop our culture to help people with disabilities work here, earn their living, and aspire to be leaders. And finally the ability to assimilate people with disabilities into the business, to executive positions, I have put that at the top because a lot of people with disabilities just look for a job. Able-bodied people think about hiring people with disabilities for a job, but they rarely talk about aspirational goals, like becoming a VP, an ED, or an MD. And we changed that paradigm here to say there are people here that can aspire to different goals, even though they have disabilities.

Melita: Betsy, you were working at JPMorgan Chase before your brain aneurysm. And in 2019, you faced a new obstacle after being diagnosed with breast cancer. In each instance you had supportive managers. What advice do you have for managers to help employees navigate through similar situations and get the resources they need?

Betsy: I would tell managers to simply listen, to find out what your employees need, and really what they're facing. You know, I work with Accessibility, a BRG here at Chase. Similar to above, just a little cautious about highlighting concerns raised by employees. And there are many. When I was diagnosed with breast cancer, I shared with my manager that I was absolutely exhausted, falling asleep almost at the wheel driving home from work. And my manager, of course, picked up on that and my really great HR partner came to me and let me know that there was a counselor available in my building. I had no idea. And I saw him for three sessions. Apparently I was dealing with emotional exhaustion. I had no idea. But very soon I was feeling top of my game again, was able to deal with my diagnosis, get back to work, and life became a little bit more shiny.

Melita: Lastly, Jim, what is the firm doing to get out the word that JPMorgan Chase is a great place to work for people with disabilities?

Jim: We're selling our programs, basically. Because of the brand, I've been a speaker at the United Nations for the last four or five years. They invite me every year since I got here. And what we do is highlight people with disabilities that are doing the work. We have people talking about their disability openly, and it's made the firm feel smaller. I had a story that impacted me that I'd like to end with. A mother called me when she read a story about myself and my service dog, Veronique, who passed away about four years ago. And she showed the story to her young son that had a disability. And she told me that he was about seven years old. And when she read this story to him, the young boy looked back at his mother and says, "Mom, I see that man in the wheelchair with his dog. Does that mean I can go to work someday?" That, like, I'll never forget. That happened over three years ago. But it just shows what we're doing to not only help our adult community, but what we're doing to help our children who have disability and we have many parents at the firm that have children with disabilities. And it's a heart breaker every day. But that's what inspired me to keep doing what I'm doing.

Melita: Head of the Global Office of Disability Inclusion, Jim Sinocchi, and Consumer and Community Banking's Product Manager for Business Banking, Betsy Mattimoe, thank you so much for joining us today.

Jackie : In January, inflation rates hit a 40-year high, rising at an annual rate of 7.5%. To discuss more about what we're seeing, and to provide insight on when we can expect inflation to normalize, we're joined by Global Market Strategist for J.P. Morgan's Private Bank, Elyse Ausenbaugh. Thank you so much for joining us today.

Elyse: Thank you for having me.

Jackie: So to start off, can you tell us why we're seeing high inflation rates, and what items are experiencing the highest price increases?

Elyse: Sure. So the inflation we're experiencing today is really a byproduct of the strength of the economic recovery and demand that we've seen since the start of the pandemic era. In 2021, consumers who find themselves on very solid financial footing, helped drive the U.S. economy to grow at the fastest rate that we've seen in 40 years. That, combined with these pandemic related supply issues, is really what's been driving inflation higher. Now, as for where we're seeing the most acute price pressures, over the course of the past year, it's really been a story about the good sector. Even today, Americans are still spending 15% more on goods than they were before the pandemic. And if we zoom in on an area like used cars, for example, we see that prices have increased more than 40% for that particular component. The one thing I would mention, though, is that while goods have been the predominant driver up to this point, the most recent data is starting to suggest that inflation is broadening out into other categories, like those that are more oriented towards the services sectors of the economy.

Jackie: And experts say that tensions between Russia and Ukraine could have an impact on inflation. Can you talk about what we could potentially see?

Elyse: Well, Russia is one of the world's largest producers of oil and natural gas, so the concern with this conflict is that it could potentially create more inflation by pushing energy prices higher. This one all comes back to basic supply and demand. Right now, demand for oil is high because the world is reopening, and people are starting to travel more. So that's already pushed oil prices higher. But if, in addition, we end up seeing an escalation of the conflict that causes a supply disruption, that could potentially create another surge in oil prices.

Jackie: And there has been talk about the Fed raising interest rates. Can we expect that to happen any time soon? And if so, what impact would that have on inflation?

Elyse: Yes, we do think that the Fed is going to start a series of rate hikes coming out of its March FOMC meeting. And we should also expect more rate hikes to come thereafter. So by the end of this year, we think that interest rates are going to be notably higher than they were at the end of 2021.The Fed raises interest rates, though, in order to cool off the economic activity that generates inflation in the first place. So that should, to some extent, help moderate some of these inflationary pressures. But I would also note that it's not necessarily going to cause growth to come screeching to a halt. We're coming off of a level of interest rates that are extremely low and very stimulative. So while we expect growth will moderate, we still think it can continue to carry along at a very healthy clip.

Jackie: And now you just mentioned that increasing interest rates can help manipulate inflation. But how would increasing rates impact other aspects of the economy, such as buying a home?

Elyse: Well, interest rates influence the pricing in all financial markets, including the cost of taking out a loan. So already, as the Fed has kind of signaled to us that they intend to raise interest rates, mortgage rates have already risen to the highest levels we've seen since 2019. I think it'll be really interesting to watch what happens in an area like the housing market. Because despite that increased cost of borrowing, you still have this supply/demand imbalance, you've got really strong consumer balance sheets, and you have wage growth that could potentially more than compensate for that increased cost of borrowing, and keep the housing market really robust.

Jackie: Lastly, does it look like inflation will normalize any time soon?

Elyse: We do think that normalization is going to get underway in 2022, and that's really for two primary reasons. So one of them being the Fed's newfound focus on combatting inflation, and the other being that those pandemic restrictions that created this lopsided composition of consumer demand in the first place are starting to fade. I would flag, though, that the new normal level of inflation might be higher than what we got used to over the course of the past ten years in the cycle ahead. And there are risks that could conspire to keep inflation elevated, like the tensions in Russia and the Ukraine, and rising wages, which contribute to increased costs for businesses. But the bottom line is that we do think inflationary pressures are going to moderate in the year ahead.

Jackie: Global Market Strategist for J.P. Morgan's Private Bank, Elyse Ausenbaugh, thank you so much for all of that great insight, and for being here today.

Elyse: Thank you for having me, Jackie.

MELITA: According to the Financial Health Network, over 50% of Americans don't have enough money saved on hand for a $500 emergency. And worldwide, more than one billion adults struggle to manage their financial lives. We're joined now by Nichol King, first ever CCB Community Manager, located in the Harlem, New York branch, to share how we can improve our financial health and build good money habits. Thank you for being here today.

NICHOL: Thank you so much for having me, Melita. I'm excited.

MELITA: Nichol, it's not just low-income households or certain geographies that are struggling with poor financial health. Can you talk about what we're seeing and how we got here?

NICHOL: You know, Melita, when I think about that number, 50%, it's absolutely staggering. It makes me really understand that me and my team still have a lot of work to do as it relates to getting out into communities and teaching financial education. But what we're seeing is that households have not really got up and personal with their money. They don't know where their money is going. So what we like to always talk about with communities is the importance of having a sound budget, which is really the foundation of any financial plan.

MELITA: And how has the pandemic impacted people's savings accounts and their financial habits?

NICHOL: Yeah, the pandemic has really wreaked havoc on communities globally. So if we learned nothing from the pandemic, we learned the importance of really saving for the unexpected. And when I think about the pandemic, I've really seen how people weren't prepared. They didn't have the recommended three to six months of living expenses set aside for emergencies, so they were really in a dire situation. I think it was an awakening for a lot of people. A lot of people really understood that, you know what, I have to do better with my money. I really have to understand how to manage my expenses.

MELITA: And what tips do you have for people to help improve their financial health? Is there a certain amount of money we should all be putting into our savings each month?

NICHOL: Yeah, so experts typically say that one should have between three to six months of expenses set aside for the unexpected. Now whether it's three months or six months depends on the household, right? So if it's a two-income household, experts say that you can get away with three months, but if it's a single-earning household, six months is really the safety net. I always like to err on the side of caution, to say to have six months so you can be comfortable.

MELITA: And what about people who after paying all their bills each month, don't have extra money to put into their savings? How can they start to build good money habits?

NICHOL: You know, that's a great question, and I always challenge clients and members of the community when they say to me, "I don't have enough money to save." I ask them to take a look at their bank statement. Okay, how often are you using rideshare companies?

How often are you making breakfast or lunch and bringing it to work, right? So those things, if you start small, instead of eating out or buying lunch five times a week, cut back maybe to three times a week. And the money that you save on those two days, you put it into a savings account. Start small. Make sure that the goal is SMART. Make sure that it's specific, measurable, actionable, relevant, and time-bound. And I use that acronym because it helps you stay on course. Because so often we have so many competing financial priorities, but when you rely on your SMART goal, it's usually you stay the course when things get challenging. So that's the first thing I would say. The next thing that I would say is use your resources. So here at Chase we have amazing resources to help communities improve their financial health. One of them is Autosave, right. With our Autosave feature, you can save as little as a dollar a week, right. And again, start small because I always say that it is the systematic behaviors that's going to help improve your financial health. Most people are not born wealthy. They acquire wealth over time.

MELITA: First ever CCB Community Manager Nichol King, thank you so much for being here and sharing all of that information with us.

NICHOL: Thank you so much for having me. I really enjoyed this.