As CEO of JPMorgan Chase Asset & Wealth Management, Mary Callahan Erdoes can see the unfolding coronavirus pandemic from multiple vantage points: leader of a large financial services team that must now work remotely, overseer of a portfolio with $2.8 trillion in client assets, and day-to-day participant in the larger global economy. She brought all of these perspectives to the latest in Walker & Dunlop’s series of webcasts.

In his introductory remarks, Walker & Dunlop CEO Willy Walker noted that commercial real estate fundamentals have been faring better than expected during the economic shutdown that has been mandated in much of the U.S. He cited updated April rent rolls from the National Multifamily Housing Council, showing that most apartment renters were current on their payments, and noted that his company has received few forbearance requests.

Although she sounded a cautionary note in terms of attempting to predict the aftermath of the shutdown or how long its effects will linger—“this is an unknown for everybody”—Erdoes similarly expressed a positive outlook. A strong rebound in GDP in the second half of 2020 or early 2021 is very much in the cards, she said.

Nonetheless, she pointed out that the economy might not simply pick up where it left off prior to the pandemic. Rather than daily life resuming its previous pace all at once, she foresees “little steps of normalcy.” Some aspects of the economy will come back strongly, while others may be left behind in the recovery period.

In seeing what that recovery may look like, Erdoes suggested looking to China, where the pandemic began and where manufacturing, airline travel and retail traffic, among other indicators, have largely rebounded. “I am very hopeful about the signs we see there,” said Erdoes, noting that JPMorgan Chase has a strong presence in China.

Walker said that businesses have moved through three phases of confronting the pandemic: the initial shock and damage control, a focus on flattening the curve and, most recently, consideration of what comes next. Erdoes said that all organizations need to adopt that forward-thinking approach now. “The companies that are still shell-shocked and waiting for others to figure it out will be behind,” she said.

CEO of a $2.8-trillion platform, and one who has greatly increased the participation of women in asset management over her decade-long tenure, Erdoes nonetheless looks up to another chief executive: Jamie Dimon, who oversees the entire JPMorgan Chase operation. “A relentless focus on attention to detail is what great leaders all have,” she said, citing examples from Dimon’s stewardship of the organization.

On-demand replays of the April 15 webcast are available by clicking here.

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