2021 Lawyers in Real Estate Awards
Last year, the Connect CRE team followed up our well-received Next Generation Awards and Women in Real Estate Awards with the inaugural Lawyers in Real Estate Awards. For...
2021 Women in Real Estate
Announcing the 2021 Winners for the Connect CRE Women in Real Estate Awards.
From hundreds of submissions, we have highlighted women with achievements and...
2021 Next Generation Awards
Connect Commercial Real Estate is proud to present the winners of our 2021 Next Generation Awards. In one of the most challenging years on record for the industry,...
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W&D Webcast: JPMorgan Chase’s Erdoes Thinks Positively About the Recovery
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.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).