JPMorgan CEO Jamie Dimon says the US banking turmoil isn't over, warns of repercussions for years to come, and lifts odds of a recession
JPMorgan CEO Jamie Dimon weighed in on the US banking turmoil and what it means for the economy in a"The current crisis is not yet over, and even when it is behind us, there will be repercussions from it for years to come," Dimon wrote in a 43-page annual message that covers a range of topics from the Wall Street bank's performance and artificial intelligence to geopolitics and regulation in the banking sector.
Dimon, however, stressed that the recent shocks to the banking industry are nothing like the 2008 financial crisis. According to Dimon, most of the risks to the current disruption in the US banking system were"hiding in plain sight." That includes SVB's exposure to interest-rate increases, which led to huge losses on its bond portfolio. have predicted the US economy will tip into a recession as the banking turmoil makes lenders more risk-averse, potentially sparking a credit crunch.
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