Just how freaked are the masters of the universe right now? It's complicated, writes KevinTDugan
the country would likely be “in some kind of recession six to nine months from now.” From a certain angle, his bank is definitely preparing for some kind of downturn as it’s sitting on a mind-boggling $1.2 trillion in cash, or almost $4 million for each of its 288,000 employees . And Dimon certainly has experience with this kind of thing.
This matters because not all money is equal — and you can get a sense of what banks think will be important in the future. Goldman didn’t seek out money from the proletariat for the first 147 years of its existence; after the Marcus business started, it was paying some of the highest interest rates among all banks for those consumer dollars, at a time when interest rates were about rock bottom, in an effort to build up its base of depositors.
But it’s not all doom and gloom. JPMorgan, Goldman, Bank of America, Citigroup, and Wells Fargo have reported that they’re still making plenty of money, and analysts are expecting them to have to set aside only $5 billion or so for busted loans — one of the key ways a bank would get hurt during a downturn. And Brian Moynihan, CEO of Bank of America, is far morethan Dimon is about the state of the world.
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