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.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Jamie Dimon warns banking crisis is not over and repercussions will last 'for years to come'JPMorgan Chase CEO Jamie Dimon wrote about the collapse of Silicon Valley Bank and ongoing turmoil within the financial sector in a letter to shareholders.
Read more »
STOCK MARKET NEWS: Jamie Dimon’s bank warning, Virgin Orbit bankrupt, AMC shares slide, oil climbsJPMorgan CEO Jamie Dimon delivered a harsh warning on U.S. banks in his annual shareholder letter, Richard Branson’s Virgin Orbit files for bankruptcy, oil gains continue after OPEC production cut and job openings lead economic data. FOX Business is providing real-time updates on the market, commodities and all the most active stocks on the move.
Read more »
JPMorgan's Dimon says US banking turmoil not over, sees long repercussionsThe U.S. banking crisis is ongoing and its impact will be felt for years, JPMorgan Chase & Co CEO Jamie Dimon wrote in a letter to shareholders on Tuesday.
Read more »
Jamie Dimon says the banking crisis is not over and will cause ‘repercussions for years to come’The annual letter from the JPMorgan CEO addressed the state of the banking system after the collapse of SVB.
Read more »
Jeffrey Epstein Lawsuit: JPMorgan Executives ‘Joked’ About His ‘Interest In Young Girls,’ Filing AllegesThree billionaires have been subpoenaed in the case and CEO Jamie Dimon is set to sit for a deposition.
Read more »
Nederlander Concerts Promotes Jamie Loeb to Senior VPLongtime live music professional will continue working alongside Nederlander chief executive Alex Hodges.
Read more »