JPMorgan chief Jamie Dimon warns US banking crisis 'not yet over'
The crisis facing the US banking system "is not yet over," the head of America's biggest bank has warned.annual letter to shareholdersHe said he did not expect the turmoil to lead to a global crisis akin to 2008, noting that it involved "involved fewer players and fewer issues"."While this is nothing like 2008, it is not clear when this current crisis will end," he said. "Even when it is behind us, there will be repercussions from it for years to come.
In the near term, he said the failures of Silicon Valley Bank and Signature Bank, and the rushed takeover of Credit Suisse in Europe, had provoked "lots of jitters in the market" and were likely to prompt lenders to pull back in the months ahead, increasing the odds of an economic recession. SVB failed last month after fears about its financial position prompted customers to withdraw nearly a quarter of the firm's deposits in a few days, overwhelming its ability to supply the funds. Regulators shut down Signature amid signs of a similar bank run.
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