May 27, 2024

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Jamie Dimon Warns of a ‘Bad Recession’ Due to Coronavirus Crisis

JPMorgan Chase chief executive officer Jamie Dimon claimed he expects the financial fallout from the coronavirus pandemic to include things like a terrible recession and strain the economic method in techniques very similar to the 2008 economic disaster.

In his yearly letter to shareholders, Dimon claimed the biggest lender in the U.S. was moving into the disaster from a posture of strength but the pandemic offered worries that were “dramatically different” from those imagined in the Federal Reserve pressure assessments.

JP Morgan Chase CEO Jamie Dimon

“After the disaster subsides (and it will), our country must comprehensively review all features of our preparedness and reaction,” Dimon claimed. “And we must use the chance to intently review the financial reaction and ascertain no matter if any supplemental regulatory alterations are warranted to improve our economic and financial method. There will be a time and area for that — but not now.”

Dimon claimed the lender would contemplate suspending its dividend in the occasion of an “extremely adverse” downturn in the U.S. financial system. He claimed the bank’s earnings would be “down meaningfully in 2020.”

He believes the U.S. must have experienced a “pandemic playbook” to react to the disaster and identified as for nonpartisan alternatives heading forward.

The lender will participate in governing administration applications to handle the financial worries posed by the disaster but it would not request any regulatory aid.

Dimon has been doing work remotely given that returning to operate subsequent a technique to restore a tear in his aorta. The lender introduced on March five that he experienced checked into a healthcare facility immediately after going through upper body pains and experienced been through emergency coronary heart surgical procedures. Daniel Pinto and Gordon Smith ran the firm whilst Dimon was recuperating.

The lender has much more than one hundred eighty,000 staff doing work from home and has stored 3 quarters of its lender branches open up through the disaster, according to the letter. It is also waving some service fees and presenting grace durations for home finance loan and vehicle-loan payments.

MANDEL NGAN/AFP through Getty Visuals