Dimon said the banking turmoil coupled with macroeconomic stressors make it more likely that the economy is headed for contraction.
Jamie Dimon heads JPMorgan Chase, the nation’s largest bank.“And while this is nothing like 2008, it is not clear when this current crisis will end. It has provoked lots of jitters in the market and will clearly cause some tightening of financial conditions as banks and other lenders become more conservative.”
“Any crisis that damages Americans’ trust in their banks damages all banks — a fact that was known even before this crisis,” the JPMorgan boss wrote. “The recent failures of Silicon Valley Bank in the United States and Credit Suisse in Europe, and the related stress in the banking system, underscore that simply satisfying regulatory requirements is not sufficient,” Dimon wrote.
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