The recent turmoil in the financial system has increased the odds of a US recession, JPMorgan Chase's Jamie Dimon tells CNN in an exclusive interview
The banking crisis caused by the recent collapse of Silicon Valley Bank and Signature Bank has increased the odds of a US recession, JPMorgan Chase CEO Jamie Dimon told CNN’s Poppy Harlow in an exclusive interview on Thursday. Speaking in his first interview since the failure of SVB, Dimon said that while the banking system is strong and sound, the recent turmoil around the financial system is “another weight on the scale” towards recession.
In 2008, he said “it was hundreds of institutions around the world with far too much leverage. We don’t have that.” We don’t have huge problems in our mortgage markets, either, he added. “This is nothing like that. And the American public shouldn’t think that.” Still, said Dimon, it’s okay to let some banks collapse. “Failure is okay,” he said. “You just don’t want this domino effect.
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