JPMorgan Chase's CEO expects the economy to rebound in the third quarter thanks to government stimulus programs and the strength of the consumer going into the pandemic.
Ten weeks after his emergency procedure, the longtime CEO told shareholders Tuesday that he's in good health and will not be stepping down anytime soon.
The JPMorgan Chase CEO said he hopes policymakers use the COVID-19 crisis as a catalyst to rebuild a more inclusive economy as the pandemic exposes stark inequalities among Americans.
The nation's largest bank is temporarily reducing its exposure to the mortgage market amid rising unemployment and estimates that home prices could drop by 10%.
Though hopeful for a second-half bounceback in the economy, JPMorgan Chase is prepared for 20% unemployment, lackluster GDP and losses in its loan portfolio that could reach tens of billions of dollars.
Parties talking about a temporary lift of Wells' asset cap; GDP would have to drop an “unlikely” 35% in Q2 before JPMorgan would be forced to stop payouts.
The only current CEO who steered a major U.S. bank through the financial crisis, Dimon said JPMorgan’s earnings will be “down meaningfully” this year as a result of the coronavirus pandemic.
The CEO says he is getting stronger and working remotely; if the lockdown lasts several months, the GSEs may need a bailout, FHFA head Mark Calabria says.
Some banks have closed branches or restricted access and bank tech resources are being overwhelmed; bank pays a record SKr4 billion ($400 million) for issues.