JPMorgan Chase chief executive officer Jamie Dimon reported he expects the financial fallout from the coronavirus pandemic to incorporate a negative recession and pressure the money program in methods related to the 2008 money disaster.
In his once-a-year letter to shareholders, Dimon reported the biggest lender in the U.S. was moving into the disaster from a posture of strength but the pandemic presented issues that were being “dramatically different” from those people imagined in the Federal Reserve anxiety checks.
“After the disaster subsides (and it will), our state must completely review all aspects of our preparedness and reaction,” Dimon reported. “And we must use the chance to closely review the financial reaction and decide no matter if any additional regulatory adjustments are warranted to increase our money and financial program. There will be a time and area for that — but not now.”