In Apparent Slap At Trump, JPMorgan Chase CEO Rips Botched Response Planning
In an annual letter to shareholders, Dimon said, “As a nation, we were clearly not equipped for this global pandemic, and the consequences have been devastating.”
Dimon predicted a “bad recession” as the fallout. The worst-case scenario could see unemployment as high as 14% and gross domestic product plunging at a 35% annual rate in the second quarter, he warned.
Even then, the bank — the largest by assets in the nation — still plans to lend an additional $150 billion to customers, Dimon told shareholders.