JPMorgan Chase chief Jamie Dimon said Monday he expects the coronavirus crisis to include a “bad recession” and elements of financial strain similar to the 2008 downturn.

The chairman and CEO of the biggest U.S. bank said that while JPMorgan entered the crisis from a position of strength and that lenders have prepared for this, the pandemic is playing out in ways that are “dramatically different” from the industry’s Federal Reserve stress tests.

“We don’t know exactly what the future will hold — but at a minimum, we assume that it will include a bad recession combined with some kind of financial stress similar to the global financial crisis of 2008,” Dimon said in his annual shareholders letter. “Our bank cannot be immune to the effects of …continued .
[Source: CNBC News]