Alarm bells: JPMorgan CEO Dimon says 'bad recession' is coming

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Alarm bells: JPMorgan CEO Jamie Dimon says a 'bad recession' is coming

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JPMorgan Chase & Co's top boss, Jamie Dimon, on Monday said he sees a "bad recession" in 2020, and that the largest US bank could suspend its dividend if the coronavirus crisis deepens.

"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.JPMorgan could look at suspending dividends if gross domestic product were to fall by as much as 35 per cent in the second quarter and the unemployment rate were to rise further to 14 per cent in the fourth quarter of the year, the chief executive officer wrote.

Dimon highlighted some challenges seen at the bank's call centres, where a handful of staff have fallen ill, customer call volumes are at record highs and local restrictions have effectively shuttered some offices. "In both our central case scenario for 2020 results and in our extremely adverse scenario, we are lending – currently or plan to do so – an additional $US150 billion for our clients' needs," Dimon said.

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Recession was already here, but will now be a hundred times worse.

Lol time for Jamie to buy bitcoin

😭

In the US..... our property market has not even budged yet

You don’t say.

A recession is a state of mind. If the likes of Mr Dimon were less focussed on protecting the super wealthy and making obscene profits and more focussed on doing what is right and moral they would have no fears. Greed is good replaced by “fear is good”.

I think that's blindingly obvious.

As soon as you say ‘print more money’ it is a given.

So. Is anyone surprised 😱😮? COVID2019 fallout.

I think it is likely with all the damage to industry

That would be an understatement. World wide financial ruin and explosion of poverty more like it.

Nothing gets past this guy, amazing 😅

Recession coming thanks scoop

Rocket scientist......

What a visionary.

Wow mate you’re a genius

The impact can be lessened if every country becomes more self sufficient and make more products. auspol

And NO ONE saw it coming... PLANdemic ANewNineEleven Event201 ManufacturedGlobalEconomicReset CentralizedGlobalDigitalCurrency Cashless UBI Blanket5GRadiation MandatoryVaccination MicrochipImplants ID2020 SocialCreditScore MartialLaw 24HourSurveilance Agenda2030

Does that mean he thinks that there are good recessions?

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