Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Jamie Dimon Says JPMorgan Is Bracing Itself for Economic ‘Hurricane’

Economy Jun 01, 2022 11:18AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Bloomberg. Jamie Dimon, chief executive officer of JPMorgan Chase & Co., during a Bloomberg Television interview in London, U.K., on Wednesday, May 4, 2022. Dimon said the Federal Reserve should have moved quicker to raise rates as inflation hits the world economy.

(Bloomberg) -- JPMorgan Chase & Co. (NYSE:JPM) Chief Executive Officer Jamie Dimon warned of a “hurricane” as the economy struggles against fiscally induced growth, quantitative tightening and Russia’s invasion of Ukraine. 

Dimon, who had said in May that there were storm clouds looming over the US economy, said he wanted to change that assessment given the challenges faced by the Federal Reserve as it braces for an unprecedented environment. 

“I said there were storm clouds, big storm clouds. It’s a hurricane,” he said at at conference sponsored by AllianceBernstein (NYSE:AB) Holdings Wednesday. “Right now it’s kind of sunny, things are doing fine, everyone thinks the Fed can handle it. That hurricane is right out there down the road coming our way. We don’t know if it’s a minor one or Superstorm Sandy. You better brace yourself.” 

Shares of the company dropped 1.8% to $129.90 in New York after Dimon’s remarks on the economy, extending this year’s decline to 18%.

He said JPMorgan is shoring up for turbulence by being conservative with its balance sheet and preparing to take actions “with all this capital uncertainty.” 

“I kind of want to shed non-operating deposits again, which we can do in size, to protect ourselves so we can serve clients in bad times,” he said. “That’s the environment we’re dealing with.”

Still, he noted the strength of the consumer, rising wages and plentiful jobs as the “bright clouds out there.’”

“But it’s different: The Fed has to meet this with raising rates and QT. The new part of this isn’t the rising rates, it’s the QT.”

©2022 Bloomberg L.P.

Jamie Dimon Says JPMorgan Is Bracing Itself for Economic ‘Hurricane’
 

Related Articles

U.S. SEC proposes new rules for clearing houses
U.S. SEC proposes new rules for clearing houses By Reuters - Aug 08, 2022

By Katanga Johnson WASHINGTON (Reuters) -The U.S. Securities and Exchange Commission (SEC) on Monday proposed new rules aimed at preventing conflicts of interest in management and...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (1)
John Hat
John Hat Jun 03, 2022 11:04PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Two weeks ago or so, he said this was going to be an amazing year for JPMORGAN. Now he is scared?
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email