4/4/2019, 1:30 PM (Source: TeleTrader)
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JP Morgan prepared for, but not expecting recession - Dimon

JPMorgan Chase & Co. CEO Jamie Dimon said in his annual letter to shareholders on Thursday that the bank is "prepared" for a recession but is not predicting such a scenario as the current state of the United States economy is "fairly healthy."

Dimon pointed out that the country's economy is set to face many challenges in 2020 and 2021. " It’s hard to look at all the issues facing the world and not think that the range of possible outcomes is broader and that the odds of bad outcomes might be increasing," he stated. "And certain factors, like confidence, which we know is important, can be easily damaged by bad policy, unexpected events or even high market volatility," Dimon added.

According to the JP Morgan CEO, the lender does "not spend a lot of time guessing about when the next recession" will happen but noted he believes it will be different from previous recessions. "Next time, the cause may be just the cumulative effect of negative factors – the proverbial last straw on the camel’s back," Dimon explained.

Breaking the News / NP