JPMorgan’s Jamie Dimon Banking crisis is ‘not over,’ but it will pass
Dimon used his annual letter to shareholders to point out that the current challenges facing the banking system are not as bad as they were in 2008.
“This wasn’t the finest hour for many players,” Dimon said in a section of the letter entitled, “Banking Turmoil and Regulatory Goals.”
Dimon said the U.S. government also provided an incentive for banks to own “very safe government securities because they were considered highly liquid by regulators and carried very low capital requirements.”
On top of that, the Fed’s annual stress test for banks never factored in a rise in interest rates, Dimon said.
“If done properly, banking regulations could be calibrated — adding virtually no additional risk — to make it easier for banks to make loans, intermediate markets, finance the economy, manage a run on their bank and fail if need be,” Dimon said.
MarketWatch 4 April 2023
Letter to shareholders
https://reports.jpmorganchase.com/investor-relations/2022/ar-ceo-letters.htm
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