JPMorgan Chase main govt officer Jamie Dimon explained he expects the economic fallout from the coronavirus pandemic to include a negative economic downturn and strain the monetary program in strategies identical to the 2008 monetary disaster.
In his once-a-year letter to shareholders, Dimon explained the major lender in the U.S. was entering the disaster from a situation of energy but the pandemic presented challenges that had been “dramatically different” from those people imagined in the Federal Reserve stress exams.
“After the disaster subsides (and it will), our country should extensively overview all elements of our preparedness and reaction,” Dimon explained. “And we should use the prospect to closely overview the economic reaction and identify regardless of whether any further regulatory adjustments are warranted to enhance our monetary and economic program. There will be a time and location for that — but not now.”