In his widely read annual letter to shareholders, JPMorgan Chase CEO Jamie Dimon said, he sees a 'bad recession' and warned the bank might consider suspending its dividend if the financial crisis deepens
), on Monday said he sees a “bad recession” in 2020, and that the largest U.S. bank could suspend its dividend if the coronavirus crisis deepens.
Questions are mounting about whether big U.S. banks will have to cut dividends later this year as the coronavirus crisis puts a record portion of Americans out of work, making it difficult for borrowers to pay back loans. Dimon highlighted some challenges seen at the bank’s call centers, 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 $150 billion for our clients’ needs,” Dimon said.
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