Jamie Dimon tells shareholders he expects the coronavirus to cause a 'bad recession' and 'financial stress similar to the global financial crisis,' at a minimum (JPM)

Brian Snyder/Reuters Jamie Dimon's annual letter to JPMorgan shareholders was published Monday . In it, the bank's CEO addressed...

Brian Snyder/Reuters

• Jamie Dimon's annual letter to JPMorgan shareholders was published Monday.
• In it, the bank's CEO addressed the coronavirus pandemic and the impact it could have on the US economy and JPMorgan.
• The bank has stopped buybacks but has not asked for regulatory relief, Dimon said.
• Watch JPMorgan trade live on Markets Insider.
• Read more on Business Insider.

---

In his annual letter to JPMorgan shareholders, published Monday, CEO Jamie Dimon said that while the bank is strong, it won't be untouched by the fallout from the coronavirus pandemic.

The pandemic will be damaging to the US economy, Dimon said. "At a minimum, we assume that it will include a bad recession combined with some kind of financial stress similar to the global financial crisis of 2008," he said.

See the rest of the story at Business Insider

NOW WATCH: A big-money investor in juggernauts like Facebook and Netflix breaks down the '3rd wave' firms that are leading the next round of tech disruption

See Also:

• These 7 charts show how brutal the March jobs report was, and signal further economic pain ahead
• JPMorgan expects 7 million Americans will file for unemployment benefits next week — the 3rd record in a row
• The US economy lost 701,000 jobs in March even before the coronavirus shutdown spurred historic unemployment

from Feedburner https://ift.tt/2xSu6jA