Politics & Finances

JP Morgan CEO Warns of "Something Worse" Than Recession

8/14/2022

The CEO of JP Morgan Chase has warned Americans that "something worse" than a recession may be coming.

Jamie Dimon, who took over as head of the banking giant in 2005, reportedly warned wealthy clients to be on the lookout for financial problems far worse than a standard recession might bring in newly released reports.

Business Insider shared details:

Dimon reportedly said on a client call Tuesday that the economy was "strong" but "storm clouds" were on the horizon, including federal monetary policies, Russia's invasion of Ukraine, and rising oil prices. The categorization is an apparent downgrade from Dimon's previous comments in June when he warned of an "economic hurricane."

Dimon went on to share, "Businesses are equally in good shape. When you forecast, you have to think differently. It is a bad mistake to say, 'Here is my single-point forecast.'"

The CEO reportedly stated that the probability of a "soft landing" are, in his estimation, about 10% and the probability of a "harder landing" or "mild recession" are between 20% and 30%, per JP Morgan's projections.

Dimon also reportedly estimated that the likelihood of a "harder recession" or "something worse" also ranges from 20% to 30%.

Yahoo! Finance noted that Dimon and other economic experts have provided widely varying projections in recent months, as a "strong US labor market clashes with two consecutive quarters of contraction — leaving many experts puzzled over whether the US is approaching a recession or is in one already."

What do you think about Dimon telling clients to potentially prepare for "something worse" than a recession?

Rebekah Barton

Rebekah's search engine optimization career began completely by accident as a college student. Over the course of her career so far, she has "grown up" with the SEO industry, from writing content while juggling classes to managing her own teams of writers and overseeing SEO strategy in subsequent roles. She is excited to bring her passion for high-quality content to CountingWorks, Inc.

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