JPMorgan Chase CEO Has This To Say About The US Banking Crisis

The US banking crisis is all over the news these days. Check out the latest notes that JPMorgan Chase CEO has to say about this.

JPMorgan Chase chief executive Jamie Dimon thinks the US banking crisis is “pretty much” resolved after his company acquired the majority of collapsed First Republic Bank.

Dimon told analysts in a call after JPMorgan’s acquisition that “there are only so many banks that were offsides this way,” CNBC reports.

Dimon stated the following:

“There may be another smaller one, but this pretty much resolves them all. This part of the crisis is over.”

As noted by the online pubcalition the Daily Hodl, the First Republic’s stock cratered by 50% in a matter of hours last week amid news that customers removed $100 billion worth of deposits from the bank in March.

The New York Stock Exchange (NYSE) halted the bank’s shares from trading five times last Wednesday due to extreme volatility.

A popular economist says a recession is about to hit the US following a weak first-quarter performance.

Steve Hanke said recently that the country’s economic growth significantly slowed down in Q1 of 2023.

“According to the Bureau of Economic Analysis (BEA), the economy grew 1.1% per annum in the first quarter of this year, compared to the growth of 2.6% per year witnessed in the fourth quarter of 2023,” the online publication the Daily Hodl notes.

Hanke also made sure to say the fact that the drastic downturn in economic growth is largely due to the Federal Reserve’s failure to control the money supply.

“US economic growth slowed sharply to 1.1%/yr in the first quarter of 2023 from the 2.6%/yr growth in the final quarter of 2022. Thanks to the Fed’s failure to pay attention to the growth in the money supply, a US RECESSION is about to make landfall.”

In other recent news, the veteran investor and Shark Tank star Kevin O’Leary warns that more regional banks could go under as they face immense losses from their exposure to one sector of the economy.