JPMorgan CEO Issues Economic Alert, Following Blocking Of Accounts

It’s been just revealed that JPMorgan issued a new alert for people, and this comes right after the bank decided to freeze some of its customer accounts. Check out the latest reports about this below.

It’s been just revealed the fact that JPMorgan is “persistently” discriminating against its own clients and closing bank accounts without warning. This is according to the Republican attorneys general from 19 states.

The law enforcement officials that are led by Kentucky Attorney General Daniel Cameron, sent a letter to JPMorgan CEO Jamie Dimon. They were stating that the banking giant’s practices go against the company’s own policies on equality.

The letter, which has now been published by the Wall Street Journal, states that JPMorgan has repeatedly discriminated against customers and this was reportedly based on their religious or political beliefs.

Now the financial entity has a message for people.

At the company’s latest shareholder’s meeting, Dimon told investors that America’s regional banking crisis will likely have a domino effect on the real estate industry.

“There’s always an off-sides. The off-sides in this case will probably be real estate. It’ll be certain locations, certain office properties, certain construction loans. It could be very isolated. It won’t be every bank.”

He continued and said the following:

“You’re already seeing credit tighten up because the easiest way for a bank to retain capital is not to make the next loan.”

Dimon says he also has a contrarian view on interest rates.

Unlike the majority of investors, according to CME’s Fedwatch tracker, Dimon said that the Federal Reserve may continue to significantly raise rates as banks tighten up their lending standards.

“I think everyone should be prepared for rates going higher from here. If that 5% is not enough… you should be prepared for 6%, 7%.”