The U.S. banking crisis is ongoing and its impact will be felt for years, JPMorgan Chase & Co CEO Jamie Dimon wrote in a letter to shareholders on Tuesday.
Jamie Dimon, chairman of the board and chief executive officer of JPMorgan Chase & Co., gestures as he speaks during an interview with Reuters in Miami, Florida, U.S., February 8, 2023. REUTERS/Marco Bello/File Photo
"The market's odds of a recession have increased," Dimon wrote. "And while this is nothing like 2008, it is not clear when this current crisis will end. It has provoked lots of jitters in the market and will clearly cause some tightening of financial conditions as banks and other lenders become more conservative."
Risks that led to the current crisis were "hiding in plain sight," Dimon wrote, citing the interest rate exposure and level of uninsured deposits at Silicon Valley Bank.
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