How does the JPMorgan CEO see the economy
Shares of JPMorgan are slightly lower today despite a big earnings beat and part of the reason why is that Jamie Dimon was negative -- or at least cautious -- about the outlook for the economy. Another big part is that he said the huge earnings on trading won't be repeated.
- His forecast for the economy was more-negative then back in April and said he sees 7.7% US unemployment at the end of 2021.
- He said that early in the pandemic he expected a sharp downturn followed by a rapid recovery. Now they expect something "much more protracted"
- The stimulus is clouding visibility on economic damage
- "This is not a normal recession. The recessionary part of this you're going to see down the road... You will see the effect of this recession. You're just not going to see it right away because of all the stimulus"
- "we can continue to serve all of our stakeholders and to pay our dividend -- unless the economic situation deteriorates materially and significantly."
