Finance
Jamie Dimon Warns US Banking Crisis Will Be Felt for Years
- JPMorgan CEO writes about SVB, succession, AI in annual letter
- Recent bank failure ‘wasn’t the finest hour for many players’
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Silicon Valley Bank’s blunders were encouraged by US regulation, went untested by the Federal Reserve and were “hiding in plain sight” until Wall Street and depositors grew alarmed.
That’s JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon’s assessment of the US banking crisis that sent markets careening last month, an episode he predicts is “not yet over” and will be felt for years. He said US authorities shouldn’t “overreact” with more rules.