JPMorgan CEO Jamie Dimon addressed the recent banking crisis in his annual letter to shareholders on Tuesday.
Dimon said the crisis isn’t over yet, adding there would be repercussions from it for years to come.
- In
March, federal regulators shut down Silicon Valley Bank after it
suffered a run on its deposits and was unable to raise funds.
- The
bank’s failure caused a ripple effect across the banking sector, with
the FDIC and U.S. Treasury committing to backstop regional banks
impacted by the fallout.
- Dimon noted that the recent happenings are nothing like what occurred during the 2008 global financial crisis.
- Analysts
have suggested that the recent bank failures have benefited huge banks
like JPMorgan, which have seen their deposits swell in recent weeks.
- Dimon refuted the claim, stressing that any crisis that damages Americans’ trust in their banks damages all banks.
