Jamie Dimon warns next credit crisis could be 'worse than people expect' as big banks report strong earnings
JPMorgan Chase CEO Jamie Dimon has warned that when the next credit cycle arrives, losses on leveraged lending will likely be 'worse than people expect relative to the scenario.' Despite this caution, the nation's largest banks reported strong second-quarter earnings, with trading revenue benefiting from volatile markets and wealth management fees rising. Bank of America saw a 12% increase in global wealth and investment management revenue. Dimon declined to predict a recession but stated JPMorgan must prepare for one, including the possibility of stagflation and higher-for-longer interest rates. He noted that leveraged companies could face significant stress when refinancing under such conditions. The article analyzes these warnings alongside the broader banking sector's resilience.
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