close
Breaking news

Meghalaya Governor Satya Pal Malik’s stand has not softened even after th...read moreAll You Need to Know About Cryptocurrency in India: Trends, Legality and Taxa...read more The Champaran Foundation, in collaboration with InFeed, organised an online e...read more In one of the biggest leaks ever of offshore financial records, the Internation...read more The Champaran Foundation, in collaboration with InFeed, is inviting entries fo...read more The recently concluded German elections on September 26, 2021 have given a divid...read more According to latest news reports, China has been on a defense infrastructure rev...read more A new line of argument has already come to dominate the public sphere: it’...read more The government has gone one step further to detect community spread of the coro...read more The government has issued an order to abolish the six allowances, including the...read more Aarogya Setu application launched by NIC is aimed to track COVID-19 affected pe...read more SEOUL| South Korea’s unemployment rate was unchanged in April as the coronavi...read more Amid the outbreak of Corona pandemic in the country, Indian government has been...read more Prime Minister Narendra Modi in his address to the nation on Tuesday indicated ...read more Corona infection in the country is taking a macabre form. So far, more than 74 ...read more Congress General Secretary Priyanka Gandhi Vadra has written a letter to UP Chi...read more On Tuesday, Prime Minister Narendra Modi announced a package of Rs 20 lakh cror...read more

A ‘Major Recession’ on its way : JP Morgan Chase CEO

In his annual letter to the shareholders, JPMorgan Chase CEO Jamie Dimon, gave handful detail of how bad can US economy be after the outbreak of corona virus pandemic

In his letter, he expressed that GDP could plunge at an annual rate of 35% in the most adverse scenario and a downturn would last through the rest of the year. This will eventually lead to an unemployment rate of 14%.
Being a bit hopeful, Dimon added that this scenario is quite severe and, we hope, unlikely.” And even if the worst case situation bears out, JPMorgan Chase — the largest US bank by assets — still plans to lend an additional $150 billion to its customers.
Shares of JPMorgan Chase rose nearly 5% in early trading Monday. The bank is likely to talk more about how it’s faring in its next earnings report, scheduled for Tuesday, April 14.

In his letter, Dimon has also cornered the political leaders of America for their lack of preperation to handle the outbreak. 

“The current pandemic is only one example of the bad planning and management that have hurt our country,” Dimon said in the letter, adding that “there should have been a pandemic playbook.”
But Dimon stopped short of naming any particular political leaders, indicting the system writ large as opposed to one political party.
“While the inclination of some will be to finger-point and look for blame, I hope we can avoid that. I also hope we can avoid people using times of crisis to argue for what they already believe,” Dimon wrote.

Story Page