Every 100 years or so there is a pandemic that occurs on the planet that changes the way we live. This time it was no different from the Corona Virus spreading all over the world. Impacts of this pandemic will see repercussions in every part of life. Even if the spread of the Virus controlled and curtailed it will leave an impact. In the Annual Report of JP Morgan Shareholders. The Jamie Dimon chief of JP Morgan warned the world. He said the world heading to a drastic Global recession which is imminent and cannot avoid. With the world in a lockdown, there is very little trade and business are underway in the world.
Jamie Dimon is the CEO of one of the biggest Banks of the World JP Morgan
JP Morgan is one of the biggest Banks of the World and has an Asset Value of over $2 trillion dollars. Chief Jamie Dimon has to be cannot be taken lightly and the world has to gear up for whatever is in store. The banking service has taken a big hit due to corona. Many offshore operations have shut due to local lockdowns. This includes services like Customer Care for the Customers of JP Morgan. JP Morgan’s Offshore operations are in India and the Philippines. Both of the countries are in a national Lockdown due to coronavirus.
Jamie Dimon is the most respected Banking Executive of the United States of America
Jamie Dimon also hinted to the shareholders that the coming months will be testing times for JP Morgan. Since there will be a lot of stress on the economy. Both Businesses and customers will have to manage things. Which means exposing the bank to Billions of Dollars in Credit losses. Jamie Dimon has assured shareholders that nothing to worry about long term stability of the Bank. Since they entered the current financial year with very strong financials. Which means that the bank can handle any undue stress for a prolonged period.
