Jamie Dimon Says JPMorgan Chase Will Be Just Fine

First, the bad news. JPMorgan Chase (NYSE: JPM) CEO Jamie Dimon warned investors in his annual letter that the bank's earnings "will be down meaningfully in 2020."

This shouldn't come as a major surprise to anyone. For one thing, interest rates have plunged to record low levels, which could put pressure on the bank's profit margins. And more significantly, with a bad recession in the forecast for much of 2020, there's a strong possibility that banks could see loan defaults pick up.

Dimon cautioned that the economic effects of the coronavirus crisis will be at the same level as the 2008 financial crisis at a minimum.

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Source Fool.com