JPMorgan Chase’s CEO Jamie Dimon tells it like it is. When asked by CNBC’s Erin Burnett’s how business is going, Dimon replied “terrible.” Here’s how Reuters describes his comments:
“November itself has been a terrible trading month … (and) December so far is pretty terrible,” Jamie Dimon told CNBC. “It will be a tough quarter.”
Dimon said he was referring to the trading, loans and mortgage segments of the largest U.S. bank.
Looking ahead, the CEO said U.S. housing prices — which spawned the current credit crisis — could fall another 20 percent. He said that, “if we’re lucky,” the market could start to recover after two more quarters.
You’ll notice he cites the sectors of the economy which I have been warning will contribute to massive additional writedowns in the financial services sector. JPMorgan Chase is particularly exposed here. Watch the video to see exactly what he says:
There are two other related CNBC videos here and here.
Sources
JPMorgan CEO warns of “terrible” fourth quarter – Reuters
JPMorgan’s Q4 Outlook – CNBC
JPMorgan Chase Is Having A ‘Terrible’ Quarter: Dimon – CNBC