Jamie Dimon WikipediaJPMorgan Chase & Co’s top boss, Jamie Dimon, on Monday said he sees a “bad recession” in 2020, and that the largest US bank could suspend its dividend if the coronavirus crisis deepens. But, Dimon said, even in the worst case scenario, the bank is strong and will continue lending to customers and will not need any relief from the federal government. Questions are mounting about whether big US banks will have to cut dividends later this year as the coronavirus crisis puts a record portion of Americans out of work, making it difficult for borrowers to pay back loans. “If the board suspended the dividend, it would be out of extreme prudence and based upon continued uncertainty over what the next few years will bring,” Dimon said. Dimon also said that the vast majority of the bank’s 16,850 ATMs were “well-stocked and still functioning” to provide cash for customers.

Source: The Telegraph April 06, 2020 20:26 UTC