JPMorgan CEO Jamie Dimon said in a letter to shareholders that the U.S. banking crisis is not over, and that even when it does end, its impact will linger for years, while warning that America seems to moving into a “vicious cycle.”
“As I write this letter, the current crisis is not yet over, and even when it is behind us, there will be repercussions from it for years to come,” Dimon wrote in the wide-ranging 43-page missive that included the ominous warning that storm clouds threaten the U.S. economy.
The collapse of Silicon Valley Bank (SVB) triggered a crisis of confidence in the U.S. banking sector, prompting financial authorities to rush through a rescue package to stem a potential run on bank deposits that threatened broader financial instability….