JP Morgan CEO Predicts “Major Recession” On Way
JP MORGAN CHASE CEO JAMIE DIMON SAYS A MAJOR RECESSION IS ON IT'S WAY
(CNN) – JP Morgan Chase CEO Jamie Dimon says a major recession is on its way thanks to the coronavirus pandemic.
Dimon expects gross domestic product to plunge at a 35% annual rate in the second quarter.
A downturn that’s expected to last through the rest of the year.
The unemployment rate is expected to spike as high as 14%.
Dimon added, “this scenario is quite severe.”
He also had some harsh words for U.S. leaders.
The Chase CEO says the lack of preparation for the pandemic is hurting the country.