JPMorgan CEO Dimon calls 'bad recession', mulls suspending 2020 dividend

[turbinetree]

Source: Reuters

BUSINESS NEWS APRIL 6, 2020 / 6:44 AM / UPDATED 18 MINUTES AGO

Anirban Sen, Elizabeth Dilts Marshall
4 MIN READ

(Reuters) - JPMorgan Chase & Co’s top boss, Jamie Dimon (JPM.N), on Monday said he sees a “bad recession” in 2020, and that the largest U.S. bank could suspend its dividend if the coronavirus crisis deepens.

Dimon, widely regarded as the face of the U.S. banking sector, is the most prominent voice on Wall Street so far to project that the economic cost of the coronavirus will not evaporate quickly, and said the bank’s earnings will be down “meaningfully in 2020.”

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.

JPMorgan’s stock was up 5% to $84.05 in morning trading.

JPMorgan could look at suspending dividends if gross domestic product were to fall by as much as 35% in the second quarter and the unemployment rate were to rise further to 14% in the fourth quarter of the year, the chief executive officer wrote in his annual letter to shareholders.


Read more: https://www.reuters.com/article/us-jpmorgan-shareholders/jpmorgan-ceo-dimon-calls-bad-recession-mulls-suspending-2020-dividend-idUSKBN21O158

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See how this works.................they get a bailout in 2008, they get a 1.5 trillion tax cut to pad the stock buy backs and dividends, the country is in the midst of pandemic so they suspend the 2020 dividends and wall street loves it, because after all it's about fucking money.......... ........and then this asshole does this in a hearing from days past.................

[DEbluedude]

1. It's never-ending. n/t

[empedocles]

2. Key indicator. Rationale for holding dividend stocks in downturns just got hit hard.

Selling momentum by conservative investors institutions will increase

[iluvtennis]

3. It's all about the banks and big corporations - fk everyone else. nt

[Wellstone ruled]

4. Well Ford canceled their Divy

and we saw what happened to that stock. Surprised Morgan Stock jumped.

[gibraltar72]

5. If you roll 1918 into 1928 you have a Trumpcession.

[cstanleytech]

7. No, you have a RepublicanRecession.

After all without each and every Republican in the House and Senate's full support (as well as backroom tonguing of Donald Trump's prostate) we would have been far better prepared because we would have had a good Healthcare System by now if the Democrats had been in charge.

[JudyM]

6. This sucks for seniors who are living on the dividends.