Dimon navigated through the crisis when JPMorgan’s stock price hit a low of $22.85 in December 2008. Now, the stock is trading at above $100 and the investing titan is viewed as a paragon of poise as well as resilience along with his prowess for company growth.
In essence, Dimon is all too familiar with recessions.
“You will have a recession. It just won’t be like you had the last time in … affecting the banking system,” said Dimon.
“Someone’s going to get hurt. The issue there for the marketplace is going to be, we have a recession, the lender will not be there. So a lot of these borrowers will be stranded,” Dimon added.
JP Morgan generated $1.98 per share in profit for the fourth quarter in 2018, falling below the $2.20 per share average estimate of analysts surveyed by data company Refinitiv. Like Citigroup and other banks, JP Morgan’s fixed income trading division took a hit with $1.86 billion in revenue produced as opposed to the $2.2 billion expected.
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