JPMorgan Chase & Co. CEO Jamie Dimon has walked back his forecast of an economic “hurricane” somewhat, saying the megabank continues to hire despite layoffs in the sector.
In an interview Tuesday at the JPMorgan Healthcare Conference, Dimon also unleashed some fresh barbs against cryptocurrencies and criticized the crypto-trading platform FTX, which filed for bankruptcy late last year.
The outspoken Dimon had warned against what he termed an economic hurricane in a widely quoted interview in June.
Dimon clarified his remarks on Tuesday.
“I shouldn’t have ever used the word ‘hurricane,’” Dimon said in the interview with Fox Business. “What I said was there were storm clouds which may mitigate. People said they didn’t think it was a big deal, and I said no, those storm clouds could be a hurricane. And so I’m saying this stuff, I’m talking about … it could be nothing [or] it could be bad, and I think we should understand, I’m not predicting one or the other.”
Dimon said those early storm clouds have already hit, with inflation, quantitative tightening by central banks and the stock market down 20%. He recommended being prepared for uncertain times ahead.
While rival megabanks bank Goldman Sachs Group Inc.
GS,
, Morgan Stanley
MS,
and Wells Fargo & Co.
WFC,
have been cutting jobs or signaling layoffs, Dimon said…
