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Jamie Dimon Sees Rough Times Ahead for Smaller Banks, Predicting Interest Rates as High as 7 Percent

Jamie Dimon Sees Rough Times Ahead for Smaller Banks, Predicting Interest Rates as High as 7 Percent

by Our Gold Guy
May 26, 2023
in All Around the Web
Reading Time: 1 min read

  • Preparedness: Don’t Forget the Meds

JPMorgan CEO Jamie Dimon, predicts rough times ahead for regional banks and warns of more deposit runs, as future interest rate hikes become increasingly likely.

Dimon warned at a May 22 Q&A Investor Day meeting at JPMorgan Chase that interest rates were likely to go higher from here and rise to as much as 7 percent.

He noted that there was much uncertainty about the health of regional banks and that rising yields in the money market have led to a steady outflow of deposits, bringing their balance sheets to dangerous levels.

A combination of Federal Reserve rate hikes and quantitative tightening is adding more fuel to the regional bank crisis. JPMorgan controls more than 13 percent of the nation’s deposits, with a lock on 21 percent of all credit card spending.Under Dimon, the banking giant has gobbled up more of the lending market with each small bank failure, since the financial […]

Excerpt Sourced From: ourgoldguy.com


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