Jamie Dimon details JPMorgan’s strength in annual letter, says US can emerge from crisis stronger

Finance

Jamie Dimon, CEO of JP Morgan Chase, appears on CNBC’s Squawk Box at the 2020 World Economic Forum in Davos, Switzerland on Jan. 22nd, 2020.

Adam Galica | CNBC

Jamie Dimon, CEO of JPMorgan Chase, released his widely-read annual letter on Monday.

“We have the resources to emerge from this crisis as a stronger country,” Dimon said in the letter. “America is still the most prosperous nation the world has ever seen.”JPMorgan, the biggest U.S. bank by assets, is prepared for the tumult caused by the coronavirus epidemic, he said. 

The bank’s 2020 submission to the annual Federal Reserve stress tests indicate that even in an “extremely adverse scenario,” JPMorgan can lend out an additional $150 billion for clients, Dimon said. The New York-based bank had $500 billion in total liquid assets and another $300 billion in borrowing ability from Fed sources, he added. 

Here’s the full letter.

This story is developing. Please check back for updates.

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