JPMorgan CEO Jamie Dimon says banking crisis has increased odds of recession

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Hear major bank CEO's prediction about a possible recession

00:51 - Source: CNN

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New York CNN —

The banking crisis caused by the recent collapse of Silicon Valley Bank and Signature Bank has increased the odds of a US recession, JPMorgan Chase CEO Jamie Dimon told CNN’s Poppy Harlow in an exclusive interview on Thursday.

Speaking in his first interview since the failure of SVB, Dimon said that while the banking system is strong and sound, the recent turmoil around the financial system is “another weight on the scale” towards recession.

“We are seeing people reduce lending a little bit, cut back a little bit and pull back a little bit.” While the banking chaos won’t “necessarily force a recession,” he said, “it is recessionary.”

This story will be updated.

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