In the eyes of Jamie Dimon, JP Morgan Chase Chief Executive Officer, the worst of the economic crisis has not come yet, predicting the financial sector will see more problems with consumer loans and credit cards, he said in an interview with the Financial Times.
The worst of the economic situation is not yet behind us. It looks as if it will continue to deteriorate for most of 2009, Dimon said, the newspaper noted.
Dimon commented JP Morgan was prepared for the gloomy outlook for 2009, but didn't discard the possibility of making cost-reducing moves if the situation deteriorates more than expected.
JP Morgan is among the major financial corporations that has managed to survive to the global economic crisis which has swiped off numerous firms in the sector. It reports fourth quarter results on Jan. 15.