JPMorgan chief Jamie Dimon warns US banking crisis 'not yet over'

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The crisis facing the US banking system "is not yet over," the head of America's biggest bank has warned.

Jamie Dimon, chief executive of JPMorgan Chase, made the comments in an annual letter to shareholders just weeks after the dramatic collapse of two major US banks.

He said he did not expect the turmoil to lead to a global crisis akin to 2008, noting that it involved "involved fewer players and fewer issues".

But he warned the impact would linger.

"While this is nothing like 2008, it is not clear when this current crisis will end," he said. "Even when it is behind us, there will be repercussions from it for years to come."

Mr Dimon is a veteran of Wall Street, who steered JPMorgan through the 2008 financial crisis, when exposure to bad home loans in the US caused problems throughout the global financial system.

 

In recent weeks, he worked with government officials to coordinate a rescue plan for the California-based bank First Republic, which many feared was also on the verge of collapse.