{"id":1502,"date":"2023-04-28T15:56:20","date_gmt":"2023-04-28T19:56:20","guid":{"rendered":"https:\/\/ifintechworld.com\/banking\/effects-of-bank-failures-will-be-felt-for-years-to-come\/"},"modified":"2023-04-28T15:56:20","modified_gmt":"2023-04-28T19:56:20","slug":"effects-of-bank-failures-will-be-felt-for-years-to-come","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=1502","title":{"rendered":"Effects Of Bank Failures Will Be Felt For \u2018Years To Come\u2019"},"content":{"rendered":"<div>\n<h2 class=\"topline-heading\">Topline<\/h2>\n<p>The banking crisis is far from over, JPMorgan Chase CEO Jamie Dimon wrote Tuesday morning in an annual letter to shareholders, offering the most in-depth insight into recent industry-wide turbulence from the head of the country\u2019s biggest bank yet.<\/p>\n<h2>Key Facts<\/h2>\n<div class=\"key-facts\">\n<div class=\"key-facts-element\">\n<p>\u201cRepercussions\u201d from the ongoing banking calamity will linger \u201cfor years to come,\u201d Dimon wrote, referring to the failures of American banks Silicon Valley Bank and Signature Bank and the unraveling of Swiss stalwart Credit Suisse over a two-week period last month.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>Dimon pointed to shortcomings among bank management at the collapsed institutions, federal regulators and venture capitalists pushing Silicon Valley Bank as the principal groups behind the situation, writing the last month hasn\u2019t been \u201cthe finest hour for many players.\u201d<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>Dimon commented on the notion of larger banks like his benefitting from the growing distrust in smaller competitors as \u201cabsurd,\u201d as shares of JPMorgan, by far the largest bank in the U.S. by assets and market capitalization, are down nearly 10% over the past month, shedding $40 billion in market value as bank stocks broadly sank.<\/p>\n<p>  <fbs-ad position=\"inread\" progressive=\"\" ad-id=\"article-0-inread\" aria-hidden=\"true\" role=\"presentation\"><\/fbs-ad>\n <\/div>\n<div class=\"key-facts-element\">\n<p>The billionaire did offer some optimism, writing the ongoing situation is \u201cnothing like\u201d the late 2000s crisis that led to the Great Recession, calling for more transparency and modernity in bank regulation.<\/p>\n<\/p><\/div>\n<\/div>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Big Number<\/h2>\n<p>$332 billion. That\u2019s how much market cap 25 of the biggest U.S. banks lost last month.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Forbes Valuation<\/h2>\n<p>Dimon is worth $1.6 billion, according to our estimates, thanks largely to his more than $1 billion stake in the bank. The value of his JPMorgan shares dwindled by $116 million over the last month as the stock slipped.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">What To Watch For<\/h2>\n<p>JPMorgan reports quarterly financials April 14, kicking off an ever-crucial bank earnings season.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Tangent<\/h2>\n<p>Dimon agreed to testify as part of two lawsuits concerning JPMorgan executives\u2019 involvement with the late financier and convicted sex offender Jeffrey Epstein, according to reports last week.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\"><\/h2>\n<p>JPMorgan Stock Plunges As Billionaire CEO Jamie Dimon Warns Of Economy\u2019s Triple Threat: Bigger Rate Hikes, Higher Inflation And Ukraine War (<em>Forbes<\/em>)<\/p>\n<p>March Sadness: Banks Lost More Than $300 Billion In Market Cap This Month (<em>Forbes<\/em>)<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.forbes.com\/sites\/dereksaul\/2023\/04\/04\/jpmorgans-dimon-effects-of-bank-failures-will-be-felt-for-years-to-come\/\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Topline The banking crisis is far from over, JPMorgan Chase CEO Jamie Dimon wrote Tuesday morning in an annual letter to shareholders, offering the most in-depth insight into recent industry-wide turbulence from the head of the country\u2019s biggest bank yet. Key Facts \u201cRepercussions\u201d from the ongoing banking calamity will linger \u201cfor years to come,\u201d Dimon [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1503,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[237],"tags":[83],"class_list":["post-1502","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Effects Of Bank Failures Will Be Felt For \u2018Years To Come\u2019 | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Topline The banking crisis is far from over, JPMorgan Chase CEO Jamie Dimon wrote Tuesday morning in an annual letter to shareholders, offering the most\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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