JP Morgan Chase has 'plenty of capital' and wants governments to stop talking about nationalising banks, according to its chief executive.
'JP Morgan would be fine if we stopped talking about [the] damn nationalisation of banks... we’ve got plenty of capital,' Jamie Dimon said at the annual meeting of the World Economic Forum in Davos.
On January 15, JP Morgan reported a 76% fall in fourth quarter profit as it wrote down bad loans, signalling that even the bank that has avoided the worst of the credit crisis is struggling with the recession. At the time, Dimon called the results 'very disappointing'.
Underlining the bank’s confidence, Dimon said JP Morgan had lent $150bn (£105bn) in the past 90 days, including $50bn in the interbank market, also to European and British banks, but added: 'It’s scary because at the end of the day you have to survive. I’m hoping by the end of the year we’re coming out of the crisis.'