The US financial and economic crisis will worsen this year as hard-hit consumers default on credit cards and other loans, Jamie Dimon, chief executive of JPMorgan Chase, has predicted in an interview with the Financial Times.
Dimon, whose bank will report fourth-quarter results today, gave his bleak assessment as the commerce department reported that retail sales in December fell 9.8% from the year before.
'The worst of the economic situation is not yet behind us. It looks as if it will continue to deteriorate for most of 2009,' said Dimon.
'In terms of our sector, we expect consumer loans and credit cards to continue to get worse.'