06 April 2020 - 16:29JPMorgan Chase CEO Jamie Dimon. Picture: REUTERS/JEENAH MOON
JPMorgan could look at suspending dividends if US GDP were to fall by as much as 35% in the second quarter and the unemployment rate were to rise further to 14% in the fourth quarter of the year, the CEO wrote in his annual letter to shareholders. Dimon, who returned to work last week after undergoing emergency heart surgery in March, highlighted several other challenges that the bank is facing, saying its call centres have struggled in the current environment, with many of them effectively shutting down due to local restrictions.
The bank said it had extended about $950m in new loans to small businesses and would still extend credit to small businesses.
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