The comments by JPMorgan Chase's chief executive, made in an interview with the Financial Times, came as shares on both sides of the Atlantic tumbled after a larger-than-expected plunge in US retail sales and rising fears that banks would need more capital.
“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 Mr Dimon, whose bank has navigated the turmoil better than most rivals and is due to discuss its 2009 outlook today.
Analysts predict JPMorgan's fourth-quarter results will be just above break even – another sign that the financial crisis is sparing few institutions.