Jamie Dimon, chief executive of JPMorgan Chase, said the next financial crisis should see “more volatile” markets and a “rapid decline in valuations” because regulators have hamstrung the banks.
In his annual letter to shareholders, Mr Dimon said recent schisms in Treasury and currency markets were a “warning shot across the bow”.
He devoted three pages to a “thought exercise” on what might happen in the next crisis, warning that the ability of JPMorgan and other banks to act as shock absorbers had been dramatically hindered by new capital and liquidity rules.
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