The recent regional banking crisis that led to the downfall of Silicon Valley Bank and Signature Bank was a topic of discussion as chief executives of some of the largest banks in the United States reported their first-quarter earnings on Friday.
> “Banking industry turmoil has added to risks of recessionary ‘storm clouds’ on the horizon,” said JPMorgan Chase CEO Jamie Dimon in a release. He also noted that the current banking situation is different from the 2008 financial crisis as it involves fewer financial players and issues that need to be resolved.
However, Dimon, who leads the country’s largest bank, warned that “financial conditions will likely tighten as lenders become more conservative, and we do not know if this will slow consumer spending.”
> “We are glad to have been in a strong position to help support the US financial system during the recent events that impacted the banking industry,” commented Wells Fargo CEO Charlie Scharf in a statement. “Regional and…
2023-04-14 12:25:31
Original from www.cnn.com