Jamie Dimon says JPMorgan has begun to prepare for potential US default

In an interview with Reuters on Tuesday, Dimon mentioned JPMorgan has begun scenario-planning for the way a doable default would have an effect on monetary markets, capital ratios, consumer contracts and America’s credit score scores. That is one thing Dimon has indicated the financial institution did throughout earlier shut calls with the debt ceiling.
“Each single time this comes up, it will get mounted, however we should always by no means even get this shut,” Dimon instructed Reuters. “I simply suppose this complete factor is mistaken and at some point we should always simply have a bipartisan invoice and get rid of the debt ceiling. It is all politics.”
US default would wipe out nearly 6 million jobs, Moody's says
Treasury Secretary Janet Yellen instructed lawmakers Tuesday that the federal authorities will run out of cash and extraordinary measures by October 18, setting the stage for a possible default if Congress doesn’t elevate the debt restrict earlier than then.

Dimon mentioned JPMorgan is combing by consumer contracts to organize for a possible default.

“If I keep in mind appropriately, the final time we bought ready for this, it value us $100 million,” he mentioned.

JPMorgan (JPM) declined to remark additional.

Throughout a listening to earlier this yr, Dimon mentioned that in earlier debt ceiling debates the financial institution spent money and time investigating what a US default may imply.

“And I do not need to brush up on that,” he instructed lawmakers.

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