Insiders

U.S. default 'potentially catastrophic' - Jamie Dimon

February 08, 2023 at 06:19 pm EST

STORY: "There's damage that's done up to a default," said Dimon. "And that damage could be permanent, like downgrades, regulatory actions around the world. Other central banks deciding they don't want to own U.S. treasuries."

Dimon said an actual default by the government would be "potentially catastrophic."

"We cannot have a default. You can play fire right up to close over here, but please do not have a default. That would wreck permanent damage on America and its future. And it could destroy its future."

President Joe Biden, in his address to a joint session of Congress on Tuesday (February 7), urged Republicans to raise the $31.4 trillion debt ceiling, which must be lifted in the coming months to avoid a default.

Jamie Dimon

Mr. James Dimon is a Chairman & Chief Executive Officer at JPMorgan Chase Bank, NA and JPMorgan Chase & Co. and a Member at The Business Council. He became Chairman of the Board on December 31, 2006, and has been Chief Executive Officer and President since December 31, 2005. Mr. Dimon is on the Board of Directors of Harvard Business School and Catalyst; Chairman of the Business Roundtable; and a member of The Business Council. He is also on the Board of Trustees of New York University School of Medicine. He does not serve on the board of any publicly traded company other than JPMorgan Chase. Mr. Dimon was President and Chief Operating Officer following JPMorgan Chase’s merger with Bank One Corporation in July 2004. At Bank One, he was Chairman and Chief Executive Officer from March 2000 to July 2004. Before joining Bank One, Mr. Dimon held a wide range of executive roles at Citigroup Inc., the Travelers Group, Commercial Credit Company and American Express Company. He graduated from Tufts University and received an M.B.A. from Harvard Business School.

View full profile

Linked companies
JPMorgan Chase Bank, NA (Investment Management) JPMorgan Chase Bank, NA (Investment Management) Investment ManagersFinance JPMorgan Chase Bank, NA (Investment Management) (JPMC-IM) is the investment management division of JPMorgan Chase Bank, NA, ultimately held by JPMorgan Chase & Co. (NYSE: JPM), a global financial services firm. Headquartered in New York City, JPMC-IM provides asset management services for corporations, institutional investors, hedge funds, governments, healthcare organizations, educational institutions and affluent individuals.	Chief Executive Officer
JPMORGAN CHASE & CO.	Chief Executive Officer

Linked companies