Reiterating a stance he took in the company's recent earnings call, JPMorgan Chase & Co. (JPM) CEO Jamie Dimon told investors Thursday afternoon that the credit crisis is almost over, after nearly a year of rocking the world's financial markets. Via MarketWatch:
"I look at it as like (it is) 75-85% done," CEO Jamie Dimon told mutual fund executives at the Investment Company Institute's general meeting here. Dimon said banks are raising capital and hedge funds have been through massive de-leveraging. The key aspect of this crisis has been housing, Dimon said. And he said right now there are not any Alt-A mortgages being created. Dimon said he was less certain about the direction of the U.S. economy. "It really bears of watching," Dimon said. He said the U.S. needs to invest in infrastructure, including transportation, and health care.
Dimon said the same thing in mid-April, when the Wall Street firm reported a 50 percent drop in net income; shortly after announcing earnings, JPMorgan went and raised $6 billion in fresh capital.