Jamie Dimon

Though hopeful for a second-half bounceback in the economy, JPMorgan Chase is prepared for 20% unemployment, lackluster GDP and losses in its loan portfolio that could reach tens of billions of dollars.

The damage hints at what’s to come when the rest of Wall Street reports results this week.

The coronavirus pandemic will lead to a major economic downturn and stress mirroring the meltdown that nearly brought down the U.S. financial system in 2008, JPMorgan's CEO said.

Some of Wall Street's most prominent executives have this in common: a long tenure.

"We're going right at Bank of America, folks, in Charlotte, their hometown," JPMorgan Chase CEO Jamie Dimon said to cheers and laughter at a branch opening in midtown Manhattan. "We've been waiting a long time to start the expansion of Chase retail."

The JPMorgan chief executive said he couldn't understand why Wells Fargo could have CEO Tim Sloan step down without a successor ready to go.

Despite the win, a proxy adviser had raised concerns that the bank’s compensation committee uses too much discretion when determining total pay.

Bank critics and some lawmakers quickly seized on a tone-deaf posting by JPMorgan Chase that was designed to tout the virtues of saving money.

Critics say quarterly reporting prompts companies to hold back on hiring and spend capital on share buybacks to meet short-term forecasts.

The lawsuit accused JPMorgan of sending white advisors to wealthier places while assigning black colleagues to less lucrative branches and denying them opportunities.