PROVIDENCE – Jamie Dimon isn’t worried about a recession.
During a recent visit to JPMorgan Chase & Co.’s Olneyville Chase Bank branch, the CEO and chairman of the financial services giant brushed off the swirling predictions of dreaded economic downturns. It’s not that he thinks those forecasts are wrong.
In fact, Dimon said a recession was “very possible” next year amid rising interest rates and fear over quantitative tightening. The company added $428 million to its loan loss provisions in the second quarter for that very reason, according to its latest earnings report.
But Dimon was confident that his company could weather the economic storm, whatever it holds.
“Whatever the future brings, JPMorgan is prepared,” Dimon said.
To that end, warnings of economic catastrophe have not stopped the company from forging ahead with its branch expansion plans, which include adding another nine branches to Rhode Island – bringing the total to 20 – by the end of 2025.
The next branch, slated for Taunton Avenue in East Providence, will open later this year, according to spokesperson Briana Curran. Future locations and opening dates have not been finalized, Curran said.
Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.
