JPMorgan Projects 2020 Earnings To Decline Meaningfully

JPMorgan Chase & Co. (JPM) said it should be expected that the company's earnings will be down meaningfully in 2020. The company has stopped buying back its stock. JPMorgan will share, in detail, the impact from COVID-19 crisis on its financials during the first quarter earnings release in mid-April.

Jamie Dimon, CEO, said: "We don't know exactly what the future will hold - but at a minimum, we assume that it will include a bad recession combined with some kind of financial stress similar to the global financial crisis of 2008. Our bank cannot be immune to the effects of this kind of stress."

James Bell and Laban Jackson will be retiring from the company's Board immediately prior to the annual meeting. The company has nominated for election to the Board, Virginia Rometty, who will become Executive Chairman of IBM on April 6.

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