Jamie Dimon: The Worst is Ahead for Banks

Tuesday, May 20, 2008 2:03 PM

JPMorgan Chase CEO James Dimon says banks will suffer more from the recession than from the subprime debacle itself.

Investment banks have written down tens of billions of dollar so far, but the worst is not behind us yet, Dimon says. Banks will be hit harder as the recession unfolds.

"The recession is just starting,â€