JPMorgan's Dimon says US banking turmoil not over, sees long repercussions

JPMorgan CEO, Jamie Dimon, has stated in his annual letter to shareholders that the current banking crisis is ongoing and will have repercussions for years to come after the failure of Silicon Valley Bank and Credit Suisse's rescue by UBS last month. Dimon warned that storm clouds are still threatening the economy and the market's odds of a recession have increased; the risks that led to the current crisis were "hiding in plain sight". Meanwhile, banks and lenders are becoming more conservative, which will cause a tightening of the financial conditions. Dimon also took aim at nonbank financial firms is his letter.