JPMorgan (JPM) - Get Report CEO Jamie Dimon said Tuesday that he believed there are “pretty good odds” of a fast rebound from the coronavirus economic shutdown, starting in the third quarter, according to news reports.
Dimon made his comments at a virtual conference hosted by Deutsche Bank.
“You could see a fairly rapid recovery,” Dimon said, according to Bloomberg. “The government has been pretty responsive, large companies have the wherewithal, hopefully we’re keeping the small ones alive.'
Dimon said he expected the bank to increase its credit reserves again in the second quarter by an amount “roughly equivalent” to the $7 billion it added in the first quarter to protect the bank from a potential wave of loan defaults.
However, Dimon did warn that a prolonged downturn is still possible.
“If it does go on for a year, it won’t be very good,” he said. “You can’t prop up the stock market forever.”
Cramer said that the V-shaped recovery is back on the table after Dimon's comments.
"He put the V-trade back on the table," said Cramer.