Dimon: 'Bad recession' is coming

Jamie Dimon, the chief executive of the biggest U.S. bank, said he expects the coronavirus pandemic to inflict "a bad recession" and financial stress similar to that of the global crisis of 2008. The JPMorgan CEO wrote in his annual letter to shareholders that his bank won't be immune to the downturn. Dimon's comments came as the International Monetary Fund declared a global recession underway that will be worse than the 2008 crisis, and as economists say the data required to "reopen" the economy is not yet available.