January 15, 2012
MILAN – JPMorgan Chase & Co could lose up to $5 billion from its exposure to Portugal, Ireland, Italy, Greece and Spain, Chief Executive Jamie Dimon said in an interview with Class CNBC, carried in Italian newspaper Milano Finanza on Saturday.
Dimon said the bank was exposed to the five countries (PIIGS) to the tune of around $15 billion.
“We fear we could lose up to $5 billion … We hope the worst won’t happen, but even if it did happen, I wouldn’t be pulling my hair out,” he said.
Dimon said Europe was the worst problem for the banking sector.