JPMorgan Chase & Co., the largest bank by assets in the United States and one of the largest in the world, needs to be ready for a Grexit, according to CEO Jamie Dimon.
In his annual letter to shareholders, released late on Wednesday, offered views a wide range of topics— including Greece.
“We must be prepared for a potential exit,” Dimon said Wednesday in a letter to shareholders of his New York-based bank, speaking about Greece. “We continually stress test our company for possible repercussions resulting from such an event.”
“Regarding the Eurozone, we must be prepared for a potential exit by Greece. We continually stress test our company for possible repercussions resulting from such an event (even though, in our opinion, after the initial turmoil, it is quite possible that it would prompt greater structural reform efforts by countries that remain),” Dimon wrote.
Dimon might have more than just a business interest in what’s happening in Greece. His roots in the industry go back to his grandfather, a Greek immigrant from Smyrna who was a broker and taught Jamie’s father, Theodore Dimon, the business.
Simon’s dad and grandfather, who modified their name from Papademetriou, were partners for 19 years. As a teen, Dimon worked summers in his father’s New York office. While he was in junior high school, the family moved to a Park Avenue apartment, a big change from the ethnic neighborhood of Queens, where Dimon grew up.