Jamie Dimon isn't worried about an oil price crash
Reuters
"We've stress tested for $30 [per barrel] oil," Dimon said during the Q&A portion of JPMorgan's third quarter earnings call.
The bank boosted reserves in the wholesale business in the third quarter following oil and gas-related downgrades.
Dimon said that, at most, the bank would have to stock away another $750 million in capital reserves to offset potential losses.
The energy sector has been wreaking havoc on big Wall Street banks, with Jefferies reporting substantial losses in its credit business resulting from distressed energy positions.
It is also expected that big banks will pull the plug on lending to energy companies.
It remains to be seen if stress testing at $30 a barrel of oil will be enough to thwart another major market hiccup.
Goldman Sachs, for example, is predicting a possible fall to $20 a barrel.
NOW WATCH: These facts about Texas will blow your mind
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- A centenarian who starts her day with gentle exercise and loves walks shares 5 longevity tips, including staying single
- 2 states where home prices are falling because there are too many houses and not enough buyers
- "To sit and talk in the box...!" Kohli's message to critics as RCB wrecks GT in IPL Match 45
- 7 Nutritious and flavourful tiffin ideas to pack for school
- India's e-commerce market set to skyrocket as the country's digital economy surges to USD 1 Trillion by 2030
- Top 5 places to visit near Rishikesh
- Indian economy remains in bright spot: Ministry of Finance
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market