and
Jamie Dimon
JPMorgan boss Jamie Dimon

三级成人视频JP Morgan could be forced to axe its dividend for the first time in history if America is gripped by a deep recession, boss Jamie Dimon has warned.

三级成人视频The lender would consider suspending pay-outs if the US economy shrinks by a third or more during the second quarter of 2020, Mr Dimon said.

三级成人视频He added that JP Morgan is not immune to the crisis and that profits will fall meaningfully in 2020 as billions of dollars of loans go sour. The bank made a record $36.4bn (£28bn) last year. 

Cutting the dividend would be unprecedented. JP Morgan did not even scrap payouts during the financial crisis. In the worst-case scenario, the bank said that the US economy could shrink by 35pc in the second quarter of 2020 and the unemployment rate could jump to 14pc.

Mr Dimon has run JPMorgan since 2005, making him the only person still in charge of a major lender who took up the role before the last recession struck. 

The 64-year-old's warning about dividends comes a week after the Bank of England told British lenders to axe billions of pounds worth of upcoming payouts as a result of the coronavirus pandemic in a move that angered investors. European banks have also been told to halt the payments. 

However, Wall Street banks are expected to defend paying dividends in proposals due to be submitted to the Federal Reserve on Monday, sources told the Financial Times

British insurers continue to mull whether they will pay dividends as planned after Legal & General (L&G) defied the Bank of England last Friday and committed to a £753m giveaway. 

三级成人视频L&G’s London-listed rivals remained silent on Monday over whether they would follow suit. 

三级成人视频Bosses at the Bank of England, which has not responded publicly to L&G's announcement, told insurers last week to be prudent in determining whether they pay dividends and bonuses. 

三级成人视频The European Union's insurance watchdog has also urged firms to suspend dividends, but German regulators broke ranks by suggesting the likes of Allianz could carry on paying out. 

Insiders said the Bank of England has left insurers in a difficult position by failing to give clear instructions.

三级成人视频One source said: "It leaves a lot of onus on boards." 

三级成人视频Most large insurers feel they can afford to pay their dividends and believe they have built up reserves strong enough to withstand the crisis. 

Sources close to Prudential, another FTSE 100 insurer, suggested it is under less pressure to halt its dividend as the firm's main regulator is in Hong Kong.