Dimon's warning prompts steep drop in financial shares

12/12/2008 | CNBC · Financial Times (free content)

JPMorgan Chase CEO Jamie Dimon said the company is having a difficult fourth quarter, a warning that sent financial shares down Thursday. "It's all going to be unemployment driven," Dimon said. "Unemployment will drive commercial losses, real-estate losses, all consumer products' losses." Bank of America followed Dimon's comments with an announcement that it will cut as many as 35,000 jobs after acquiring Merrill Lynch. The bank said the reduction will take place during the next three years.

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CNBC · Financial Times (free content)

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