Reuters exclusively reports JPMorgan’s Dimon cautions a U.S. default would be ‘potentially catastrophic’

Reuters exclusively reported that Chief Executive Jamie Dimon said JPMorgan Chase & Co has begun preparing for the possibility of the United States hitting its debt limit, adding he nevertheless expected policymakers to find a solution to avoid that “potentially catastrophic” event. The country’s largest lender has begun scenario-planning for how a potential U.S. credit default would affect the repo and money markets, client contracts, its capital ratios and how ratings agencies would react.