Jamie Dimon Admits JPMorgan Could Lose $3 Billion If European Countries Default

Jamie Dimon

Photo: AP

JPMorgan CEO Jamie Dimon has admitted his company stands to lose $3 billion if countries on the continent default.In a letter to shareholders obtained by Bloomberg, Dimon admitted that the bank had exposures to both Ireland and Greece, as well as three other countries.

Dimon stands by the investments, however. “But we are in the business of taking risks in support of our clients and believe that this is a risk worth bearing since we hope to be growing our business in these countries for decades,” he wrote.

Don’t miss: The 21 countries most likely to default >

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