Good banks do not collapse in times of turmoil. But the best banks do more than that – they are so buttressed against stress that when it strikes, they not only emerge unscathed but can act decisively in support of the whole sector. JPMorgan was that bank in March 2023, able to play that role because of its consistently superior performance.
JPMorgan and its chief executive Jamie Dimon are among the select few to have transcended their industry. The bank’s views and actions command attention the world over, and not just in matters that relate to finance. Like a celebrity superstar, Dimon is often referenced by just his first name. His is the opinion that is sought out at critical times.
And the country hit just one of those in March 2023, as poor risk management came home to roost among some of the weakest regional bank franchises in the US.