JPMorgan CEO: Nonbank lending poses a danger

by Rachel.Norvell13 Oct 2014

Jamie Dimon, CEO of JPMorgan Chase, said recently he doesn’t believe a lot will keep the U.S. economy down – except for nonbank financial systems.

At the Institute of International Finance membership meeting in Washington, D.C., Friday, Dimon was asked what keeps him up at night; he replied that nonbank lending poses a danger, "because no one is paying attention to it." He added the system is "huge" and "growing,” according to CNBC.

The head of the largest U.S. banks in assets also said he is concerned about the hacking of bank computer systems. JPMorgan already spends about $250 million a year on cybersecurity, but that amount could double during the next four or five years. Earlier this year, about 76 million American households were affected by the JPMorgan security breach.

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