Our old friend Jamie Dimon has a bit of a situation on his hands. Having a $15 billion exposure is not insignificant and if the estimates today are anything like the conservative estimates that we heard about back in 2008, it may be worse. It's highly likely that other US banks have exposure as well, so 2012 could be a bit bouncy in the banking industry.
JPMorgan Chase & Co could lose up to $5 billion from its exposure to Portugal, Ireland, Italy, Greece and Spain, Chief Executive Jamie Dimon said in an interview with Class CNBC, carried in Italian newspaper Milano Finanza on Saturday. Dimon said the bank was exposed to the five countries (PIIGS) to the tune of around $15 billion. "We fear we could lose up to $5 billion ... We hope the worst won't happen, but even if it did happen, I wouldn't be pulling my hair out," he said.