Daily News: October 14, 2013

JPMorgan’s Dimon and Deutsche’s Jain Warn Against Default

Bloomberg reported that the heads of JPMorgan Chase and Deutsche Bank warn that lawmakers shouldn’t risk a default on U.S. debt because the impact would be devastating and the full extent of the damage isn’t knowable in advance.

JPMorgan Chief Executive Officer Jamie Dimon said the U.S. cannot and, in his opinion, will not default, during a panel discussion at a financial industry conference in Washington, Bloomberg reported.

Bloomberg said further that Deutsche Bank Co-CEO Anshu Jain called the prospect of even a small default “utterly catastrophic.”

To read the entire Bloomberg article, click here.