JP Morgan Chase CEO Jamie Dimon told shareholders in his annual letter than the next financial crisis could be more volatile than that of 2008-2009. He says that’s due to a rapid decline in valuations because regulators have hamstrung banks. He devoted 3 pages in the letter to what may happen in the next crisis, warning that the ability of Chase and other banks to act as shock absorbers had been dramatically hindered by new capital and liquidity rules. Dimon also warned that non-bank lenders, which have taken over part of the market previously occupied by banks, would not continue rolling over loans or extending new credit.
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