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DIMON: JPMorgan is prepared for $30 oil
(Reuters)
JPMorgan CEO Jamie Dimon.
Jamie Dimon isn't sweating dropping oil prices.
"We've stress tested for $30 [per barrel] oil," Dimon said during the question-and-answer portion of JPMorgan's third-quarter earnings call.
The bank boosted reserves in the wholesale business in the third quarter following oil- and gas-related downgrades.
Dimon said that, at most, the bank would have to stock away another $750 million in capital reserves to offset potential losses.
The energy sector has been wreaking havoc on big Wall Street banks, with Jefferies reporting substantial losses in its credit business resulting from distressed energy positions.
It is also expected that big banks will pull the plug on lending to energy companies.
It remains to be seen if stress testing at $30 a barrel of oil will be enough to thwart another major market hiccup.
Goldman Sachs, for example, is predicting a possible fall to $20 a barrel.
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