JPMorgan CEO Jamie Dimon Urges Caution Amid Debt Ceiling Standoff

JPMorgan CEO Jamie Dimon said the bank is convening weekly meetings to discuss the implications of a potential US default, with the bank's "war room" likely to start daily meetings on May 21. Dimon also commented on the banking crisis, saying regional banks are "quite strong" after reporting good earnings, but the industry and regulators should "just be prepared for problems." He expects more regulation on the banks, but stressed the need to proceed carefully. JPMorgan has hedged First Republic Bank's interest rate exposure after buying the company when it collapsed into receivership earlier this month.