JPMorgan Chase CEO Jamie Dimon has warned that there may be “cockroaches” in the U.S. economy that could spell total meltdown.
The top banker cautioned that despite the stock market’s strong performance, there may be masked issues that could spark a downturn similar to the 2008 financial crisis.
“I shouldn’t say this, but when you see one cockroach, there’s probably more. Everyone should be forewarned on this one,” said Dimon on the bank’s earnings call Tuesday with analysts, according to the Guardian.
Dimon cited the collapse of subprime auto lender Tricolor Holdings and car parts supplier First Brands as potential red flags about the health of the credit industry.
Tricolor Holdings filed for bankruptcy last month after being accused of double-pledging, which is when an entity uses th