The worst of the economic situation is not yet behind us. It looks as if it will continue to deteriorate for most of 2009. In terms of our sector, we expect consumer loans and credit cards to continue to get worse.

When we look back at industry excesses in areas such as highly leveraged lending and securitisation, it is clear that some of these markets will never come back. In the next few years, the industry will go back to basics: serving individual and corporate customers as best as we can.

—Jamie Dimon in an FT interview and reflecting on profits of 1/3 the size of 2007 ($5b vs $15b)