JP Morgan Chase CEO Dimon on Greek Default: “The real issue is Spain and Italy”

JP Morgan Chase (NYSE:JPM) CEO Jamie Dimon thinks the effect on American banks (NYSEARCA:KBE) of a default by Greece would be minute, and while Europe could experience bad results, he is not worried about ugly surprises in the region, said a report by CNBC.

According to the report, Dimon said he would not be surprised by a Greek default, adding, “I don’t think that in and of itself is going to be the disaster.” Dimon said he believes that Greece, Portugal and Ireland are not the primary problem. “The real issue is Spain and Italy,” he said.

Greek debt needs to be restructured, said Dimon, and Italy and Spain both need to exhibit discretion and policies for growth.

Here’s how big banks traded today after Dimon’s comments:

JPMorgan Chase & Co. (NYSE:JPM): JPM shares recently traded at $37.49, down $0.11, or 0.29%. They have traded in a 52-week range of $27.85 to $48.36. Volume today was 24,021,237 shares versus a 3-month average volume of 39,690,400 shares. The company’s trailing P/E is 8.37, while trailing earnings are $4.48 per share.

Citigroup, Inc. (NYSE:C): C shares recently traded at $30.40, up $0.44, or 1.47%. They have traded in a 52-week range of $21.40 to $49.60. Volume today was 39,708,763 shares versus a 3-month average volume of 55,363,400 shares. The company’s trailing P/E is 8.23, while trailing earnings are $3.69 per share.

Bank of America Corporation (NYSE:BAC): BAC shares recently traded at $7.29, down $0.06, or 0.82%. They have traded in a 52-week range of $4.92 to $14.95. Volume today was 207,985,664 shares versus a 3-month average volume of 272,758,000 shares. The company’s trailing P/E is 728.50, while trailing earnings are $0.01 per share.

Wells Fargo & Company (NYSE:WFC): WFC shares recently traded at $29.09, down $1.11, or 3.68%. They have traded in a 52-week range of $22.58 to $34.25. Volume today was 34,454,032 shares versus a 3-month average volume of 33,600,100 shares. The company’s trailing P/E is 10.32, while trailing earnings are $2.82 per share.