'Not entirely sure I agree' recession will be 'mild' -CIO

STORY: Major U.S. banks stockpiled more rainy-day funds to prepare for a possible recession and reported weak investment banking results, but said consumers remained healthy and higher rates boosted profits.

JPMorgan Chase & Co Chief Executive Jamie Dimon said on Friday that the bank set aside $1.4 billion in anticipation of a mild recession, even as it beat forecasts for quarterly profit on the back of a strong performance at its trading unit.