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Jamie Dimon says JPMorgan has begun to prepare for potential US default

https://www.cnn.com/2021/09/28/business/jamie-dimon-jpmorgan-us-default/index.html

JPMorgan Chase CEO Jamie Dimon says America's largest bank is once again preparing for a potential US default even though he expects Congress to avoid that "potentially catastrophic" event by lifting the debt ceiling.

Treasury Secretary Janet Yellen told lawmakers Tuesday that the federal government will run out of cash and extraordinary measures by October 18, setting the stage for a potential default if Congress does not raise the debt limit before then.
Dimon said JPMorgan is combing through client contracts to prepare for a potential default.
"If I remember correctly, the last time we got prepared for this, it cost us $100 million," he said.