The CEO of China Merchants Bank stated that the current situation is similar to that before the 2008 financial crisis.

When asked about the fierce competition in the financial industry, JPMorgan Chase CEO Jamie Dimon said he is starting to see similarities to the months before the 2008 financial crisis, when a lending frenzy ultimately ended in catastrophic results. "Unfortunately, we saw almost the same situation in 2005, 2006, and 2007 - where everything was booming and everyone was making tons of money," Dimon told investors on Monday. He said that while JPMorgan Chase is not willing to engage in riskier lending just to increase net interest income, "I see some people doing stupid things. They are just doing dumb things for the sake of creating net interest income." Dimon said he expects the credit cycle to deteriorate again, although he is unsure of the specific timing.