March 8, 2018 / 2:38 PM / a year ago

JPM's Pinto sees possible 40 percent correction in equities: Bloomberg

FILE PHOTO: Traders work on the floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., March 2, 2018. REUTERS/Andrew Kelly

(Reuters) - Equity markets could fall as much as 40 percent in the next two to three years, JPMorgan Chase & Co (JPM.N) executive Daniel Pinto told Bloomberg Television in an interview.

“It could be a deep correction ... It could be between 20 percent and 40 percent depending on the valuation,” said Pinto, the Wall Street bank’s co-president.

He added that markets were “nervous” and if President Donald Trump goes beyond what he has already announced on steel tariffs, investors could react badly.

U.S. stocks have been hit by concerns over the possibility of a global trade war following Trump’s remarks last week.

Reporting by Parikshit Mishra in Bengaluru; Editing by Saumyadeb Chakrabarty

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