JPMorgan Chase CEO, Jamie Dimon, has warned investors that the next credit cycle will bring losses worse than expected. Dimon stressed that the immediate health of JPMorgan's book and broader systemic risk were separate issues. He also highlighted two structural problems in his annual shareholder letter, including weakening of credit standards across the board and lack of transparency in private credit. He warned that when conditions deteriorate, the pain will be worse than most people assume. He added that the future credit cycle likely will likely hit an unexpected sector, such as AI-disrupted software companies.