Jamie Dimon proclaims the credit crunch is nearly over....

But the U.S. recession is "just beginning" and that there's a one out of three chance that this one could be as bad as the early 1980's.  He also commented on how the Bear Stearns merger is going.  The firm lost  "several billion dollars since March 17", the announcement date of the merger....

At an investor conference Monday, Mr. Dimon referred to the merger with Bear Stearns -- a highly-watched deal set to close around June 1 -- as "mission: not accomplished." Mr. Dimon said the entire merger process will last through 2009, but provided a number of indications that the New York bank is well on its way.

Although the deal remains some weeks from closing, Mr. Dimon said J.P. Morgan has already found new job positions for 40% of Bear Stearns staffers, even as Wall Street endures heavy rounds of layoffs. Mr. Dimon reiterated previous comments that the remaining Bear Stearns employees will know their fates by the time the merger closes.

Dimon: Credit Crunch Nearly Over - Wall Street Journal