JPMorgan chief executive Jamie Dimon said industry turmoil sparked by the failure of Silicon Valley Bank last month is nothing like the 2008 financial crisis, but it will nonetheless have repercussions for years.

In his annual letter to shareholders released 4 April, the head of the country’s largest bank said the current crisis “involves far fewer financial players and fewer issues that need to be resolved” than in 2008, when $1tn worth of dodgy mortgages threatened to bring down the entire financial system.