The current banking crisis in the United States (US) is "nothing like 2008," but its effects will be felt for years, according to Jamie Dimon, the chief executive officer of JPMorgan Chase.

"It is not clear when this current crisis will end," he said, as per an AFP report.

In his annual shareholder letter, Dimon said recent bank collapses "have significantly changed the market's expectations," leading to a decline in stocks and a higher probability of recession.

He collaborated with Washington officials to guide the financial sector's response to the crisis.

Similar to 2008, Dimon has tried to support the system, this time by assisting First Republic Bank after the collapses of Silicon Valley Bank, Signature Bank, and Credit Suisse.

First Republic's situation has improved with a $30 billion joint lifeline from 12 banks, but the industry is not completely out of the woods yet, according to Dimon.

The US Federal Reserve may need to maintain high interest rates for longer than currently anticipated, he said.

According to Dimon, potential risks on the horizon are prolonged higher inflation, the market effects of quantitative tightening, and increasing political risks, which he considers more likely than the market's predictions.

He said the Fed didn't test for higher interest rates, which was a catalyst in recent failures.