The market meltdown that wiped out stocks' gains late last year will be a recurring feature of the trading environment, according to Daniel Pinto, co-president of J.P. Morgan Chase and head of its massive corporate and investment bank.
"Over time, you will probably see several more market events like we saw in December," Pinto said last week in an interview at the World Economic Forum meeting in Davos, Switzerland.
The S&P 500 crossed into bear market territory in intraday trading on Christmas Eve with an unnerving 20 percent decline from recent highs. It was the worst December for equities since 1931 and came amid concerns over a global economic slowdown. But those worries proved to be overblown, and by late January markets have bounced back.