JPMorgan Chase CEO Jamie Dimon warned investors Monday that competition in the financial industry is prompting risky lending behavior reminiscent of the 2008 financial crisis. Speaking at a bank event, Dimon said he's observing rivals making dumb decisions to boost net interest income through riskier loans, drawing parallels to the pre-crisis era of 2005-2007.

Dimon, who navigated JPMorgan through the 2008 crisis and acquired two collapsed competitors, said the bank won't follow suit with riskier lending practices. He noted that while the current credit cycle remains strong, he expects it will eventually sour again, though he couldn't predict when. The CEO's comments came as banks face intense pressure to grow earnings in a competitive lending environment.

Dimon's warning carries particular weight given his experience leading the largest U.S. bank through the last financial crisis. His observations suggest growing concern among banking executives about deteriorating lending standards as institutions chase higher yields in a low-rate environment.