JPMorgan Chase CEO Jamie Dimon has warned that the likelihood of a recession has increased in the aftermath of the turmoil produced by the recent banking crisis and specifically the collapse of the regional lender Silicon Valley Bank, since the entire situation has led to banks significantly tightening credit.

In an interview with CNN on Thursday, Dimon said, “We are seeing people reduce lending a little bit, cut back a little bit and pull back a little bit,” noting that while the turmoil by itself will not trigger a recession, “it is recessionary.”

Dimon’s statement comes on the heels of his earlier comments this week, noting that the crisis was not yet completely over, and its effects would be felt for years to come. He had noted in his annual letter to shareholders on Tuesday that the recent banking crisis had, “significantly changed the market’s expectations, bond prices have recovered dramatically, the stock market is down and the market’s odds of a recession have increased.”

He noted the recent turmoil, “provoked lots of jitters in the market and will clearly cause some tightening of financial conditions as banks and other lenders become more conservative.”

Silicon Valley Bank and another crypto-focused lender, Signature bank, both collapsed within days of each other, after enduring massive deposit runs earlier in March. A third bank, First Republic, nearly collapsed, requiring a $30 billion rescue in the form of uninsured deposits from top Wall Street banks, including JPMorgan. The big banks joined the rescue package amid fears that if First Republic collapsed, it might trigger a cascading crisis of confidence in the US financial system which could set off a domino effect of collapsing financial institutions and ever-declining confidence in the financial system.

The crisis of confidence then spread to Europe, where Swiss lender Credit Suisse found its outflows accelerating, and its liquidity being depleted. As fears of its collapse grew, the Swiss government stepped in, ultimately brokering a deal whereby the troubled lender was taken over by larger rival UBS, for $3 billion as well as government assistance and numerous guarantees.

Dimon also called on authorities to enact more regulation on the financial sector, noting it was dangerous to be pushing financial services to non-banks and shadow-banks.