Maybe the recovery hasn't started yet. JP Morgan CEO Jamie Dimon alluded to the possibility of more trouble ahead on a Friday conference call.

Betsy Graseck of Morgan Stanley asked if there was anything preventing JP Morgan from raising its dividend.

Dimon: Not really. I think we’ve said we really want to see a real recovery before we do that because we don’t want to have to do this again, just in case you have another dip down here.

Finally, Calyon analyst Mike Mayo tried to clear things up. “So you expect [nonperforming assets] to go down in mid or late 2010?”

Dimon: “Well, Mike, we don’t know when the recovery is.”