Banks should have prepared investors for potential dividend cuts on their own through a “massive public relations” campaign, said Mayra Rodríguez Valladares, managing principal at the consulting firm MRV Associates. While JPMorgan Chase & Co. CEO Jamie Dimon has mentioned scenarios under which the country’s largest bank would consider suspending dividends, other major banks have yet to publicly prepare shareholders for that possibility.

The longer they wait, the more likely investors “will be shocked and punish” their stocks if they do cut their dividends, Rodríguez Valladares said.