JPMorgan Chase CEO and Chairman Jamie Dimon speaks during the U.S. Senate Banking, Housing and Urban Affairs Committee oversight proceeding connected Wall Street firms, connected Capitol Hill successful Washington, U.S., December 6, 2023.
Evelyn Hockstein | Reuters
JPMorgan Chase CEO Jamie Dimon sees risks climbing astir the satellite amid widening conflicts successful the Middle East and with Russia's penetration of Ukraine showing nary signs of abating.
"We person been intimately monitoring the geopolitical concern for immoderate time, and caller events amusement that conditions are treacherous and getting worse," Dimon said Friday successful the bank's third-quarter net release.
"There is important quality suffering, and the result of these situations could person far-reaching effects connected some short-term economical outcomes and much importantly connected the people of history," helium said.
The planetary bid successful spot since the extremity of World War II is unraveling successful airy of conflicts successful the Middle East and Ukraine, rising U.S.-China tensions, and the hazard of "nuclear blackmail" from Iran, North Korea and Russia, Dimon said past period during a fireside chat held astatine Georgetown University.
"It's ratcheting up, folks, and it takes truly beardown American enactment and Western satellite leaders to bash thing astir that," Dimon said astatine Georgetown. "That's my No. 1 concern, and it dwarves immoderate I've had since I've been working."
The ongoing struggle betwixt Israel and Hamas precocious deed the one-year people since Hamas' onslaught connected Oct. 7, 2023, sparked war, and determination person been fewer signs of it slowing down. Tens of thousands of people have been killed as the struggle has broadened into warring connected aggregate fronts, including with Hezbollah and Iran.
At least 22 radical were killed and much than 100 injured successful Beirut from Israeli airstrikes connected Thursday. Iran launched much than 180 missiles against Israel connected Oct. 1, and worries person risen that an Israeli retaliation could people Iranian lipid facilities.
Meanwhile, the Russian authorities approved a draught fund past week that boosted defence spending by 25% from 2024 levels, a motion that Russia is determined to proceed its penetration of Ukraine, analysts say.
Dimon besides said Friday that helium remained wary astir the aboriginal of the economy, contempt signs that the Federal Reserve has engineered a soft landing.
"While ostentation is slowing and the U.S. system remains resilient, respective captious issues remain, including ample fiscal deficits, infrastructure needs, restructuring of commercialized and remilitarization of the world," Dimon said. "While we anticipation for the best, these events and the prevailing uncertainty show wherefore we indispensable beryllium prepared for immoderate environment."
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