The fighting in Ukraine and the Hamas attack on Israel could have far-reaching consequences, perhaps marking the most dangerous time in decades, JPMorgan CEO Jamie Dimon said in a statement. report for the third quarter.
Events in Ukraine and the Middle East could have far-reaching consequences for energy and food markets, global trade and geopolitical relations, Dimon said.
“This may be the most dangerous time the world has seen in decades. While we hope for the best, we are preparing the firm for a wide range of outcomes so that we can consistently deliver services to clients regardless of the environment,” the report said.
After the start of the special operation in Ukraine, Dimon in his annual message told shareholders that JPMorgan could lose about $1 billion on its business in Russia. Dimon then warned that a combination of three factors could have a significant impact on the global economy and geopolitics: the US recovery from the effects of the COVID-19 pandemic, high inflation, which is leading to higher interest rates and the curtailment of the anti-crisis asset buyback program, as well as the conflict in Ukraine and the accompanying humanitarian crisis.