Jamie Dimon, CEO and Chairman of JPMorgan Chase, speaks during the U.S. Senate Committee on Banking, Housing and Urban Affairs’ oversight hearing on Wall Street companies on Capitol Hill in Washington, U.S., December 6, 2023.
Evelyn Hochstein | Reuters
JPMorgan Chase CEO Jamie Dimon believes global risks are rising as conflicts in the Middle East continue to expand and Russia’s invasion of Ukraine shows no signs of abating.
“We have been closely monitoring the geopolitical situation for some time, and recent events have shown that the situation is dangerous and getting worse,” Dimon said in the bank’s third-quarter earnings report on Friday.
“Humanity has suffered tremendously and the outcomes of these circumstances can have profound consequences for short-term economic outcomes and, more importantly, the course of history,” he said.
Dimon said last month that the international order established since the end of World War II was unraveling due to conflicts in the Middle East and Ukraine, escalating tensions between the United States and China and the risk of “nuclear deception” by Iran, North Korea and Russia. .
“Guys, this is intensifying and it’s going to take real strong leadership from the United States and leaders from the Western world to take action on this,” Dimon said during the fireside chat. “This is my biggest concern and it’s made me think about it since The issues I have been caring about since I started working pale in comparison.”
The ongoing conflict between Israel and Hamas recently reached the one-year mark and shows few signs of slowing down since Hamas launched an attack on October 7, 2023, sparking war. tens of thousands has been killed As the conflict expanded into fighting on multiple fronts, including with Hezbollah and Iran.
At least 22 people died More than 100 people were injured in an Israeli airstrike in Beirut, Lebanon, on Thursday. On October 1, Iran launched more than 180 missiles at Israel, and there are growing concerns that Israeli retaliation may target Iranian oil facilities.
Meanwhile, analysts said the Russian government last week approved a draft budget that would increase defense spending by 25% over 2024 levels, signaling Russia’s determination to continue its invasion of Ukraine.
Dimon also said on Friday that he remained cautious about the future of the economy despite signs that the Fed had achieved a soft landing.
“While inflation is slowing and the U.S. economy remains resilient, a number of key issues remain, including large fiscal deficits, infrastructure needs, trade restructuring and the remilitarization of the world,” Dimon said. “While we hope for the best, But these events and the prevailing uncertainty show why we must be prepared for any environment.”
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