JPMorgan profit jumps 35%, but CEO says geopolitics and gov't inaction have led to 'dangerous time'
abcnews.go.comJPMorgan Chase’s third-quarter profit soared 35% from last year, fueled by a rapid rise in interest rates, but the bank’s CEO, Jamie Dimon, issued a sobering statement about the current state of world affairs and economic instability
NEW YORK — JPMorgan Chase's third-quarter profit soared 35% from last year, fueled by a rapid rise in interest rates, but the bank's CEO, Jamie Dimon, issued a sobering statement about the current state of world affairs and economic instability.
“This may be the most dangerous time the world has seen in decades,” Dimon wrote in the bank's earnings statement.
Dimon laid out a laundry list of major issues: the Russia-Ukraine War, the new war between Israel and the Palestinians in Gaza, high levels of government debt and deficits, high inflation, as well as the tight labor market, where worker demands for increased wages have led to high-profile strikes in manufacturing and entertainment.
“While we hope for the best, we prepare (JPMorgan) for a broad range of outcomes so we can consistently deliver for clients no matter the environment,” he said.
Dimon often weighs in on global and economic issues that go beyond the scope of banking. He's often seen as the banker that Washington and global leaders can turn to for advice, solicited or unsolicited. His comments are likely to reverberate through Washington and Corporate America.
In a call with reporters, Dimon said he was in regular contact with his major competitors on Wall Street regarding the geopolitical and economic situation.
Despite the uncertainties, the bank remains optimistic on both the U.S. consumer and the U.S. economy. Jeremy Barnum, the bank’s chief financial officer, said the bank was not observing any “acute pain” in
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