Jamie Dimon, Chairman of the Board and Chief Govt Officer of JPMorgan Chase & Co., gestures as he speaks throughout an interview with Reuters in Miami, Florida, U.S., February 8, 2023.
Marco Bello | Reuters
“This can be probably the most harmful time the world has seen in a long time,” CEO Jamie Dimon mentioned in an announcement that accompanied the financial institution’s earnings information launch.
The pinnacle of the biggest U.S. financial institution by property cited the continued conflict in Ukraine in addition to the assaults Hamas launched on Israel final weekend that he mentioned “might have far-reaching impacts on vitality and meals markets, international commerce, and geopolitical relationships.”
Past the navy conflicts, Dimon cited the burgeoning nationwide debt and “the biggest peacetime fiscal deficits ever” that he mentioned are elevating the dangers that inflation and rates of interest stay excessive.
Together with the excessive charges, he talked about the Federal Reserve’s efforts to scale back its bond holdings. The method, generally known as quantitative tightening, “reduces liquidity within the system at a time when market-making capabilities are more and more restricted by laws,” he mentioned.
Dimon not too long ago has mentioned that he has been warning shoppers concerning the chance that rates of interest might not solely keep elevated but additionally may rise considerably from right here.
“Whereas we hope for one of the best, we put together the Agency for a broad vary of outcomes so we will constantly ship for shoppers regardless of the atmosphere,” he mentioned.
JPMorgan Chase confirmed a $13.15 billion, or $4.33 a share, revenue for the July-through-September interval, a 35% soar from a yr in the past. Dimon additional cautioned that the efficiency got here from advantages to web curiosity revenue and credit score prices that probably will not final.