Banking guru issues chilling warning for the world
JP Morgan Chase's boss says interest rates could rise because of conflict
A banking boss says the world could be facing "the most dangerous time...in decades".
Jamie Dimon, the chief executive of JP Morgan Chase told investiors he was concerned about the risks rising geo-political tensions could pose to the economy. He said wars in Ukraine and Israel would hit energy and food prices as well as global trade.
It comes after thousands of people have been killed in Israel and Gaza after an attack by Palestinian terrorist group Hamas. Dimon, who leads America's largest bank, spoke as the firm unveiled its quarterly results, reports the BBC.
It reported $13bn (£10.7bn) in profit over the three months to September, up 35% from the same period in 2022. Dimon said the bank benefited from US households and businesses being in healthy financial shape.
Dimon however warned there are many risks emerging that oculd damage the global economy. He said: "My caution is that we are facing so many uncertainties out there."
He told investors they should be prepared for higher interest rates, persistent inflation and fallout from conflicts. He continued: "The war in Ukraine compounded by last week's attacks on Israel may have far-reaching impacts on energy and food markets, global trade, and geopolitical relationships.
"This may be the most dangerous time the world has seen in decades."
Similar concerns about the global economy were raised during discussions about Citigroup's results. The bank;s chief financial officer Mark Mason said: "There's a lot of uncertainty that ultimately gets factored into how things play out."
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Dimon, who has led JP Morgan Chase for almost 20 years, is known for beig outspoken on political issues. He has comdemned attacks by Hamas on Israel, and earllier this week told employees the bank stood with "the people of Israel".
He added: "Terrorism and hatred have no place in our civilized world, and all of our hearts here at JP Morgan Chase go out to all who are suffering."
