Jamie Dimon, Chairman of the Board and Chief Executive 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
JPMorgan Chase delivered strong profits for the third quarter together with a stern warning Friday from its prime government about the perils the world faces from a number of threats.
“This could also be the most dangerous time the world has seen in decades,” CEO Jamie Dimon stated in an announcement that accompanied the bank’s earnings news release.
The head of the largest U.S. financial institution by property cited the ongoing war in Ukraine in addition to the attacks Hamas launched on Israel last weekend that he stated “might have far-reaching impacts on vitality and meals markets, international commerce, and geopolitical relationships.”
Beyond the navy conflicts, Dimon cited the burgeoning nationwide debt and “the largest peacetime fiscal deficits ever” that he stated are elevating the dangers that inflation and interest rates stay excessive.
Along with the excessive charges, he talked about the Federal Reserve’s efforts to cut back its bond holdings. The course of, often called quantitative tightening, “reduces liquidity in the system at a time when market-making capabilities are more and more restricted by laws,” he stated.
Dimon just lately has stated that he has been warning clients about the chance that rates of interest might not solely keep elevated but in addition may rise considerably from right here.
“While we hope for the finest, we put together the Firm for a broad vary of outcomes so we will persistently ship for shoppers regardless of the atmosphere,” he stated.
JPMorgan Chase confirmed a $13.15 billion, or $4.33 a share, profit for the July-through-September period, a 35% soar from a yr in the past. Dimon additional cautioned that the efficiency got here from advantages to internet curiosity earnings and credit score prices that probably will not final.