JPMorgan Chase CEO Jamie Dimon warns that current world events, such as Israel's war against Hamas and Hezbollah and Russia's invasion of Ukraine, could have adverse effects on both the economy and history.
Urgent: Ex-Morgan Stanley Banker Reveals How to Survive Dollar Collapse! See Here
Dimon spoke of "the geopolitical situation" in JPMorgan Chase's third-quarter earnings release on Friday.
"We have been closely monitoring the geopolitical situation for some time, and recent events show that conditions are treacherous and getting worse," Dimon said in the release.
"There is significant human suffering, and the outcome of these situations could have far-reaching effects on both short-term economic outcomes and more importantly on the course of history."
On Tuesday, Dimon declined to endorse a candidate in the 2024 presidential election race between former President Donald Trump and Vice President Kamala Harris.
Regardless of who wins the White House, Dimon said, the next president will face serious challenges.
"Additionally, while inflation is slowing and the U.S. economy remains resilient, several critical issues remain, including large fiscal deficits, infrastructure needs, restructuring of trade and remilitarization of the world," Dimon said in the release.
"While we hope for the best, these events and the prevailing uncertainty demonstrate why we must be prepared for any environment."
During a fireside chat at Georgetown University last month, Dimon spoke about the geopolitical situation, which includes the Israel and Russian wars, the U.S.-China relationship, and "the attack, fundamentally, on the rule of law that was set up after World War II."
"It's ratcheting up, folks, and it takes really strong American leadership and Western world leadership to do something about that," Dimon said at Georgetown. "That's my No. 1 concern, and it dwarves any one I've had since I've been working."
Dimon expressed his geopolitical concerns Friday despite JPMorgan's third-quarter earnings exceeding Wall Street's expectations.
Important: Trump Adviser's Warning to All American Investors... See Here
America's largest bank posted a 7% year-on-year rise in revenue to $42.7 billion, pushing earnings per share up 1% to $4.37, ahead of Alphasense's consensus estimate, Business Insider reported.
Charlie McCarthy ✉
Charlie McCarthy, a writer/editor at Newsmax, has nearly 40 years of experience covering news, sports, and politics.
© 2024 Newsmax. All rights reserved.