JPMorgan CEO: ‘This may be the most dangerous time the world has seen in decades’

International News | The Hill

JPMorgan reported solid third-quarter profits Friday, but CEO Jamie Dimon warned that the world is experiencing its “most dangerous time” in recent decades.

“This may be the most dangerous time the world has seen in decades,” Dimon wrote in a statement. “While we hope for the best, we prepare the Firm for a broad range of outcomes so we can consistently deliver for clients no matter the environment.”

Dimon pointed to the ongoing war in Ukraine and the recent attack on Israel, saying they “may have far-reaching impacts on energy and food markets, global trade, and geopolitical relationships.”

Dimon said U.S. consumers and businesses are generally healthy, but the government’s large fiscal deficits and “extremely high” debt levels increased the risk that inflation remain high in the near future.

JPMorgan reported a net income of $13.2 billion, $4.33 per share. That levels marks an increase from the third-quarter net income for fiscal 2022 of $9.7 billion, $3.12 per share.

Dimon acknowledged that the increase was boosted by “over-earning on both net interest income and below normal credit costs,” adding that both “will normalize over time.”

Dimon’s comments come as Congress approaches a government shutdown deadline Nov. 17. As Congress struggles to elect a Speaker, legislative momentum has stalled on passing appropriations bills and taking steps to assist in global conflicts — including providing aid to Ukraine and to Israel.