JP Morgan boss Jamie Dimon has warned that this ”may be the most dangerous time the world has seen in decades”.
Pointing to the ongoing war in Ukraine and the Israel-Hamas conflict, he said that there will be a sustained impact on trade, geopolitics and the markets. He stated: “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.” He pointed to the high risk that inflation will remain high and that interest rates will rise further.
The comments were made as the Wall Street bank revealed that its profits had risen in the third quarter thanks to its acquisition of the First Republic Bank and also rising rates. Reuters reported: “While the market for mergers and acquisitions (M&A) and initial public offerings (IPOs) is showing signs of recovery, lingering economic uncertainty continues to be a drag on deal making activity.”
