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 robust earnings for the third quarter together with a stern warning Friday from its prime government in regards to the perils the world faces from a number of threats.
“This may be the most dangerous time the world has seen in decades,” CEO Jamie Dimon mentioned in an announcement that accompanied the financial institution’s earnings news launch.
The head of the most important U.S. financial institution by belongings cited the continued warfare in Ukraine in addition to the assaults Hamas launched on Israel final weekend that he mentioned “may have far-reaching impacts on energy and food markets, global trade, and geopolitical relationships.”
Beyond the navy conflicts, Dimon cited the burgeoning nationwide debt and “the largest peacetime fiscal deficits ever” that he mentioned are elevating the dangers that inflation and rates of interest stay excessive.
Along with the excessive charges, he talked about the Federal Reserve’s efforts to scale back its bond holdings. The course of, often known as quantitative tightening, “reduces liquidity in the system at a time when market-making capabilities are increasingly limited by regulations,” he mentioned.
Dimon lately has mentioned that he has been warning purchasers in regards to the risk that rates of interest could not solely keep elevated but additionally may rise considerably from right here.
“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 mentioned.
JPMorgan Chase confirmed a $13.15 billion, or $4.33 a share, revenue for the July-through-September interval, a 35% bounce 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 seemingly will not final.
Source web site: www.cnbc.com
