Jamie Dimon’s annual letter to JPMorgan shareholders, read widely in business circles, took a more downcast tone from his missive just last year.
"The war in Ukraine and the sanctions on Russia, at a minimum, will slow the global economy — and it could easily get worse," Dimon wrote. That's because of the uncertainty about how the conflict will conclude and its impact on supply chains, especially for those involving energy supplies.though the bank could"still lose about $1 billion over time.""We expect the fallout from the war and resulting sanctions to reduce Russia's GDP by 12.5% by midyear .
Some investments have a fairly predictable time to cash flow positive and a good and predictable return on investment however you measure it. These investments include branches and bankers, around the world, across all our businesses. They also include certain marketing expenses, which have a known and quantifiable return. This category combined will add $1 billion to our expenses in 2022.
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