The head of the larges U.S. bank by assets cited the ongoing war in Ukraine as well as the attacks Hamas launched on Israel last weekend.
"This may be the most dangerous time the world has seen in decades," CEO Jamie Dimon said in a statement that accompanied the bank's earnings news release.
Beyond the military conflicts in Ukraine and Israel, Dimon cited the burgeoning national debt and"the largest peacetime fiscal deficits ever."for the third quarter along with a stern warning Friday from its top executive about the perils the world faces from multiple threats.
Along with the high rates, he mentioned the Federal Reserve's efforts to reduce its bond holdings. The process, known as quantitative tightening,"reduces liquidity in the system at a time when market-making capabilities are increasingly limited by regulations," he said."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 said., a 35% jump from a year ago.
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