New York
JPMorgan Chase CEO Jamie Dimon kicked off third-quarter earnings season Friday with a stern warning about geopolitical threats that could hurt the global economy. “Recent events show that conditions are treacherous and getting worse,” he wrote in a press release.
“There is significant human suffering, and the outcome of these situations could have far-reaching effects on both short-term economic outcomes and more importantly on the course of history,” he said, referring to war in Ukraine and Israel’s war against Hamas and Hezbollah.
Dimon noted that inflation is slowing and the US economy has avoided recession, but that “several critical issues remain, including large fiscal deficits, infrastructure needs, restructuring of trade and remilitarization of the world.”
The world’s largest bank beat analysts’ expectations last quarter, even as its profit fell 2% from a year earlier.
Shares of JPMorgan jumped more than 1% in premarket trading and are about 25% higher so far this year.
This is a developing story and will be updated.
