Jamie Dimon, the chief executive of JPMorgan Chase, warned Friday that “treacherous” geopolitical conditions might have a profound impact on the global economy and “the course of history.”
He said his bank has been “closely monitoring the geopolitical situation for some time, and recent events show that conditions are treacherous and getting worse.”
Tensions in the Middle East have been on the rise in recent weeks, with Israel battling the Lebanese Hezbollah terrorist group as it continues its war with the Hamas terrorist group in Gaza.
In the bank’s news release, Dimon did not specifically make reference to the situation in the Middle East or anywhere else. But during an event last month, he appeared to express concern about the Israeli conflicts as well as the ongoing Russia–Ukraine war.
Aside from geopolitical tensions, Dimon said Friday that U.S. inflation is slowing down and the economy has been resilient. But he cautioned that “several critical issues remain, including large fiscal deficits, infrastructure needs, restructuring of trade, and remilitarization of the world.”
“While we hope for the best, these events and the prevailing uncertainty demonstrate why we must be prepared for any environment,” the Chase Bank CEO said.
As the Nov. 5 presidential election nears, Dimon has been floated for senior positions on U.S. economic policy, such as Treasury secretary. He has been praised by former President Donald Trump and confirmed he spoke to Vice President Kamala Harris last month.
“I’ve always been an American patriot and my country is more important to me than my company,” said Dimon on a Friday call with analysts.
When asked if he would consider a government role, Dimon responded that “the chance of that is almost nil. And I probably am not going to do it. But I always reserve the right” to reconsider.
Dimon, who has run JPMorgan for 18 years, has emphasized that he and the rest of the board will “do the right thing” on succession when he eventually leaves, without specifying details.
The longtime banker has not publicly endorsed either Trump or Harris, and also did not make any reference to the forthcoming presidential election in November in the bank’s news release.
In the news release and analyst call, Dimon did not say whether he believes the United States will enter recession territory. For months, he has warned the U.S. economy will enter a down period or worse. In September, he told reporters at a conference that the “worst outcome is stagflation, and by the way, I wouldn’t take it off the table.”
The CEO on Friday made reference to hurricanes Milton and Helene and their impacts, noting that they will likely not have lasting consequences on global markets.
Hurricane Helene wrought widespread destruction across much of the southeastern United States, while Hurricane Milton hit Florida’s Gulf Coast on Wednesday night and caused significant damage across the state.
Officials say that at least 10 died during Milton in Florida, and Helene has caused more than 200 deaths in several states.
