{"id":1859,"date":"2023-10-14T23:50:23","date_gmt":"2023-10-14T23:50:23","guid":{"rendered":"https:\/\/infundpros.com\/business\/jamie-dimon-warns-now-may-be-the-most-dangerous-time-the-world-has-seen-in-decades\/"},"modified":"2023-10-14T23:50:23","modified_gmt":"2023-10-14T23:50:23","slug":"jamie-dimon-warns-now-may-be-the-most-dangerous-time-the-world-has-seen-in-decades","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=1859","title":{"rendered":"Jamie Dimon warns: \u2018Now may be the most dangerous time the world has seen in decades\u2019"},"content":{"rendered":"
\n

\n JPMorgan Chase CEO Jamie Dimon kicked off third-quarter earnings season Friday with a stern warning to investors: \u201cNow may be the most dangerous time the world has seen in decades,\u201d he wrote in the company\u2019s report.\n <\/p>\n

\n The wars in Ukraine, Israel and Gaza \u201cmay have far-reaching impacts on energy and food markets, global trade, and geopolitical relationships.\u201d\n <\/p>\n

\n Still, the world\u2019s largest bank beat analysts\u2019 expectations last quarter.\n <\/p>\n

\n The bank reported earnings of $4.33 per share versus the $3.90 expected by analysts. Revenue clocked in at $39.9 billion, beating the $39.57 billion expected, according to Refinitiv data.\n <\/p>\n

\n With nearly $3.9 trillion in assets, JPMorgan Chase is the largest bank in the United States and a bellwether for the US economy.\n <\/p>\n

\n The New York-based bank also reported a 6% drop in investment banking revenue in the third quarter. Investment banking fees fell by 3% because of lower equity and debt underwriting activity, said the bank.\n <\/p>\n

\n Deposits fell by 4% from a year earlier during the third quarter.\n <\/p>\n

\n In a call on Friday morning, Dimon told CNN that bank executives across the United States are \u201cclimbing the wall of worry,\u201d referring to the Wall Street truism that explains how markets can remain strong through economic uncertainty and negative news.<\/em> \u201cAnd we should,\u201d said Dimon. \u201cThat\u2019s kind of our job, to be prepared for potential outcomes you don\u2019t expect.\u201d Wall Street, he said, is often focused on current conditions instead of preparing for what could come next.\n <\/p>\n

\n \u201cWe do a hundred stress tests a week,\u201d said Dimon. \u201cUsually, geopolitics presents itself as a deep recession or a mild recession\u2026 And markets doing well is not a reason ever to say they will continue to do well.\u201d\n <\/p>\n

\n Still, economists at JPMorgan now say that a soft landing \u2014 where the economy slows down without triggering a severe downturn and high unemployment \u2014 is now more likely than a recession.\n <\/p>\n

\n \u201cI\u2019m less concerned about the economic effect than obviously the geopolitical,\u201d Dimon said Friday. \u201cCurrently, US consumers and businesses generally remain healthy.\u201d\n <\/p>\n

\n Dimon also said that tight labor markets and high government debt levels could keep inflation elevated for some time and that interest rates could rise further.\n <\/p>\n

\n In previous interviews, Dimon has said that the Federal Reserve may be far from finished with its aggressive regimen of interest rate hikes in the fight against elevated inflation, and that it\u2019s possible the central bank will continue hiking rates by another 1.5 percentage points, to 7%.\n <\/p>\n

\n Shares of the bank were trading 4.8% higher on Friday.\n <\/p>\n

\n Wells Fargo shares also rose 4.3% after beating top- and bottom-line expectations, and Citigroup shares added 3.7% after reporting better-than-expected revenue.\n <\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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