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JPMorgan profit jumps 35%, but CEO says geopolitics and gov't inaction have led to 'dangerous time'
JPMorgan Chase’s third-quarter profit soared 35% from last year, fueled by a rapid rise in interest rates, but the bank’s CEO, Jamie Dimon, issued a sobering statement about the current state of world affairs and economic instability
NEW YORK (AP) — JPMorgan Chase's third quarter profit soared 35% from last year, fueled by a rapid rise in interest rates, but the bank's CEO, Jamie Dimon, issued a sobering statement about the current state of world affairs and economic instability.
Dimon laid out a laundry list of major issues: the Russia-Ukraine War, the new war between Israel and the Palestinians in Gaza, high levels of government debt and deficits, high inflation, as well as the tight labor market, where worker demands for increased wages has led to high-profile strikes in manufacturing and entertainment.
“While we hope for the best, we prepare (JPMorgan) for a broad range of outcomes so we can consistently deliver for clients no matter the environment,” he said.