Banking guru issues chilling warning for the world | Politics | News | EUROtoday

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A banking boss says the world may very well be dealing with “the most dangerous time…in decades”.

Jamie Dimon, the chief government of JP Morgan Chase advised investiors he was involved about the dangers rising geo-political tensions might pose to the financial system. He mentioned wars in Ukraine and Israel would hit power and meals costs in addition to international commerce.

It comes after hundreds of individuals have been killed in Israel and Gaza after an assault by Palestinian terrorist group Hamas. Dimon, who leads America’s largest financial institution, spoke as the agency unveiled its quarterly outcomes, reviews the BBC.

It reported $13bn (£10.7bn) in revenue over the three months to September, up 35% from the similar interval in 2022. Dimon mentioned the financial institution benefited from US households and companies being in wholesome monetary form.

Dimon nevertheless warned there are various dangers rising that oculd harm the international financial system. He mentioned: “My caution is that we are facing so many uncertainties out there.”

He advised buyers they need to be ready for larger rates of interest, persistent inflation and fallout from conflicts. He continued: “The war in Ukraine compounded by last week’s attacks on Israel may have far-reaching impacts on energy and food markets, global trade, and geopolitical relationships.

“This could also be the most harmful time the world has seen in a long time.”

Similar concerns about the global economy were raised during discussions about Citigroup’s results. The bank;s chief financial officer Mark Mason said: “There’s plenty of uncertainty that finally will get factored into how issues play out.”

Dimon, who has led JP Morgan Chase for almost 20 years, is known for beig outspoken on political issues. He has comdemned attacks by Hamas on Israel, and earllier this week told employees the bank stood with “the folks of Israel”.

He added: “Terrorism and hatred don’t have any place in our civilized world, and all of our hearts right here at JP Morgan Chase exit to all who’re struggling.”