Jamie Dimon warns: ‘Now may be the most dangerous time the world has seen in decades’ By Nicole Goodkind, CNN 2 minute read Updated 10:12 AM EDT, Fri October 13, 2023 Jamie Dimon, CEO of JPMorgan Chase. Jason Alden/Bloomberg/Getty Images New YorkCNN — JPMorgan Chase CEO Jamie Dimon kicked off third-quarter earnings season Friday with a stern warning to investors: “Now may be the most dangerous time the world has seen in decades,” he wrote in the company’s report. The wars in Ukraine, Israel and Gaza “may have far-reaching impacts on energy and food markets, global trade, and geopolitical relationships.” Still, the world’s largest bank beat analysts’ expectations last quarter. 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. With nearly $3.9 trillion in assets, JPMorgan Chase is the largest bank in the United States and a bellwether for the US economy. 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. Deposits fell by 4% from a year earlier during the third quarter. A wall of worry In a call on Friday morning, Dimon told CNN that bank executives across the United States are “climbing the wall of worry,” referring to the Wall Street truism that explains how markets can remain strong through economic uncertainty and negative news. “And we should,” said Dimon. “That’s kind of our job, to be prepared for potential outcomes you don’t expect.” Wall Street, he said, is often focused on current conditions instead of preparing for what could come next. US consumer price inflation rose more than expected in September “We do a hundred stress tests a week,” said Dimon. “Usually, geopolitics presents itself as a deep recession or a mild recession… And markets doing well is not a reason ever to say they will continue to do well.” Still, economists at JPMorgan now say that a soft landing — where the economy slows down without triggering a severe downturn and high unemployment — is now more likely than a recession. “I’m less concerned about the economic effect than obviously the geopolitical,” Dimon said Friday. “Currently, US consumers and businesses generally remain healthy.” 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. 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’s possible the central bank will continue hiking rates by another 1.5 percentage points, to 7%. Shares of the bank were trading 4.8% higher on Friday. 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.
While the West is busy with Russia vs Ukraine, Israel vs Gaza/Hamas, China can take the opportunity to take over Taiwan, and the whole of the South China Sea and its Islands. Tibet has already been 'liberated' by China. Mother-of-all trading opportunities are coming. Make sure your trading account is well-funded. And your computer and internet speed are powerful enough.
%% NO wonder\ Citigroup lost some credit card volume, must be real scary to a banker like that. JPM stock is doing pretty good/ must not be a real big scare, even with the Epstein setlement LOL. QQQ did sell off hard for a few dimes -{00.10}- so will moniter the situation close this week
Good to see Dimon concerned about global economic disruptions. He may, however, be ignoring the greatest danger. The MAGA republicans in the House and Senate can shut down the U.S. if the majority of Republicans in the House and Senate sit on their hands and allow them to do it. Unless the more sane Republicans get together with the Democrats and form an operating coalition, these lunatics in the House and Senate can disable the U.S. government. The U.S., China, and EU represent three very large parts of the Global economy. If any one of them is disabled for an extended period it will create global economic havoc.
When Putin installed Trump in 2016, the long game came to fruition. Now the infantile orange malignant narcissist is still wrecking America by being allowed to spout lies that stupid people think are true. Given that by definition half the population have an IQ below 100, there are a lot of stupid people for Putin to target, but he knows that. Putin thanks the MAGA cult for trashing the US every day. For FREE!
Your moniker is the essence of my options trading. Your response is the polar opposite. All the best in your trading.
Jamie Dimon says he was considering running for President, which is crazy as there's no way Americans would vote for a scummy businessman like h...oh, wait. Never mind. Jamie Dimon says he didn’t run for president because he wouldn’t have seen his family for four years—and jokes his wife wouldn’t have moved into the White House JPMorgan Chase CEO says he thought about a presidential campaign, but said family and his work weighed up heavily against it. https://fortune.com/2025/02/05/jamie-dimon-presidential-run-family-jpmorgan/amp/