JPMorgan Chase delivered sturdy earnings for the third quarter together with a stern warning Friday from its prime govt concerning the perils the world faces from a number of threats.
“This can be probably the most harmful time the world has seen in many years,” CEO Jamie Dimon mentioned in an announcement that accompanied the financial institution’s earnings information launch.
The top of the most important U.S. financial institution by property cited the continued struggle in Ukraine in addition to the assaults Hamas launched on Israel final weekend that he mentioned “could have far-reaching impacts on vitality and meals markets, international commerce, and geopolitical relationships.”
Past the army conflicts, Dimon cited the burgeoning nationwide debt and “the most important peacetime fiscal deficits ever” that he mentioned are elevating the dangers that inflation and rates of interest stay excessive.
Together with the excessive charges, he talked about the Federal Reserve’s efforts to scale back its bond holdings. The method, often known as quantitative tightening, “reduces liquidity within the system at a time when market-making capabilities are more and more restricted by laws,” he mentioned.
Dimon just lately has mentioned that he has been warning purchasers concerning the risk that rates of interest could not solely keep elevated but in addition may rise considerably from right here.
“Whereas we hope for the most effective, we put together the Agency for a broad vary of outcomes so we are able to persistently ship for purchasers irrespective of the atmosphere,” he mentioned.
JPMorgan Chase confirmed a $13.15 billion, or $4.33 a share, revenue for the July-through-September interval, a 35% bounce from a yr in the past. Dimon additional cautioned that the efficiency got here from advantages to internet curiosity earnings and credit score prices that possible will not final.
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