Dimon Warns of ‘Most Dangerous Time in Decades’

JPMorgan Chase’s chief executive, Jamie Dimon, is as close as Wall Street has to a statesman, and on Friday he sounded a major alarm about the global effects of the conflict in Israel and Gaza. From a report: “This may be the most dangerous time the world has seen in decades,” he said in a statement accompanying the bank’s quarterly earnings. He warned of “far-reaching impacts on energy and food markets, global trade and geopolitical relationships.”

For Mr. Dimon, weighing in on geopolitics isn’t new: He consistently warns of dangers from the war in Ukraine and elsewhere. On Friday, he said he was preparing the nation’s largest bank for a range of scary outcomes, with other risks including high inflation and rising interest rates. But on a call with reporters, he described the Gaza conflict as “the highest and most important thing for the Western world.” Otherwise, JPMorgan and other big banks appear to be operating smoothly. JPMorgan’s profit rose to $13.2 billion in the third quarter, a 35 percent rise from the same period last year. Executives at the bank said the tumult of the regional banking crisis of the spring, which resulted in JPMorgan taking over First Republic, was steadily fading. “U.S. consumers and businesses generally remain healthy,” Mr. Dimon said, “although, consumers are spending down their excess cash buffers.”