The head of the largest bank in the U.S. issued a dire warning in its new earnings statement, CNBC reported on Friday.
“This may be the most dangerous time the world has seen in decades,” said JPMorgan Chase's CEO Jamie Dimon. “While we hope for the best, we prepare the Firm for a broad range of outcomes so we can consistently deliver for clients no matter the environment.”
In past months, several forecasters were worried about an economic collapse, with Bloomberg economists forecasting a 100 percent chance of a recession in the U.S. within a year back in October 2022.
That prediction appears on track to miss the mark, as U.S. job creation and GDP remain strong, despite higher interest rates and a slowdown of last year's white-hot inflation.
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But economic woes are not Dimon's only concern. He points to geopolitically destabilizing events, like Russia's ongoing invasion of Ukraine and the war in Israel.
Meanwhile, he added, some economic risks remain, particularly the increased cost of borrowing and deficit spending that remains elevated.
All of this comes as JPMorgan Chase posts a 35 percent increase to profits over last year — although Dimon warns that this "came from benefits to net interest income and credit costs" that are unlikely to last, according to business reporter Jeff Cox.
