{"id":113092,"date":"2024-10-11T23:55:47","date_gmt":"2024-10-11T16:55:47","guid":{"rendered":"https:\/\/hotvideos24.online\/?p=113092"},"modified":"2024-10-11T23:55:47","modified_gmt":"2024-10-11T16:55:47","slug":"jamie-dimon-jpmorgan-chase-ceo-warns-of-treacherous-geopolitical-conditions-that-are-getting-worse","status":"publish","type":"post","link":"https:\/\/hotvideos24.online\/?p=113092","title":{"rendered":"Jamie Dimon: JPMorgan Chase CEO warns of \u2018treacherous\u2019 geopolitical conditions that are \u2018getting worse\u2019"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<div data-editable=\"content\" itemprop=\"articleBody\" data-reorderable=\"content\">\n<p>\n    <cite class=\"source__cite\"><br \/>\n      <span class=\"source__location\" data-editable=\"location\">New York<\/span><br \/>\n      <span class=\"source__text\" data-editable=\"source\">CNN<\/span><br \/>\n        \u00a0\u2014\u00a0<br \/>\n    <\/cite>\n<\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm24l03un000m9lp16n8wgcv7@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            JPMorgan Chase CEO Jamie Dimon kicked off third-quarter earnings season Friday with a stern warning about geopolitical threats that could hurt the global economy. \u201cRecent events show that conditions are treacherous and getting worse,\u201d he wrote in a press release.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm24maqcv000c3b6mslzbsr46@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            \u201cThere is significant human suffering, and the outcome of these situations could have far-reaching effects on both short-term economic outcomes and more importantly on the course of history,\u201d he said, referring to war <a href=\"https:\/\/www.cnn.com\/world\/europe\/ukraine\">in Ukraine<\/a> and Israel\u2019s <a href=\"https:\/\/www.cnn.com\/2024\/10\/04\/economy\/israel-economy-war-impact\/index.html\">war<\/a> against Hamas and Hezbollah.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm24mk3y4000i3b6m4kawonr8@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            Dimon noted that inflation is slowing and the US<strong> <\/strong>economy has avoided recession but that \u201cseveral critical issues remain, including large fiscal deficits, infrastructure needs, restructuring of trade and remilitarization of the world.\u201d\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm24l1j4b00083b6mwr96cqxl@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            The world\u2019s largest bank beat analysts\u2019 expectations last quarter, even as its profit fell 2% from a year earlier.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm24l1hvj00043b6mldoy49of@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            Shares of JPMorgan (<a href=\"https:\/\/www.cnn.com\/markets\/stocks\/JPM\">JPM<\/a>) jumped about 4.5% in morning trading and are 30% higher so far this year.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm24pvqpp00073b6m9eozrz2g@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            Dimon has been sounding the alarm on geopolitical instability for over a year, repeatedly calling it the largest threat to the global economy and saying that the world order established at the conclusion of World War II is under attack.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm24r1vzj00003b6mscaerjam@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            Last month, Dimon said that these worries dwarf all others. \u201cIran, North Korea and Russia, I think you can legitimately call them (an) evil axis,\u201d he said at September\u2019s Financial Markets Quality Conference in Washington, referring to the term first used by George W. Bush in 2002 to describe Ba\u2019athist Iraq, Iran and North Korea.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm24r3f8400023b6mdo790f15@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            Dimon\u2019s reimagining of the axis is \u201cworking every day to make it worse for the Western world and for America,\u201d he said.\n    <\/p>\n<h2 class=\"subheader inline-placeholder\" data-editable=\"text\" data-uri=\"cms.cnn.com\/_components\/subheader\/instances\/cm24ramk800073b6mtu72mg9n@published\" data-component-name=\"subheader\" id=\"the-economy-hurricanes-and-the-fed\" data-article-gutter=\"true\">\n        The economy, hurricanes and the Fed<br \/>\n<\/h2>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm24r82ye00053b6m6kxyooof@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            Dimon also expressed some uncertainty about his outlook for the US economy but said that overall it remained resilient.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm24rimfm00003b6mybvr7qtn@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            JPMorgan Chase CFO Jeremy Barnum echoed Dimon\u2019s feelings on an earnings call Friday morning, citing the strength of consumer spending. \u201cWe see spending patterns as being solid and consistent with the narrative that the consumer is on solid footing and with a strong labor market,\u201d he said.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm24sif0800043b6m71wt49en@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            Those patterns support the case for a \u201cno landing scenario,\u201d he added, referring to when the economy avoids both a recession and a sharp slowdown, continuing to grow steadily despite higher interest rates.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm24rkkkb00023b6mv87m1yy2@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            Still, US federal debt surpassed $35 trillion this year and has been a major point of concern for Dimon. He\u2019s repeatedly warned that rising government debt could stoke inflation and complicate the Federal Reserve\u2019s ability to manage the economy.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm24t3r8g00013b6m1b83dqpe@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            While the Fed has become more optimistic, cutting its <a href=\"https:\/\/www.cnn.com\/2024\/10\/11\/economy\/us-producer-price-index-inflation-september\/index.html\">inflation<\/a> forecast for this year and next, Dimon isn\u2019t convinced that price pressures will ease so quickly.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm24t4yp300033b6m0000xsli@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            \u201cI wouldn\u2019t count my eggs,\u201d he said last month, noting that he only sees a 35% to 40% chance of the economy avoiding recession.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm24sxfqx00003b6mawjp4074@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            Dimon also acknowledged on Friday the human toll that hurricanes Milton and Helene have taken in the US but minimized <a href=\"https:\/\/www.cnn.com\/2024\/10\/11\/business\/citizens-insurance-hurricane-milton\/index.html\">the impact<\/a> they\u2019ll have on the economy.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm24t69jl00063b6ma3dufod1@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            \u201cFirst and foremost, our hearts go out to all those people affected and the families who lost lives. We\u2019re also helping our employees and customers, to do everything we can to be prepared at the state level,\u201d he told CNN on a press call. But, he said, the hurricanes likely wouldn\u2019t have large and lasting consequences for the economy.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm24uh81q000v3b6mp5wwy6hi@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            \u201cHurricanes have never had a traumatic effect on the global economy,\u201d he said.\n    <\/p>\n<h2 class=\"subheader inline-placeholder\" data-editable=\"text\" data-uri=\"cms.cnn.com\/_components\/subheader\/instances\/cm24tcw1t000e3b6mq0q3lp2a@published\" data-component-name=\"subheader\" id=\"elections-and-dimons-legacy\" data-article-gutter=\"true\">\n        Elections and Dimon\u2019s legacy<br \/>\n<\/h2>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm24t7l7k00093b6mlaqeil9t@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            Friday was JPMorgan\u2019s final earnings call before the upcoming US presidential election on November 5, and Dimon steered clear of wading into political waters, emphasizing that he wouldn\u2019t be endorsing any candidate and didn\u2019t want to comment on the election. His reluctance followed a social media post from former President Donald Trump last week claiming Dimon had endorsed him \u2014 a statement that JPMorgan quickly denied.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm24tc8fz000c3b6m4g4x8ovf@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            Dimon also addressed whether or not he would consider taking a government position under the next administration. \u201cI think the chance is almost nil\u2026 I love what I do. I intend to be doing what I do. I almost guarantee I\u2019ll be doing this for a long period of time, or at least until the board kicks me out,\u201d he said during Friday\u2019s earnings call.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm24u3yqw000k3b6m1je7ohjp@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            While JPMorgan beat analysts\u2019 expectations on its earnings on Friday, the bank also reported it set aside $1 billion more in reserves to cover growing losses from unpaid loans.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm24u6pzp000p3b6muig49hms@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            In the third quarter, the bank set aside $3.1 billion to cover potential loan losses \u2014 more than twice as much as last year \u2014 mainly due to a 40% rise in unpaid loans, especially in its credit card division.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm24u6pzp000q3b6mn6m6ggr9@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            Despite some signs of an improving economy, JPMorgan said it added to its reserves due to higher card balances and economic uncertainty, which contributed to a 2% drop in quarterly net income to $12.9 billion.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm24u6frg000n3b6mp0nfr90b@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            \u201cCash is a very valuable asset in a turbulent world,\u201d said Dimon on Friday. \u201cYou see my friend Warren Buffett stockpiling cash right now. I mean, people should be a little more thoughtful about how we\u2019re trying to navigate in this world and grow for the long term for our company.\u201d\n    <\/p>\n<\/p><\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<br \/><div data-type=\"_mgwidget\" data-widget-id=\"1660802\">\r\n<\/div>\r\n<script>(function(w,q){w[q]=w[q]||[];w[q].push([\"_mgc.load\"])})(window,\"_mgq\");\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.cnn.com\/2024\/10\/11\/investing\/jamie-dimon-warning-global-conditions\/index.html\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>New York CNN \u00a0\u2014\u00a0 JPMorgan Chase CEO Jamie Dimon kicked off third-quarter earnings season Friday with a stern warning about geopolitical threats that could hurt the global economy. \u201cRecent events &hellip; <a href=\"https:\/\/hotvideos24.online\/?p=113092\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-113092","post","type-post","status-publish","format-standard","hentry","category-business","entry"],"_links":{"self":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/113092","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=113092"}],"version-history":[{"count":0,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/113092\/revisions"}],"wp:attachment":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=113092"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=113092"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=113092"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}