JPMorgan’s Dimon Warns of ‘Dangerous Time’ During Israel-Hamas War

Jamie Dimon warned of serious geopolitical risks as Israel prepared for a ground assault on Gaza.

(Bloomberg) — Jamie Dimon warned of serious geopolitical risks as Israel prepared for a ground assault on Gaza. 

“This may be the most dangerous time the world has seen in decades,” the JPMorgan Chase & Co. chief executive officer said in the bank’s third-quarter earnings statement. “The war in Ukraine compounded by last week’s attacks on Israel may have far-reaching impacts on energy and food markets, global trade, and geopolitical relationships.”

On a call with journalists, Dimon said the firm was deeply saddened by the attacks and “resulting bloodshed and war.” He declined to comment when asked about the controversy surrounding the response of Harvard University, where he went to business school. 

“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,” Dimon said in the statement. 

His counterpart at Citigroup Inc., Jane Fraser, used the bank’s earnings call to address staff in Israel directly. The bank says it has the largest presence of any foreign financial institution in the country, offering both corporate and investment banking as well as wealth management.

“Despite all they’re dealing with, they are keeping our bank running in the country,” Fraser said, noting some employees had been called to serve in combat. “And I’m frankly in awe of their commitment to our clients and each other.”

The executives spoke after the Israeli military urged an evacuation of northern Gaza in preparation for a possible ground invasion into the region ruled by Hamas, which is designated a terrorist organization by the US and the European Union. The United Nations warned of a disaster, saying it would be impossible to move about a million people.

(Updates with comments from Jane Fraser in fifth paragraph.)

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