JP Morgan CEO Jamie Dimon says the bank is concerned about the secondary impact of Russia’s invasion of Ukraine on companies and countries
JPMorgan CEO Jamie Dimon says the bank is concerned about the secondary impact of Russia’s invasion of Ukraine on companies and countriesJPMorgan CEO Jamie Dimon. Picture: MICHEL EULER/REUTERSJPMorgan boss Jamie Dimon warned on Monday that the bank could lose about $1bn on its Russia exposure, the first time it has detailed the extent of its potential losses resulting from the conflict in Ukraine.
Global banks have detailed their exposure to Russia in recent weeks but Dimon is the most high-profile world business leader yet to comment on the broader impact of the conflict. Commenting on the macroeconomic environment, Dimon said the number of Federal Reserve interest rate hikes “could be significantly higher than the market expects.” He also detailed the bank’s rising expenses, in part due to technology investments and acquisition costs.
JPMorgan decided earlier this year to hold its first investor day since the pandemic began to address doubts about its spending plans. The meeting will be held on May 23.
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