Is the world facing 'the most dangerous time'?

Mr. Jamie Dimon, CEO of JPMorgan Chase Bank

JPMorgan Chase CEO Jamie Dimon warned that people may be living in "the most dangerous time in the world in decades," in response to Israel's ground offensive in the Gaza Strip.

While the largest bank in the US announced positive results, Mr. Dimon warned that interest rates in the US could rise further, as consumer savings gradually decrease, according to The Guardian .

The war in Ukraine combined with last week's Hamas attack on Israel could have far-reaching implications for energy and food markets, global trade and geopolitical relations, he said.

"This may be the most dangerous time the world has seen in decades. While we hope for the best, we are also preparing the company for a range of outcomes so we can deliver consistently to our customers regardless of the environment," he said.

Earlier, he announced that JPMorgan Chase employees in the conflict zone were safe. "The weekend attack on Israel and its people, which led to war and bloodshed, is a terrible tragedy," he wrote in a letter to employees.

He then added that conflict in the Middle East would have "repercussions far beyond the region".

In a statement released alongside the bank's earnings report on October 13, Mr. Dimon said U.S. companies and consumers "remain generally healthy," but noted that Americans had "spent down their excess reserves."

“The persistently tight labor market, as well as extremely high government debt levels with the largest peacetime fiscal deficits ever recorded, are raising the risk that inflation will remain elevated and interest rates will rise further,” he forecast.

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Net income at JPMorgan Chase rose 35% to $13.15 billion in the third quarter. Revenue at the bank rose 22% to $39.87 billion.

The takeover of First Republic Bank collapsed after weeks of turmoil in the banking sector, helping push net interest income at JPMorgan Chase to an all-time high.

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