JPMorgan CEO Jamie Dimon detailed for the first time the extent of the bank’s potential losses resulting from the conflict in Ukraine
boss Jamie Dimon warned on Monday that the bank could lose about $1-billion 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.
Some question his plans to increase spending on the bank’s information technology and campaigns to take market share in businesses and geographies where JPMorgan currently trails competitors, such as in Germany and the United Kingdom. While Dimon wrote that he is not worried about the bank’s exposure to Russia, he said the war in Ukraine will slow the global economy and will impact geopolitics for decades.
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