Bank chief Jamie Dimon has warned that the world is facing “the most dangerous time in decades”.
The chief executive of JPMorgan Chase told investors he is concerned about the risks to the economy from rising geopolitical tensions.
He said wars in Ukraine and Israel could affect energy and food prices and global trade.
Thousands of people have been killed in Israel and Gaza after the unprecedented attack by the Palestinian terrorist group Hamas.
Mr. Dimon, who leads America’s largest bank, was speaking as the firm revealed its latest quarterly results.
It reported a profit of $13bn (£10.7bn) in the three months to September, up 35% from the same period in 2022.
Mr. Dimon said the bank benefited from the healthy financial condition of American households and businesses, but warned he remained cautious about the state of the global economy given a number of emerging risks.
“My caution is that we face a lot of uncertainties there,” he said.
He told investors that they should be prepared to face high-interest rates, persistent inflation, and violent conflicts.
“The war in Ukraine has been complicated by last week’s attacks on Israel, which could have far-reaching effects on energy and food markets, global trade, and geopolitical relations,” he said.
“This could be the most dangerous time the world has seen in decades,” he said.
Concerns about the effect the wars would have on the economy also emerged during discussions of Citigroup’s results with investors.
“There’s a lot of uncertainty that ultimately depends on how things go,” said Mark Mason, the bank’s chief financial officer.
Mr. Dimon, who has led JPMorgan Chase for nearly two decades, is known for being outspoken on political matters.
He condemned attacks by the Hamas terrorist group, telling employees earlier this week that the bank stood with “the people of Israel.”
He began the conference call with investors on Friday with another statement on the current violence, saying the bank was “deeply saddened by the recent horrific attacks on Israel and the resulting bloodshed and much more.”
“Terrorism and hatred have no place in our civilized world, and all of our hearts at JPMorgan Chase go out to all those who are suffering.”