The world may be facing “the most dangerous time… in decades”, bank boss Jamie Dimon has warned.
The chief executive of JP Morgan Chase told investors that he was concerned about the risks to the economy from rising geo-political tensions.
He said wars in Ukraine and Israel could hit energy and food prices, and global trade.
Thousands have been killed in Israel and Gaza after an unprecedented attack by Palestinian militant group Hamas.
Mr Dimon, who leads America’s biggest bank, was speaking as the firm revealed its latest quarterly results.
It reported $13bn in profit over the three months to September, up 35% from the same period in 2022.
Mr Dimon said the bank had benefited from US households and businesses in healthy financial shape, but warned that he remained cautious about the state of the global economy, given the many risks emerging.
“My caution is that we are facing so many uncertainties out there,” he said.
He told investors they should be prepared to face higher interest rates, persistent inflation, as well as fallout from the violent conflicts.
“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,” he said.
He added: “This may be the most dangerous time the world has seen in decades.”
Concerns about how the wars will affect the economy also emerged during Citigroup’s discussions of its results with investors.
“There’s a lot of uncertainty that ultimately gets factored into how things play out,” the bank’s chief financial officer Mark Mason said.
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