Jamie Dimon, chairman and chief executive officer of JPMorgan Chase & Co., speaks during the Institute of International Finance (IIF) annual membership meeting in Washington, DC, US, on Thursday, Oct. 13, 2022.
Ting Shen | Bloomberg | Getty Images
Healthy consumer balance sheets and rising wages are supporting the economy, but there are risks ahead, including central banks reining in liquidity programs, the Ukraine war, and governments around the world “spending like drunken sailors,” the executive said.
Dimon, head of the biggest U.S. bank by assets, was speaking at a financial conference in New York.
“To say the consumer is strong today, meaning you are going to have a booming environment for years, is a huge mistake,” he said.
The world’s largest economy has defied expectations for the past year, including from prognosticators like Dimon. Last year, he warned that a potential economic hurricane was on the way, citing the same concerns around central banks and the Ukraine conflict. But the U.S. economy has proven resilient, leading more economists to expect that a recession might be avoided.
Dimon struck a note of caution throughout the panel discussion. JPMorgan is repurchasing stock at a lower level than before, a pace which might last through 2024, he said.
“I think the uncertainties out there ahead of us are still very large, and very dangerous,” Dimon said.
Among those risks is the deterioration in relations with China, he said.
“I don’t expect war in Taiwan, but this can go south,” Dimon said.
This story is developing. Please check back for updates.