JPMorgan’s Jamie Dimon says he’s worried about the war in Ukraine and ‘our relationship with China’

Jamie Dimon, chairman and chief executive officer of JPMorgan Chase & Co., during a Bloomberg Television interview at the JPMorgan Global High Yield and Leveraged Finance Conference in Miami, Florida, US, on Monday, March 6, 2023.
Marco Bello/Bloomberg via Getty Images

The war in Ukraine and relationships with China are among the top concerns facing the economy, Jamie Dimon said. 

“The thing I worry the most about is Ukraine,” the JPMorgan Chase & Co. chief executive officer said Monday on Bloomberg Television. “It’s oil, gas, the leadership of the world, and our relationship with China — that is much more serious than the economic vibrations that we all have to deal with on a day-to-day basis.”

The US economy might escape a deep recession, according to Dimon.

“We could still have a soft landing,” he said. “A mild recession is possible, a harder recession is possible. I think there’s a good chance that inflation will come down, but not enough by the fourth quarter — the Fed may actually have to do more.”

Even though the US consumer is “in great shape now,” that will end at some point, he said.

In the wide-ranging interview, Dimon also touched on the potential for artificial intelligence. 

AI “is a technology which is staggering,” the 66-year-old CEO said. “We’re already using it to do risk, fraud, marketing, prospecting — and it’s the tip of the iceberg. To me this is extraordinary.”

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