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Jamie Dimon says Ukraine war is the ‘most serious geopolitical thing since WWII’

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JPMorgan Chase & Co. CEO Jamie Dimon on Monday singled out the Ukraine war as the greatest geopolitical threat since World War II.

Asked what he’s most worried about, Dimon said, “Ukraine.”

The war is affecting oil markets, food prices and now the U.S. relationship with China, Dimon said in an exclusive interview with Bloomberg TV.

“This is much more serious than the economic vibrations we have to deal with on a day-to-day basis,” he said.

Dimon said he read recently that wars that continue past the one-year mark are likely to last a decade.

“This is a major land war in Europe in a free and democratic nation” that has seen hundreds of thousands of casualties, Dimon said. “We don’t know how this is going to end … or what direction it’s going to take.”

Dimon said he doubts JPMorgan Chase
JPM,
-0.54%

will move into Russia any time soon. It’s possible some time in the distant future, he said, but maybe not for decades.

The bank does have dealings with China, which is reportedly aiding Russia in the war, but he said that it’s taking a back seat to official U.S. government channels.

Dimon made the comments at the JPMorgan High Yield and Leveraged Finance Conference in Miami.

In January, Dimon gave some candid comments about another topic, telling CNBC-TV that bitcoin
BTCUSD,
+0.07%

amounts to a “hyped-up fraud” and a “pet rock.”

“Blockchain is a technology-ledger system that we use to move information … we use it to move money. So that is a ledger that we think will be deployable,” Dimon said in the CNBC interview.

He added that it’s no surprise that cryptocurrency exchange FTX collapsed into bankruptcy in November.

JPMorgan’s stock is up 7.2% so far in 2023, compared with a 6% rise by the S&P 500
SPX,
+0.18%

and a 1% increase by the Dow Jones Industrial Average
DJIA,
+0.08%
.

Also read: Risk of ‘wrathful Old Testament–style’ reaction from central banks is rising, JPMorgan says

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Jacob Keiter is a husband, a writer, a journalist, a musician, and a business owner. His journey to becoming a writer was one that was paved with challenges, but ultimately led him to find his true calling. Jacob's early years were marked by a strong desire for creative expression. He was always drawn to music, and in his youth, he played in several bands, chasing the elusive promise of fame and success. However, despite his best efforts, Jacob struggled to find the recognition he craved. It wasn't until he hit a low point in his life that Jacob discovered his love for writing. He turned to writing as a form of therapy during a particularly difficult time, and found that it not only helped him to cope with his struggles, but also allowed him to express himself in a way that he had never been able to before. Jacob's writing skills quickly caught the attention of others, and he soon found himself working as a journalist for The Sun out of Hummelstown. From there, he went on to contribute to a variety of publications, including the American Bee Journal and Referee Magazine. Jacob's writing style is reflective of traditional journalism, but he also infuses his work with a unique voice that sets him apart from others in his field. Despite his success as a writer, Jacob also owns another business, JJ Auto & Home, which specializes in cleaning. Jacob's commitment to excellence is evident in all of his endeavors, whether it be in his writing or in his business ventures. Today, Jacob is the author of two books and continues to inspire others through his writing. His journey to becoming a writer serves as a reminder that sometimes our darkest moments can lead us to our greatest achievements.

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