JP Morgan boss calls for Western economies to take a stand against Russian aggression
The boss of JP Morgan has urged Western economies to work more closely together in the face of Russian aggression.
Jamie Dimon, who has run the Wall Street bank since 2005, said the war in Ukraine was highlighting ‘the critical importance of economic relationships and trade, particularly trade that involves anything affecting national security’.
In his annual letter to JP Morgan shareholders, he also revealed the bank could lose around $1billion, or £763million, on its exposure to Russia.
Jamie Dimon (pictured) said the war in Ukraine was highlighting ‘the critical importance of economic relationships and trade
And Dimon warned of ‘very volatile markets’ as America’s central bank, the Federal Reserve, begins to raise interest rates post-pandemic in the face of rampant inflation.
Dimon, 66, said that the Kremlin’s attack on its neighbour would affect geopolitics for decades – and would make the West realise ‘there is no replacement for strong allies and strong militaries’.
He added: ‘We must look at this as a wake-up call.
‘We need to make this a permanent, long-lasting stand for democratic ideals and against all forms of evil.’