Jamie Dimon: Brace yourselves for an economic ‘hurricane’
Dimon also said that JPMorgan Chase is going to do all it can to attract talent to stay on top of the financial world. The CEO said the bank will be “religious” about paying well to keep its best workers.
Speaking at an analyst meeting at the end of May, Dimon said that there were “big storm clouds” on the horizon for the economy but expressed hope that they may “dissipate.”
“If it was a hurricane, I would tell you that,” Dimon said at the analyst meeting, adding that current conditions also aren’t like the “tsunami” that banks faced in 2007 and 2008 when the mortgage market was melting down and several large financial institutions collapsed.
Dimon may not be predicting a tsunami just yet. But a hurricane is bad enough, and certainly more damaging than a regular storm. Dimon said he is also worried about the conflict in Ukraine and the impact it will have on oil prices, predicting on Wednesday that it’s in the cards for crude prices to eventually spike as high as $150 to $175 a barrel.
“Wars go bad. They go south. They have unintended consequences,” he said, adding that this conflict will continue to roil the commodity markets around the world, impacting the prices of oil, gas and wheat.