JP Morgan boss warns that the world faces its ‘most dangerous time’ in decades

The boss of JP Morgan has warned that the world faces its ‘most dangerous time’ in decades.

Jamie Dimon sounded the alarm over the combination of a fragile global economy with war in Ukraine and the Middle East.

Speaking as the bank reported a 35 per cent rise in profits, the Wall Street banker said: ‘We still do not know the longer-term consequences of quantitative tightening, which reduces liquidity in the system at a time when market-making capabilities are increasingly limited by regulations. 

‘Furthermore, the war in Ukraine, compounded by last week’s attacks on Israel, may have far-reaching impacts on energy and food markets, global trade, and geopolitical relationships.

‘This may be the most dangerous time the world has seen in decades.’

The comments came as JP Morgan said profits in the three months to the end of September were 35 per cent higher than the same period last year at £10.8billion.

Business was boosted by rising interest rates and the acquisition of failed First Republic Bank.