JPMorgan’s Jamie Dimon says Russia’s war on Ukraine and other geopolitics are more concerning than a recession

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JPMorgan CEO Jamie Dimon.

  • JPMorgan CEO Jamie Dimon warned that geopolitical matters are more concerning than a recession right now. 
  • Regarding a recession, Dimon said “we’ll manage right through that.”
  • He made comments at Saudi Arabia’s Future Investment Initiative conference on Tuesday. 

While a recession looms, JPMorgan CEO Jamie Dimon warned that geopolitical uncertainty poses a more concerning threat to the global economy. 

“The most important thing is the geopolitics around Russia and Ukraine, America and China, relationships of the western world,” he said Tuesday at Saudi Arabia’s Future Investment Initiative conference in Riyadh. “That to me would be far more concerning than whether there’s a mild or slightly severe recession.”

Although there are variables on the horizon that could bring about a downturn in the US, Dimon said, “We’ll manage right through that.”

At the so-called Davos in the Desert event, he also predicted US-Saudi relations would improve, despite escalating tension over OPEC+’s recent decision to slash its oil production quota.

Earlier this month, the White House accused OPEC+ of siding with Russia, and President Joe Biden warned of consequences for Saudi Arabia, which is OPEC’s de facto leader. 

“I can’t imagine any allies agreeing on everything,” Dimon said separately at the conference. “They will work it through and I’m comfortable folks on both sides are working through and these countries will remain allies going forward.”

JPMorgan’s chief executive is among many of Wall Street’s top brass in Saudi Arabia this week. He’s joined by Goldman Sachs CEO David Solomon, Blackstone CEO Steve Schwarzman, and Bridgewater founder Ray Dalio, according to Bloomberg. 

Read the original article on Business Insider
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