Wall Street bosses warn of looming global recession

  • JP Morgan boss Jamie Dimon says the world is a ‘scary and unpredictable’ place
  • Israel’s war with Hamas and Russia’s invasion of Ukraine are destabilizing
  • Economists warn that hostilities in the Middle East could have consequences for the global economy

Alert: JP Morgan’s Jamie Dimon

The world is facing its worst crisis since World War II and could be entering a global recession, top Wall Street bosses have warned.

Jamie Dimon, chairman of JP Morgan, has said the world is a “scary and unpredictable” place because of Israel’s war with Hamas and Russia’s invasion of Ukraine.

“Here in the US we still have a strong economy… But these geopolitical issues are very serious – perhaps the most serious since 1938,” he told the Sunday Times.

Economists have warned that ongoing hostilities in the Middle East could impact global economies through higher energy prices and lower consumer confidence.

Larry Fink, CEO of BlackRock, the world’s largest asset manager, said this weekend: ‘Rising fear is leading to a withdrawal from consumption or more spending.

“So fear causes recessions in the long term, and if fear continues to increase, the chance of a European recession increases and the chance of an American recession increases.”