Jamie Dimon has cautioned that JPMorgan is facing a loss of nearly $1 billion from its exposure to Russia, according to a press release by JPMorgan Chase & Co on Monday.
- In an annual letter, Dimon wrote that they are not concerned about direct exposure to Russia, though they could still lose nearly $1 billion over time.
- Dimon further noted that they are actively monitoring the impact of ongoing sanctions and Russia’s response, worried about their secondary and collateral effects on companies and countries.
- JPMorgan Chase posted a record $48.3 billion profit on revenue of $125.3 billion in 2021.
- The long-standing CEO of JPMorgan stated that the bank expects the war in Ukraine to ease global growth rather sharply. He further added that the situation is highly uncertain and could worsen.
JPMorgan announced it was withdrawing from Russia after Russia’s invasion of Ukraine. The bank disclosed it had less than 200 employees in the country. JPM: NYSE is down -0.44%, pre-market trading