Jamie Dimon, CEO of JPMorgan Chase, says he would not be a buyer of the broader stock market at current valuations.
Why?
Dimon believes investors are underestimating the growing risks. He pointed to the wars in Ukraine and the Middle East, tensions between the US and China, and rising US government debt.
Thoughts on UK
He also warned the UK’s new prime minister against increasing taxes on banks.
“I would be very cautious if I was a government thinking that penalising any company out of the ordinary is a good thing for that country,” Dimon said.
Dimon’s comments reflect his responsibility to defend JPMorgan’s shareholders against policies that could reduce returns. They also come at a time when JPMorgan Chase and several of its peers reported blockbuster quarterly results, supported by higher trading and investment banking revenue.
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