Dimon, who heads the country’s largest bank, JP Morgan, said he is “far more worried about the correction than others,” noting that numerous factors are contributing to an environment of heightened uncertainty. He cited geopolitical tensions, heavy fiscal spending, and global remilitarisation as key risks. “All these things create issues we don’t yet know how to answer,” the 69-year-old said. “The level of uncertainty should be higher in most people’s minds than what I’d call normal.”
He acknowledged that much of the market’s rapid growth has been driven by artificial intelligence, but warned against unrestrained optimism. “AI is real and will pay off overall—just like cars and TVs did—but most investors in those industries didn’t do well,” he remarked, adding that some AI investments will “probably be lost.”
Dimon also addressed concerns about potential political pressure on the U.S. Federal Reserve, stressing that central bank independence is vital. He said he was willing to take Donald Trump “at his word” that he would not interfere, despite the US president’s past criticism of Fed Chair Jerome Powell.
While admitting that the U.S. had become “a little less reliable,” Dimon said some of Trump’s policies had prompted Europe to act on long-standing issues such as NATO underinvestment and weak competitiveness.
He also hinted at progress in trade negotiations between India and the U.S., expressing optimism about a deal to roll back additional tariffs imposed on India over its continued trade with Russia, especially in oil. “I’ve spoken to several Trump officials who said they want to do that, and I’ve been told they will,” Dimon noted.Additionally, global security has recently become a key concern for JP Morgan chief Jamie Dimon, who had earlier warned in his annual letter to shareholders that the U.S. could run out of missiles within seven days if a conflict were to break out in the South China Sea.Also read: Rs 10 lakh to Rs 1 crore! India’s oldest gold ETF sparkles with dazzling 950% return
Reflecting on how nations should respond to growing geopolitical risks, Dimon emphasised the need for stronger defence preparedness and higher military investment. “People talk about stockpiling things like crypto,” he said. “I always say we should be stockpiling bullets, guns, and bombs. The world is a much more dangerous place today, and I’d rather have safety than not.”
Dimon made the remarks in Bournemouth, where he announced a £350 million investment in JP Morgan’s local campus and a £3.5 million philanthropic commitment to community organisations.
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