over the Ukraine war – warning the invasion will have major implications for the global economy and geopolitics for years to come.released Monday marked the first time he has detailed JPMorgan’s potential losses over the war.
DImon said the bank’s economists expect the European Union, which is “highly dependent on Russia for oil and gas,” to experience slowing economic growth due to fallout from the war. They also expect the US economy to experience negative effects, with GDP growing at a projected 2.5% pace in 2022 rather than the 3% economists previously expected.
JPMorgan Chase was one of countless financial institution and companies that have cut or limited their ties to Russia.Dimon said JPMorgan’s effort to comply with the sanctions has been an “enormous undertaking” for the bank – including efforts to facilitate sanctions on individuals and stop “billions of dollars of payments” based on government guidance.
Source: News Formal (newsformal.com)
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