JPMorgan profit jumps 35%, but CEO says geopolitics and gov’t inaction have led to ‘dangerous time’

By KEN SWEET
AP Business Writer

NEW YORK (AP) — JPMorgan Chase’s third-quarter profit soared 35% from last year, fueled by a rapid rise in interest rates, but the bank’s CEO, Jamie Dimon, issued a sobering statement about the current state of world affairs and economic instability. Dimon said the Russia-Ukraine and Israel-Palestinian wars, high levels of government debt and deficits and high inflation are contributing to what he calls “the most dangerous time the world has seen in decades.” Two other big Wall Street banks reported results Friday, with Wells Fargo also reporting a big increase in net income while Citigroup had a more modest gain in profits.