Finance giant JPMorgan could lose some $1 billion due to its exposure to Russia, its Chairman and Chief Executive Jamie Dimon said in a letter to shareholders.
Dimon assured shareholders that the firm is “not worried” about its direct exposure to Moscow, but noted that it continued to monitor the ongoing sanctions on Moscow and its response, with about $1 billion in possible losses.
Dimon said the firm has been working to prepare for uncertainties, adding that its teams across the globe have been working “around the clock to do the right thing.” He added that the firm already faced challenges earlier such as cybersecurity, terrorism, and climate change.
The company has also been working to comply with new Russian rules, such as imposing sanctions on individuals including the ownership of assets and firms, reducing exposures across products and services, and halting billions of payments.
Dimon also believes that the Federal Reserve needs to aggressively tighten rates in a bid to address the 40-year high in inflation, with the conflict in Ukraine seen to “dramatically increase” risks moving forward.
