JPMorgan Chase CEO Jamie Dimon, regarded as one of the nation’s most influential bankers, reassured investors on Monday, expressing his belief in the resilience and growth potential of the U.S. economy for the year ahead.

However, Dimon voiced concerns about geopolitical turmoil, citing events such as the conflict in Ukraine and the Israel-Gaza war, alongside increasing political polarization within the United States.

He cautioned that this combination of factors may potentially pose risks that surpass anything witnessed since World War II.

Dimon’s remarks were featured in his annual shareholder letter, a platform he frequently utilizes to address broad topics such as politics, regulation, global events, and their implications for both JPMorgan Chase and the wider economy, ABC News reported.

In the letter, Dimon passionately defended the firm’s commitment to diversity and equality, countering arguments from Republicans who allege that such initiatives in Fortune 500 companies, colleges, and universities promote left-wing ideology and discrimination.

Additionally, Dimon expressed apprehension regarding persistent high levels of deficit spending by the U.S. government and other nations, as well as emphasizing the necessity for countries like the U.S. to bolster their military capabilities and advance green infrastructure projects.

These factors, he noted, are likely to contribute to inflation rates higher than what investors anticipate.

Written by B.C. Begley