The head of one of the largest investment banks in the world, JP Morgan Chase, Jamie Dimon, said that due to the situation around Russia and Ukraine, the company's losses could amount to about one billion dollars. The bank already announced last month that it was winding down operations in Russia, which involved about 160 employees. Dimon also noted that it is now difficult to assess the impact of geopolitics on the economy and it is difficult to imagine what the outcome will be in the end. The bank expects that the consequences of the war and related sanctions will lead to a decline in Russia's GDP by 12.5% by the middle of the year. And this is even worse than the 10% drop after the 1998 default. At the same time, anti-Russian sanctions are hurting not only Russia, but also many European countries, having a significant economic impact and stirring up the world oil, raw materials and agricultural markets. In addition, JP Morgan expects that high global inflation will also have a strong impact on the global economy. At the same time, the increase in the discount rate of the US Federal Reserve System in response to rising consumer prices may be significantly higher than the markets expect.
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