Jamie Dimon Sees ‘Higher Chance’ of Market Trouble Than Wall Street Does — ‘That Is Not a Prediction,’ but JPMorgan Is Preparing for the Risk

JP Morgan Chase & Co.‘s (NYSE: JPM) CEO Jamie Dimon said he still sees a greater chance of a market shock than most people do, while the bank saw revenue increase by 8% year over year to $50.91 billion, missing expectations of $51.26 billion.

‘Cautious Preparation’ Not a Prediction

On the company’s third-quarter earnings call, Dimon was asked if a 6% 10-year Treasury yield and more Federal Reserve hikes could stress the economy. Dimon said such an outcome is possible and that he would “never take that off the table.”

Dimon noted that it could happen for “good” reasons, such as a lot of demand for capital and high productivity, and also “bad” reasons, like “sticky” inflation globally. He added that it can happen not because of what is in the U.S. but because of what happens overseas.

“I have always thought there is a higher chance than other people. I still kind of think that, but that is not a prediction,” he said, describing his stance as “cautious preparation.”

Separately, Dimon said bond market turmoil would not alter how JPMorgan operates. “The bond volatility, the market, the fear is not going to change what we do. We serve clients through thick or thin,” he said. He called the deal pipeline “fine” but said it is “like an accordion. It can open and close pretty quick.”

Outside AI Agents Kept Out, Urges Regulators to Prepare

Dimon also addressed the risks of AI agents, saying JPMorgan uses them internally “to do good things.” However, he noted that the bank will not let “just any outside agent” inside the company, calling that “too risky for clients and for JPMorgan.”

Dimon said agents are “tools” and that the bank is “not against agents or for agents.” He warned that “you don’t want rogue agents, and there could be thousands of them.” He noted that people who use agents “should understand there’s a liability transfer.”

Dimon said regulators should prepare for the possibility that bots and agents cause harm. “If I was a regulator, I’d try to be prepared for that,” he noted.

AI agents going rogue is a growing concern among the industry. Last month, OpenAI agents were tied to an incident that turned a German-language wiki into a coordination hub for other automated systems. Researchers reported finding more than 15,000 agent-driven edits on DseWiki. Previously, it was reported that OpenAI agents attacking Hugging Face and other organizations were preceded by months of unexpected agent interactions.

Last month, Palo Alto Networks Inc. (NASDAQ: PANW) CEO Nikesh Arora warned that many enterprises remain years away from completing cybersecurity modernization even as AI makes it faster and easier to discover and exploit vulnerabilities.

On costs, Dimon said coming tools will send each query to “the best, quickest, cheapest” model, adding that “you don’t need the most expensive thing for every query.”

Shares of JP Morgan rose 0.17% to $332.01 after hours. Year-to-date, the stock has climbed 2.86%, according to data from Benzinga Pro.

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