Jamie Dimon Cites Risks From War, Private Credit and More

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Jamie Dimon Cites Risks From War, Private Credit and More

In his annual letter to shareholders, Jamie Dimon, the chief executive of JPMorgan Chase, said investors and businesses faced a series of challenges.

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By

Andrew Ross Sorkin

Bernhard Warner

Sarah Kessler

Michael J. de la Merced

Niko Gallogly

Brian O’Keefe

Ian Mount

and

Grady McGregor

April 6, 2026,

8:16 a.m. ET

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Jamie Dimon, the C.E.O. of JPMorgan Chase, said the war in Iran could pose potentially big risks.

Credit...

Denis Balibouse/Reuters

In today's newsletter:

Risk factors

Trump’s new Iran ultimatum

A former Tesla leader on what SpaceX’s future may hold

China’s A.I. gains in focus

Andrew here.

Jamie Dimon of JPMorgan Chase is out with his annual letter, and we’ve got the details. In it, he raises questions about the valuations of private credit funds, but he says the industry probably doesn’t represent a systemic risk.

While he is relatively bullish on the economy, he offered this downside scenario: “The skunk at the party — and it could happen in 2026 — would be inflation slowly going up, as opposed to slowly going down. This alone could cause interest rates to rise and asset prices to drop. Interest rates are like gravity to almost all asset prices. And falling asset prices at one point can change sentiment rapidly and cause a flight to cash.”

Also: A piece in The New Yorker out on Monday by Ronan Farrow and Andrew Marantz

about OpenAI’s Sam Altman

is likely to be a big talker in Silicon Valley and beyond. More below.

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Risk factors

War in the Middle East shows no sign of letting up, exacting a huge toll on the global economy.

Amid that volatility, Jamie Dimon dropped

his annual letter

to JPMorgan Chase shareholders on Monday, and he offered little comfort. Dimon sees challenges ahead — not just from the war and “growing geopolitical tensions,” but from concerns about inflation, growth, private credit and the world’s debt crisis.

Here’s what he had to say on:

Tariffs.

The levies have had only a modest effect on inflation and growth, he writes, but “the trade battles are clearly not over.” Watch for a further redrawing of global trade alliances, he said, as markets increasingly focus on how the Trump administration handles Washington’s fraught relationship with Beijing. (More on that below.)

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