US bank warns of potential $1 b loss from Russia exposure

JPMorgan boss Jamie Dimon warned on Monday that the bank could lose about $1 billion on its Russia exposure, the first time it has detailed the extent of its potential losses resulting from the conflict in Ukraine, Reuters reported on Monday.

In his keenly watched annual letter to shareholders, the chairman and chief executive of the biggest US bank by assets also urged the United States to increase its military presence in Europe and reiterated a call for it to develop a plan to ensure energy security for itself and its allies, Reuters reported.

Dimon did not provide details on JPMorgan's potential loss number or a time frame but said the bank was concerned about the secondary impact of Russia's invasion of Ukraine on companies and countries. Russia calls its actions a "special operation."

Global banks have detailed their exposure to Russia in recent weeks but Dimon is the most high-profile world business leader yet to comment on the broader impact of the conflict.

KI/PR