JP Morgan chief executive has warned the world may be facing “the most dangerous time in decades”.
Conflicts in Ukraine and Israel could hit energy and food prices, and global trade, the bank boss said.
Thousands have been killed in Israel and Gaza after an unprecedented attack by Palestinian militant group Hamas.
Speaking as the bank revealed its latest results, Mr Dimon said labour shortages and high government debt levels also posed risks to economies.
This means interest rates could rise further, he added.
Central banks have been struggling to bring down inflation by hiking interest rates.
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In September the Organization for Economic Co-operation and Development (OECD) forecast that the pace of price rises in the UK would be the highest among developed economies this year.
Mr Dimon said: “Furthermore, the war in Ukraine compounded by last week’s attacks on Israel may have far-reaching impacts on energy and food markets, global trade, and geopolitical relationships.
“This may be the most dangerous time the world has seen in decades.”
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