He expressed his fear that the risks of inflation, the change in monetary policy and Russia’s invasion of Ukraine might put the world economy in jeopardy.
The president of the renowned investment bank, Goldman Sachs Group Inc., John Waldron agreed this week with the chief executive of JPMorgan, Jamie Dimon, warning that more difficult times lie ahead amid a series of shocks that shake the world economy.
“This is one of the most dynamic and complex environments, if not the most, that I have seen in my career,” Waldron said, speaking at an investor conference on Thursday, June 2. “The confluence of shocks to the system is unprecedented.”
Waldron’s comments echoed the stern warning made by Dimon, chief executive of JPMorgan Chase & Co., who warned investors to prepare for a “hurricane” amid an unprecedented mix of challenges.
The president of JPMorgan warns regarding the risk of a global energy crisis
Waldron said he will avoid “using any climate analogies” but expressed fear that risks from inflation, changing monetary policy and Russia’s invasion of Ukraine might put the world economy in jeopardy.
“We expect more difficult economic times,” Waldron said. “There is no question that we are seeing a more difficult capital markets environment,” he added.
Waldron emerged as one of the banking sector’s harshest critics of the Fed earlier this year, attacking the central bank for what he perceived as a lack of autonomy and resolve to resist pressure to take necessary action. to tame the highest inflation in 40 years.
John Waldron sounded more confident regarding his company’s ability to continue to generate high profits during the recession. “Whatever the economic environment, we will do well,” he noted.
