Why has JPMorgan Chase opened a Center for Geopolitics? Because in 2025, geopolitical risk is not a background noise — it’s the main storyline.
Jamie Dimon doesn’t mince words: “Our greatest risk is geopolitical risk.”
From trade wars to global rearmament, from U.S.–China friction to Middle East realignments, the world is shifting — and markets aren’t pricing it in.
- Today’s geopolitical environment is “enormous, complex, and likely not adequately priced by markets.”
- Such complexity is the engine behind inflection points — like the 1974 oil crisis — that economists and models routinely miss.
- Key trends, such as militarization and trade restructuring, are inflationary by nature.
- Geopolitics is not a side issue; it’s an integral risk layer in economic forecasting, supply chain security, and global market strategy.
“Governments are putting pressure on banks almost every day,” Dimon says. Export controls, investment screening, and geopolitical compliance are no longer optional — and will likely become more formalized.
In response, JPMorgan Chase launched the Center for Geopolitics.
Its mission:
Analyze risk across every country — hundreds of risk vectors to protect the firm
Help clients think critically about cyber resilience, supply chains, and political instability
Convert geopolitical chaos into strategic clarity
The inaugural publications tackle:
- A reshaped Middle East chessboard
- A new era of global rearmament and U.S. defense industrial strain
- The Russia–Ukraine endgame and Europe’s uncertain trajectory
As Derek Chollet, Head of the Center, explains:
“This isn’t a news digest. It’s a lens—sharpened by research, experience, and foresight—to help leaders navigate tectonic shifts.”
In short: JPMorgan is treating geopolitics not as background noise, but as core business intelligence.
Learn more: jpmorganchase.com/geopolitics
Certainly. Based on sources and our conversation, here is what Jamie Dimon says about geopolitics:
Jamie Dimon considers geopolitics to be an extremely important and complex factor in the current economic and financial landscape.
- He describes the current geopolitical situation as “huge, complex, and probably not adequately priced by the market.”
- He emphasizes that geopolitical complexity is often the driver of “inflection points” that most economists and models fail to predict. He cites the 1974 oil crisis as an example. “Huge geopolitical issues” are among the factors influencing the economic future.
- He believes that several factors related to geopolitics have inflationary attributes: the militarization of the worldis inflationary, as is the restructuring of trade. Trade wars are also mentioned among the things that may not be adequately priced in the market. Many of the long-term trends have inflationary attributes.
- Dimon specifically addresses relations with China, describing them as a volatile relationship that is expected to persist. Despite this, JPMorgan is investing in China for the long term, acknowledging the “issues” that cause “dismay” but stating that one must deal with the world as it is. He expects companies to continue doing business there, albeit with potential adjustments due to trade negotiations.
- He emphasizes that foreign policy is set by the government, not JPMorgan. The bank complies with government directives; for example, it maintained its position on a Hong Kong listing because the government had not sanctioned it, but would have complied if the government had prevented it.
- Dimon acknowledges that there are legitimate national security issues. He calls himself an “American patriot” and believes that America should do a better job of focusing on national security issues. A specific example of a mistake in this area is obtaining all rare earths from a single country, especially a potential adversary, a mistake he believes should be corrected. JPMorgan and other banks conduct due diligence on these issues.
- He expects banks such as JPMorgan to continue to face pressure from governments (both US and Chinese, although he specifically mentions the US government exerting pressure “almost every day”) in relation to certain businesses, given the volatility in relations. He points out that both governments have controls on exports, imports, and investments, and believes that these will become more formal over time, to which companies will have to adapt.
- To address these geopolitical and national security risks, JPMorgan has announced a Center for Geopolitics. This center serves both for in-depth internal analysis of risks (on each country, hundreds of risks to ensure JPMorgan’s survival) and to educate clients and help them consider various risks, including supply chain resilience and cybersecurity (“cyber resiliency”). It is described as an additional service provided by the bank.
- The geopolitics of the Middle East are also mentioned. JPMorgan has been present in the region for over 80 years. Dimon observes the changes and hopes that this is a moment for the region, noting a significant shift in the desire for peace among the major players.
In summary, for Jamie Dimon, geopolitics is not a separate issue, but a factor intrinsically linked to economic risks (which are not adequately priced), inflation, and uncertainties that make it difficult to predict the economic future. He acknowledges legitimate national security concerns, the importance of the government’s role in shaping foreign policy, and the resulting pressures and need for adaptation for global companies. JPMorgan seeks to mitigate these risks through in-depth internal analysis and by offering support to clients through initiatives such as the new Center for Geopolitics.