The JP Morgan chief executive, Jamie Dimon, has warned that the US bank could lose up to $1bn (£763m) from its exposure to Russia, as he called on the US government to deploy more troops, restructure supply chains and launch a new “Marshall plan” to ensure energy supply in response to the war in Ukraine.
In his widely read annual letter to investors, Dimon urged Joe Biden’s administration to take a stronger stance against the “grave new geopolitical realities” emerging after Russia’s invasion of Ukraine, saying it was up to democratic nations to take a stand “against all forms of evil”.
