Jamie Dimon, chief executive of JPMorgan Chase, has warned that the global financial system could face risks similar to those seen before the 2008 financial crisis.
He said that some lenders and financial players are doing “dumb things” to make money in the current market environment, which he described as risky and uncertain.
Speaking at an event on Monday, Dimon compared the present situation to the years between 2005 and 2007, just before the global financial crisis of 2008. He said that during that period, asset prices were rising and many people were making easy money.
“The rising tide lifts all boats. Everyone was making a lot of moneyI don’t know how long it is going to be great for everybody,” he said, as quoted by CNN.
He added that he is seeing similar signs today. According to him, some institutions are taking risky bets in order to show that they are “winning in the markets business”. Without naming anyone, he appeared to refer to financial firms that are trying to increase profits at a time when stock markets are reacting sharply to developments such as tariffs and artificial intelligence.
Dimon said his “anxiety is high” about the current situation. He said that financial cycles always turn at some point, even if it is not clear what event or mix of events will trigger the change. He also said that high asset prices do not make him feel comfortable. Instead, he believes that elevated valuations add to the overall risk in the system.
The veteran banker also spoke about the growing excitement around artificial intelligence. He said that in the past, industries such as newspapers, utilities and phone companies were once seen as stable and safe.
However, problems during the 2008 crisis showed that even sectors considered strong can face sudden pressure.
“This time around, it might be software because of AI,” Dimon said. He explained that there are “moving tectonic plates” under the industry, meaning that deep changes are taking place that could challenge existing business models.
Concerns about AI-led disruption have already affected global markets. Recently, technology stocks saw a sharp selloff after AI startup Anthropic launched plug-ins for its Claude Cowork agent.
The new tools can automate tasks across departments such as legal, sales, marketing and data analysis. The development raised worries that AI could replace certain roles or reduce the need for traditional software services.
Dimon said that some lenders are behaving in ways that remind him of the period before the last crisis. He pointed to reckless behaviour and overconfidence linked to rising asset prices and the AI boom. In his view, aggressive competition and high levels of borrowing could again create stress in credit markets.
He drew parallels with the mid-2000s, when heavy leverage and inflated valuations gave many investors the feeling that growth would continue without interruption. That period ended in a severe global crisis when housing markets collapsed and credit markets froze.
Dimon also criticised competitors who are trying to boost net interest income or claim dominance in areas such as mortgages. He called such tactics “dumb things” and warned that credit cycles always deteriorate at some stage.
While he did not predict an immediate crash, Dimon made it clear that he sees warning signs. He said that disruption this time may not come from housing, as in 2008, but from rapid changes in software and other industries affected by AI.
His comments come at a time when markets are already facing uncertainty due to trade tensions, high borrowing costs and fast technological change. For investors and lenders, his message was simple: periods of strong gains can hide risks that build up over time.
Whether the current environment will lead to a crisis similar to 2008 remains unclear. However, the head of the largest US bank has signalled that caution may be needed as asset prices remain high and competition for profits grows stronger.
