JPMorgan CEO Jamie Dimon has warned that World War III may have begun, citing extraordinary, unprecedented risks from escalating conflicts and alliances threatening global stability.

The World on Edge: JPMorgan CEO Jamie Dimon Reveals Dark Scenarios Unfolding

Jamie Dimon, CEO of JPMorgan Chase, has voiced significant worries about escalating geopolitical threats, calling global tensions the most pressing danger to economic stability. During his appearance at the Institute of International Finance last week, Dimon warned that ongoing conflicts in regions like Ukraine and the Middle East could ignite a sequence of events with the potential to escalate into a global war, according to a recording obtained by Fortune.

Shifting focus from immediate U.S. economic concerns, Dimon described factors like a potential hard or soft landing next quarter as a “teeny” matter compared to geopolitical issues.

Dimon also cautioned about alliances forming among Russia, North Korea, and Iran — nations he previously termed an “evil axis” — and noted China’s involvement as well. He suggested that these nations are collaborating to “dismantle” global structures, such as NATO, built after World War II. “And they’re talking about doing it now,” he noted. “They’re not talking about waiting 20 years. And so the risk of this is extraordinary if you read history.” Citing a Washington Post article, he asserted:

World War III has already begun. You already have battles on the ground being coordinated in multiple countries.

Dimon likened today’s geopolitical climate to the period leading up to World War II, stating: “Look at how we tripped into World War II. When Czechoslovakia was split up — sounds a little like Ukraine — that was the end of it. Until they invaded Poland.” Urging vigilance, he cautioned: “We shan’t be naive. What we should be thinking about is we can’t take the chance this will resolve itself. We have to make sure that we are involved in doing the right things to get it resolved properly.”

Though he conveyed deep concern, Dimon acknowledged a possible reduction in the risk of widespread conflict, stating that tensions might “diminish over time” and mentioning potential ceasefires in regions such as Ukraine and the Middle East. However, he expressed doubts about major improvements, adding:

I talk about the risk to us if those things go south. We run scenarios that would shock you. I don’t even want to mention them.

The JPMorgan boss expressed deep concerns over nuclear threats from Russia and other adversaries, viewing the current nuclear risks as unprecedented and alarming. He argued that nuclear proliferation poses a greater danger than climate change, warning that as more nations acquire nuclear weapons, the risk of catastrophic events in major cities grows. He emphasized the need for clear, focused policies to address this escalating threat.