JPMorgan Chase CEO Jamie Dimon on Friday warned about potential risks in the future for the economy, citing the war in Ukraine and Israel’s war against Hamas and Hezbollah.

“There is significant human suffering, and the outcome of these situations could have far-reaching effects on both short-term economic outcomes and more importantly on the course of history,” Dimon said in the bank’s third-quarter results release, CNBC reported.

JPMorgan Chase posted earnings showing a 2 percent loss in net income from the year before, down to $12.9 billion. Revenue was up 6 percent, to $43.4 billion, the report showed.

Still, CNN reported that Dimon had warned that while inflation appears to be slowing and the country has avoided recession, “several critical issues remain, including large fiscal deficits, infrastructure needs, restructuring of trade and remilitarization of the world.”

“While inflation is slowing and the U.S. economy remains resilient, several critical issues remain, including large fiscal deficits, infrastructure needs, restructuring of trade and remilitarization of the world,” Dimon said, according to CNBC.

To Dimon’s point, CNBC reported last week that the Russian government approved a draft budget that upped defense spending by 25 percent from 2024.