JPMorgan Chase CEO Jamie Dimon kicked off third-quarter earnings season Friday with a stern warning to investors: “Now may be the most dangerous time the world has seen in decades,” he wrote in the company’s report.

The wars in Ukraine, Israel and Gaza “may have far-reaching impacts on energy and food markets, global trade, and geopolitical relationships.”

Still, the world’s largest bank beat analysts’ expectations last quarter.

The bank reported earnings of $4.33 per share versus the $3.90 expected by analysts. Revenue clocked in at $39.9 billion, beating the $39.57 billion expected, according to Refinitiv data.

With nearly $3.9 trillion in assets, JPMorgan Chase is the largest bank in the United States and a bellwether for the US economy.

The New York-based bank also reported a 6% drop in investment banking revenue in the third quarter. Investment banking fees fell by 3% because of lower equity and debt underwriting activity, said the bank.

Deposits fell by 4% from a year earlier during the third quarter.

“Currently, US consumers and businesses generally remain healthy,” Dimon said about the state of the economy on Friday, noting that consumers do appear to be spending through cash buffers.

Dimon also said that tight labor markets and high government debt levels could keep inflation elevated for some time and that interest rates could rise further. The Federal Reserve’s key lending rate is currently at a 22-year high.

Shares immediately fell by about 0.2% in premarket trading Friday.

This story is developing and will be updated.