Business
Jamie Dimon warns of ‘some kind of bond crisis’ ahead as global debt risks build
Jamie Dimon, Chairman and Chief Executive Officer of JPMorgan Chase & Co., attends the ribbon-cutting ceremony opening the firm’s new headquarters at 270 Park Avenue, in New York City, U.S., Oct. 21, 2025.
Eduardo Munoz | Reuters
JPMorgan Chase CEO Jamie Dimon on Tuesday warned that rising government debt levels could trigger a crisis in the bond market, urging policymakers to act before markets force their hand.
Dimon’s statement was in response to a question about whether he was worried about rising levels of government debt “around the world and in your country.”
“The way it’s going now, there will be some kind of bond crisis, and then we’ll have to deal with it,” Dimon said at an investment conference held by Norway’s sovereign wealth fund, the largest in the world.
“I’m not that worried we’ll be able to deal with it,” Dimon said. “I just think maturity should say you should deal with it, as opposed to let it happen.”
Dimon, who runs the world’s largest bank by market cap, said history has shown that today’s growing mix of risks could combine in unpredictable ways. While the timing is uncertain, failing to address those pressures increases the odds that adjustment comes after upheaval rather than deliberate policy moves.
“The level of things that are adding to the risk column are high, like geopolitics, oil, government deficits,” Dimon said. “They may go away, but they may not, and we don’t know what confluence of events causes the problem.”
A bond crisis would likely mean a sudden jump in yields and a breakdown in market liquidity, where investors rush to sell and buyers recede, typically forcing central banks to step in as buyers of last resort.
A recent example is the 2022 U.K. gilt crisis, when yields on the U.K. government bonds surged and the Bank of England had to step in to stabilize the market.
In the wide-ranging interview, Dimon addressed risks he saw in the credit cycle and the pace of artificial intelligence adoption and his insights into setting corporate culture.
While he didn’t think that private credit, at about $1.7 trillion, was large enough to be a systemic risk to the U.S. economy, he did say that the larger risk was that a downturn across all lending categories would be harsher than expected.
“We haven’t had a credit recession in so long, so when we have one, it would be worse than people think,” Dimon said. “It might be terrible.”
Heineken has announced a substantial investment exceeding £44 million into hundreds of its pubs across the UK, a move expected to create approximately 850 jobs.
The Dutch brewing giant’s Star Pubs operation, which manages 2,350 sites nationwide, is undertaking this significant financial commitment despite a challenging period for the pub sector.
The industry has faced considerable pressure over the past year, grappling with escalating labour costs and increases in national insurance contributions.
Concurrently, consumer spending has been constrained by concerns over inflation and rising unemployment, further impacting pub revenues. However, pubs did receive additional business rates support from the government last month, aimed at alleviating some of these financial burdens.
Lawson Mountstevens, managing director of Star Pubs, indicated that the investment strategy is partly designed to bolster revenues and help the group navigate the recent “sustained increases in running costs”.
This year, £44.5 million will be allocated to upgrades for 647 pubs. A notable 108 of these venues are earmarked for particularly significant cash injections, with each transformation costing at least £145,000.
Heineken clarified that while the majority of its pubs are group-owned, they are independently operated by local licensees. A key focus for this investment, particularly in the lead-up to the 2026 football World Cup, will be on sports-focused venues.
The pub firm and brewer has a history of significant investment in British pubs, having pumped £328 million into the sector since 2018. Work has already commenced at 52 locations, including eight projects dedicated to reopening boarded-up pubs that have endured lengthy closures.
Mr Mountstevens also urged the government to reduce the tax burden on pubs, arguing it would ease cost pressures and foster further job creation within the industry.
He stated: “We can only do so much; the root-and-branch reform of business rates that the industry has been calling for over many years is urgently required, as well as a lowering of the burden of taxation on pubs, including VAT and beer duty.”
He concluded with a direct appeal: “We are calling on the Government to support us in bringing out the best in the Great British pub.”
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