JPMorgan CEO warns of economic "hurricane"

• "That hurricane is right out there down the road coming our way," he added. "We just don't know if it's a minor one or Superstorm Sandy. You have to brace yourself."

Flashback: The banker said on a conference call in April that the U.S. was facing "storm clouds on the horizon."

• "I hope those things disappear and go away, we have a soft landing and the war is resolved," he told analysts at the time. "I just wouldn't bet on all of that."

The big picture: Dimon cited two main factors while speaking at the Strategic Decisions Conference in New York:

• The Fed's decision to shrink its holdings of securities acquired under its quantitative easing program by up to $95 billion a month.
• Russia's invasion of Ukraine and its impact on the global economy. Dimon said in his annual letter to JPMorgan's shareholders that the "war in Ukraine and the sanctions on Russia, at a minimum, will slow the global economy — and it could easily get worse."