JPMorgan Chase has set aside nearly $1.5 billion ahead of a possible mild recession in the U.S. Reuters reported. The bank expects a slowdown despite a better-than-expected quarter with substantial profits.

The news sent shares of America’s biggest bank down as much as 3 percent. CEO Jamie Dimon noted that consumers are still spending more, and while companies appear to be financially healthy, he also noted some economic uncertainty.

Outcome unknown

“We still don’t know what the ultimate outcome of the geopolitical tensions that are currently raging will be,” he said. ‘We have war in Ukraine, energy and food shortages and hyperinflation.’ With that in mind, JPMorgan Chase warned of a slight slowdown in the macroeconomic future, “perhaps accompanied by a mild recession.”

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In total, JPMorgan Chase posted a profit of about $11 billion in the last quarter of 2022, better than analysts had initially estimated. Compared to a year ago, the bank posted a profit of $10.4 billion.