JPMorgan CEO Jamie Dimon states investors are underestimating global hazards and will shun stocks or multi‑year bonds at current prices.

He warns market valuations remain overstretched despite solid bank profits.

The bank also faces risk of withdrawing its £3 billion UK investment if the UK government proceeds with a proposed bank tax.

Dimon has repeated concerns over policy making strains and reduced investment activity in risk markets.

The warnings come as JPMorgan’s latest earnings report shows strong profit.