Jamie Dimon, "Brace yourselves"

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There are two main factors that has Dimon worried: So-called quantitative tightening, or QT, is scheduled to begin this month and will ramp up to $95 billion a month in reduced bond holdings.

The other large factor worrying Dimon is the Ukraine war and its impact on commodities, including food and fuel. Oil could hit $150 or $175 a barrel, he said.

"You better brace yourself," Dimon told the roomful of analysts and investors. "JPMorgan is bracing ourselves and we're going to be very conservative with our balance sheet."

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"You know, I said there's storm clouds but I'm going to change it… it's a hurricane," Dimon said Wednesday at a financial conference in New York. While conditions seem "fine" at the moment, nobody knows if the hurricane is "a minor one or Superstorm Sandy," he added.

"You better brace yourself," Dimon told the roomful of analysts and investors. "JPMorgan is bracing ourselves and we're going to be very conservative with our balance sheet."

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