The Federal Reserve's campaign to tame high inflation here in the U.S. has been felt around the world.
"I was surprised to see how much leverage there was in some of those pension plans," Dimon told analysts Friday in a conference call to discuss. "My experience in life has been when you have things like what we're going through today, there are going to be other surprises."
The upshot: Leverage that had been hiding in unexpected places, like U.K. pension funds, will continue to unwind, according to Dimon.
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