JPMorgan Chase tops quarterly expectations as Dimon says U.S. economy faces ‘considerable turbulence’
- JPMorgan Chase reported a net income of $14.6 billion in the first quarter, rising 9% and surpassing Wall Street's profit targets.
- CEO Jamie Dimon warned that the U.S. Economy faces considerable turbulence due to ongoing trade wars and inflation concerns.
- Dimon emphasized JPMorgan's strength to navigate recession risks, noting the bank's ample capital and liquidity.
- The bank has set aside $3.3 billion to cover bad loans, reflecting cautious optimism amid economic uncertainties.
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Jamie Dimon tells why 'this time is different' with the economy and the world
Jamie DimonNoam Galai/Getty ImagesJPMorgan's 1Q earnings call was focused more on what the bank's data might say about the economy.Banks execs said consumers are front-loading spending as corporate clients pause activity.Jamie Dimon pushed for a quick resolution of trade deals to stabilize the global economy.Consumers are trying to front-run tariffs, companies are in "wait-and-see" mode, and market volatility shows no sign of waning.These are ju…
Big bank CEOs weigh in on Trump's tariffs: 'Considerable turbulence'
The CEOs of two of America's largest banks discussed how President Donald Trump's tariffs and other factors are impacting the economy and markets with the release of their quarterly earnings reports on Friday.JPMorgan Chase CEO Jamie Dimon and Wells Fargo CEO Charlie Scharf each discussed Trump's tariffs in letters included with their firms' respective earnings reports on Friday. Dimon, who wrote in a letter to shareholders earlier in the week t…
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