NEW YORK — JPMorgan Chase continued to alert financiers Friday that it anticipates a “uncertain” year for markets and the worldwide economy, mentioning stubbornly high inflation and continuous geopolitical stress.
The remarks came as JPMorgan — as well as its significant rivals Citigroup and Wells Fargo — reported their veryfirst quarter outcomes. JPMorgan had a modest 6% increase in the veryfirst quarter while Wells Fargo reported a decrease in earnings versus a year ago, although the outcome beat Wall Street’s expectations. Citigroup’s revenues likewise decreased.
“Many financial indications continue to be beneficial. However, looking ahead, we stay notify to a number of considerable unsure forces,” JPMorgan CEO Jamie Dimon stated, mentioning the wars in Gaza and Ukraine as well as other geopolitical pressures, high quantities of federalgovernment costs throughout the world and “persistent inflationary pressures.”
The remarks from Dimon are comparable to what he informed financiers in his yearly investor letter earlier this week. In that letter, Dimon alerted that geopolitical occasions consistingof the war in Ukraine and the Israel-Hamas war, as well as U.S. political polarization, may be producing an environment that “may extremely well be developing dangers that might eclipse anything consideringthat World War II.”
JPMorgan, the country’s biggest bank, made a earnings of $13.42 billion,