JPMorgan Chase reported better-than-expected first-quarter outcomes on Friday. Whereas CEO Jamie Dimon acknowledged that the financial institution’s monetary outcomes had been “robust,” he additionally warned that the financial institution was getting ready for “turbulence” within the U.S. economic system.
JPMorgan’s first-quarter 2025 income was $46.01 billion, increased than analyst expectations of $44.11 billion and an 8% yearly improve. The financial institution additionally acknowledged that first-quarter revenue elevated by about 9% year-over-year to $14.64 billion.
Dimon, 69, wrote in an earnings launch that JPMorgan added 500,000 new checking accounts within the quarter and noticed income within the markets division rise to $9.7 billion, marking “an exceptionally robust quarter.”
Nevertheless, Dimon cautioned that unsure financial situations had been forward. He stated that potential deregulation, tax cuts, inflation, excessive fiscal deficits, and tariffs may have an effect on the economic system and that JPMorgan is getting ready for as many outcomes as attainable.
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“The economic system is going through appreciable turbulence (together with geopolitics), with the potential positives of tax reform and deregulation and the potential negatives of tariffs and ‘commerce wars,’ ongoing sticky inflation, excessive fiscal deficits and nonetheless reasonably excessive asset costs and volatility,” he wrote within the earnings launch. “As all the time, we hope for the perfect however put together the Agency for a variety of eventualities.”‘
JPMorgan CEO Jamie Dimon. Picture by Noam Galai/Getty Photographs
A few of the financial points Dimon listed have seen new updates this week. On tax reform, a invoice supported by President Donald Trump that seeks to scale back taxes by roughly $5 trillion handed the U.S. Home of Representatives on Thursday. Trump has additionally promoted deregulation, signing an govt order on Wednesday asking federal company heads to compile an inventory of anti-competitive laws to get rid of.
On tariffs, Trump levied duties of 145% on China this week. The transfer sparked a tit-for-tat commerce warfare and retaliation from China, which raised tariffs on the U.S. to 125% on Friday.
“It’s very cheap to say we need to make commerce higher,” Dimon instructed Fox Enterprise earlier this week when requested what he thought of tariffs. “However I additionally need to say to the Individuals, we have now the perfect economic system on this planet.”
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Dimon pointed to the scale of the U.S. GDP. Based on World Financial institution information, the U.S. GDP was $27.72 trillion in 2023, increased than China’s GDP of $17.79 trillion in the identical yr.
JPMorgan is the biggest financial institution within the U.S. with whole belongings of about $3.5 trillion.
