JPMorgan Chase reported better-than-expected first-quarter outcomes on Friday. Whereas CEO Jamie Dimon acknowledged that the financial institution’s monetary outcomes have been “sturdy,” he additionally warned that the financial institution was making ready for “turbulence” within the U.S. financial 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 said 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 sturdy quarter.”
Nonetheless, Dimon cautioned that unsure financial circumstances have been forward. He stated that potential deregulation, tax cuts, inflation, excessive fiscal deficits, and tariffs might have an effect on the financial system and that JPMorgan is making ready for as many outcomes as doable.
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“The financial 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 fairly excessive asset costs and volatility,” he wrote within the earnings launch. “As all the time, we hope for one of the best however put together the Agency for a variety of eventualities.”‘
JPMorgan CEO Jamie Dimon. Photograph by Noam Galai/Getty Photos
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 cut 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 rules to get rid of.
On tariffs, Trump levied duties of 145% on China this week. The transfer sparked a tit-for-tat commerce conflict and retaliation from China, which raised tariffs on the U.S. to 125% on Friday.
“It’s very affordable to say we need to make commerce higher,” Dimon informed Fox Enterprise earlier this week when requested what he considered tariffs. “However I additionally need to say to the Individuals, we now have one of the best financial system on the earth.”
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Dimon pointed to the scale of the U.S. GDP. In line with World Financial institution knowledge, 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.
