Big banks warn of uncertain year ahead after mixed financial performances in the first quarter
NEW YORK (AP) — Big banks warned of an “uncertain” year ahead after mixed financial results during the first quarter in an environment of stubbornly high inflation and geopolitical clashes in Europe, the Middle East and elsewhere.
JPMorgan reported a modest 6% rise in profits Friday while profits at Wells Fargo and Citigroup declined, though both topped Wall Street expectations.
“Many economic indicators continue to be favorable. However, looking ahead, we remain alert to a number of significant uncertain forces,” JPMorgan CEO Jamie Dimon said, citing the wars in Gaza and Ukraine as well as other geopolitical pressures, high levels of government spending across the world and “persistent inflationary pressures.”
Dimon used language Friday that was similar to what he told investors in his annual shareholder letter earlier this week. In that letter, Dimon warned that geopolitical events including the war in Ukraine and the Israel-Hamas war, as well as U.S. political polarization, could be creating an environment that “may very well be creating risks that could eclipse anything since World War II.”
Related articles
Ravens sign WR Qadir Ismail, the son of former NFL receiver Qadry Ismail
OWINGS MILLS, Md. (AP) — The Baltimore Ravens have signed wide receiver Qadir Ismail, the son of for2024-05-21China replaces Germany as UK's biggest import market: ONS
(CGTN) 08:39, May 26, 2021Aerial photo taken on Jan. 14, 2021 shows the container terminal of the Li2024-05-21U.S. stocks fall as investors dump risky assets amid surging inflation
Traders work at the New York Stock Exchange (NYSE) in New York, the United States, June 13, 2022. U.2024-05-21How Robert F. Kennedy Jr. could make the first debate stage
PHOENIX (AP) — Robert F. Kennedy Jr. has long argued that the biggest hurdle of his presidential cam2024-05-21- A staff member hangs a US national flag before US President Joe Biden arrives for the European Counc2024-05-21
atest comment