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:
Related suggestion:
Visa fees for international artists to tour in US shot up 250% in AprilFacing a Republican revolt, House Speaker Johnson pushes ahead on US aid for Ukraine, alliesThe Biden administration recruits 15 states to help enforce airline consumer lawsBusiness boom: Record numbers of people are starting up new small businessesDeaf and mute teen is 'gangBritish woman, 38, 'is raped by 20Participant, film studio behind 'Spotlight,’ shutters after 20 yearsHow Britain's richest man is so secretive even his receptionist hasn't heard of himTrump says New York judge won’t let him attend son’s graduation, no ruling has been madeSt James's Place paid £213K to HMRC for my inheritance tax bill
2.6475s , 5876.03125 kb
Copyright © 2024 Powered by Big banks warn of uncertain year ahead after mixed financial performances in the first quarter ,Global Gallery news portal