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.” |
Elly De La Cruz slugs 3China's amended criminal law strengthens punishment for bribers, graft in private firmsEnough of the Swift scourge! MAUREEN CALLAHAN slams Taylor as a moneyMichelle Keegan celebrates new record for Netflix show Fool Me Once as she looks to crack AmericaChina activates emergency response to rain, snowstorms amid holiday traffic peakRihanna giggles as she does an impressive British accent at her FENTY X Puma event in LondonEU presents firstSean Penn displays his platinum white hair as he takes a smoke break during Malibu outingJersey Shore: Family Vacation: Sammi 'Sweetheart' Giancola and exTurkish security forces conduct joint operations against PKK