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.” |
Indonesian police arrest 8 suspected militants, part of a banned extremist group with alThird temporary channel opens for vessels to Baltimore port after bridge collapseIsrael gave US lastAP Photos: The skies fill with color at a Chinese kite festivalJohn Sterling honored by Yankees for 36 seasons and 5,631 games as radio voiceBrentford routs Luton 5Sarah Nurse scores in OT to lift Toronto over Montreal 3NATO secretaryNorth Korea says it tested 'super2 Japanese navy helicopters carrying 8 crew believed crashed in Pacific, Defense Ministry says