Jimmy Damon, Chairman and CEO of JPMorgan, believes that maintaining “the world safe and free for democracy” may be a greater issue than the American economy now

Damon, in preparation statement Friday, he warned of the possibilities of the American economy, which he said is facing a “major disturbance (including geopolitics), with potential positives of tax reform and the abolition of organizational restrictions and potential negatives of definitions and commercial wars, and we hope to postpone the ongoing assets and their great lack.

On a call with analysts on Friday, Damon was more explicit. JPMorgan CEO said he “almost does not care” how the US economy in the next two quarters performs, and that the United States has passed before. For Dimon, the most important thing is that “the Western world remains economically together” and that “we go beyond all this militarily to preserve the world safe and free for democracy.”

China on Friday Enhanced A tariff on US imports to 125 % of 84 %. This step is seen as revenge for the Trump administration shelves on Chinese imports, which now Groups 145 %.

Damon said on Friday that China is a “major issue”, adding that he “does not know how it will happen.”

Damon’s comments came when Jpmorgan won the first quarter expectations. On Friday, the bank informed the revenues of the first quarter of $ 45.3 billion, an increase of 41.9 billion dollars for the same period in 2024. The net net of the first quarter of the age of 14.6 billion dollars, or $ 5.07 for a reduced share for a period of three months ending on March 31, compared to $ 13.4 billion of net income, or $ 4.44 per share, for the first quarter of 2024.

Jpmorgan Chase 4.4 trillion dollars in assets was from March 31.

“This is a very strong quarter for JPM, which included a reserve structure of $ 0.27,” David Conrad, KBW stock research analyst, said in the April 11 note.

A pause in integration and purchase operations

Tensions on the economy and definitions in the Trump administration have caused a decrease in the stock market in the United States, while the shares of many banks covered. JPMorgan shares have decreased about 7 % since April 2. In the afternoon trading on Friday, JPMorgan shares increased by 4 % to $ 236.31.

When asked about the chance of the American recession, Damon said he called Michael Ferrolly, the chief economist at JPMorgan, who said there was a chance of stagnation 50-50.

“The banks, as you know, are the cork in the ocean when it comes to the economy,” Damon said on the call.

All fluctuations have caused the suspension of subscription subscriptions at a time when some deals were late, luck He has I mentioned. He said: “From a short point of view, many people do not do things because of this. They will wait and see, and this is the integration and purchases. This is the integration and purchase operations with medium market companies.”

Damon also said that some of the issues that currently caused fluctuations were present before the Trump administration entered power, including the geopolitical situation and excessive financial deficit. The CEO of JPMorgan said that the best thing is to allow Scott Bessent, the treasury secretary, as well as the people working with Bessent and management, “to the completion of the agreements they need as quickly as possible.

Other banks

JPMorgan Chase was one of three investment banks on Friday. Morgan Stanley He also overcome expectations when I mentioned The net income of the first quarter of $ 4.3 billion, or $ 2.60 for a diluted stock, compared to $ 3.4 billion, or $ 2.02 per share for the same period last year. The net revenue increased by about 15 % to $ 17.7 billion. “It was a strong quarter led by stock trading and other trading revenues,” Konrad of KBW wrote in a separate memo. Morgan Stanley’s share was traded at $ 108.48, an increase of approximately 2 %.

Wales Vargo As stated in the above expectations when I mentioned About $ 4.9 billion of net income, or $ 1.39 for a diluted stock for the three months ending March 31, compared to $ 4.6 billion or $ 1.20 per share for the same period in 2024. The total revenue decreased by 3.5 % to 20.1 billion dollars in the first quarter. The net interest income, which measures the profitability of the lender, decreased by 6 % to $ 11.5 billion in the first quarter. The shares of Wales Vargo threw 56 cents to $ 62.50 in trading in the afternoon on Friday.

Charlie Charf, CEO of Wales, said he expected “to continue volatility and uncertainty and be prepared for a slower economic environment in 2025,” according to a statement.

“We support the administration’s readiness to consider the barriers that prevent fair trade in the United States, although there are definitely risks related to these important measures.” At the time of the United States will be useful for companies, consumers and markets, “Scharf said.

This story was originally shown on Fortune.com

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2025-04-11 18:48:00