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JPMorgan reported first-quarter earnings on Friday that surpassed Wall Street’s expectations, as CEO Jamie Dimon rang the alarm once again on a deeply worrying geopolitical backdrop.
America’s biggest bank posted a 9% year-on-year rise in revenue to $41.9 billion, which helped to drive its net income up 6% to $13.4 billion. Earnings per share were $4.44, ahead of AlphaSense’s consensus estimate of $4.14.
“We remain alert to a number of significant uncertain forces,” Dimon said in the earnings release. First, the global landscape is unsettling – terrible wars and violence continue to cause suffering, and geopolitical tensions are growing.”
“Second, there seems to be a large number of persistent inflationary pressures, which may likely continue. And finally, we have never truly experienced the full effect of quantitative tightening on this scale.”
In his annual letter to JPMorgan shareholders, Dimon voiced similar concerns, published earlier this week. In it, he warned about wars raging and international tensions rising, and cautioned investors may be too complacent about the threats posed by inflation, interest rates, and recession.
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