Big banks warn of uncertain year ahead after mixed financial performances in the first quarter
Time:2024-05-01 14:22:22 Source:styleViews(143)
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.”
Previous:North Carolina shootout that killed 4 law officers began as task force tried to serve a warrant
Next:Remote Lake Superior island wolf numbers are stable but moose population declining, researchers say
You may also like
- Benjamin Mendy has bankruptcy case dismissed: Ex
- Paris Olympic athletes to feast on freshly baked bread, select cheeses and plenty of veggie options
- Welcome to stench ground zero: The village where an unspeakable two
- Cupid's stunt snares fugitive, 27, and his mother, 51, in Cape Town following six
- Using a walker boot for too long may mean you can't ever walk properly without it again
- Using a walker boot for too long may mean you can't ever walk properly without it again
- To fend off tourists, a town in Japan is building a big screen blocking the view of Mount Fuji
- Portuguese
- US challenges 'bogus' patents on Ozempic and other drugs in effort to spur competition