Home Feature News Jamie Dimon warns: ‘Now could be the most harmful time the world has seen in many years’ | CNN Enterprise

Jamie Dimon warns: ‘Now could be the most harmful time the world has seen in many years’ | CNN Enterprise

0
Jamie Dimon warns: ‘Now could be the most harmful time the world has seen in many years’ | CNN Enterprise

[ad_1]


New York
CNN
 — 

JPMorgan Chase CEO Jamie Dimon kicked off third-quarter earnings season Friday with a stern warning to traders: “Now could be the most harmful time the world has seen in many years,” he wrote within the firm’s report.

The wars in Ukraine, Israel and Gaza “could have far-reaching impacts on power and meals markets, international commerce, and geopolitical relationships.”

Nonetheless, the world’s largest financial institution beat analysts’ expectations final quarter.

The financial institution reported earnings of $4.33 per share versus the $3.90 anticipated by analysts. Income clocked in at $39.9 billion, beating the $39.57 billion anticipated, in accordance with Refinitiv knowledge.

With almost $3.9 trillion in property, JPMorgan Chase is the most important financial institution in america and a bellwether for the US financial system.

The New York-based financial institution additionally reported a 6% drop in funding banking income within the third quarter. Funding banking charges fell by 3% due to decrease fairness and debt underwriting exercise, stated the financial institution.

Deposits fell by 4% from a yr earlier through the third quarter.

“At present, US customers and companies usually stay wholesome,” Dimon stated in regards to the state of the financial system on Friday, noting that buyers do look like spending by money buffers.

Dimon additionally stated that tight labor markets and excessive authorities debt ranges may preserve inflation elevated for a while and that rates of interest may rise additional. The Federal Reserve’s key lending charge is at present at a 22-year excessive.

Shares instantly fell by about 0.2% in premarket buying and selling Friday.

This story is growing and will probably be up to date.

[ad_2]

LEAVE A REPLY

Please enter your comment!
Please enter your name here