JPMorgan Chase beats in first-quarter earnings as Dimon warns of ‘unsettling’ global landscape

JPMorgan Chase beats in first-quarter earnings as Dimon warns of ‘unsettling’ global landscape

Apr 12,2024
New York CNN  — 

JPMorgan Chase, the world’s largest bank by market capitalization, kicked off earnings season Friday with a beat, but also a warning.

The bank’s first-quarter revenue increased by 8.5% from the year before, to $41.9 billion. That’s more than analysts surveyed by FactSet had expected.

Earnings per share came in at $4.44, higher than the $4.17 estimated by FactSet.

Still, CEO Jamie Dimon warned investors that trouble could lie ahead. “Many economic indicators continue to be favorable. However, looking ahead, we remain alert to a number of significant uncertain forces,” he wrote in a press release Friday.

“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. We do not know how these factors will play out, but we must prepare the Firm for a wide range of potential environments to ensure that we can consistently be there for clients,” he said.

Shares of the bank fell by 3.7% in premarket trading.

This story is developing and will be updated.

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