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.” |
Family of heiress who drowned are to sue her husband who was accused of killing herPropaganda won't eliminate harms of Japan's nuke wastewater discharge planHayao Miyazaki's animated fantasy continues to lead Chinese box officeUninsured driver, 33, who hit district judge with his car seconds before the fatherRegional Canine Training Center of World Customs Organization opens in Hong KongCIIE: a vivid reality of the world sharing Chinese opportunitiesNanjing Railway Station experienced a small peak of passenger flow in weekendMeal services for elderly to expand nationwideUS smears, blames China, and shirks its own responsibility on fentanyl issue: Chinese FMInterview: Uncertainty to push business away from Europe, says expert