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JPMorgan Chase CEO Jamie Dimon still bullish on economy

Jamie Dimon isn't fazed by rising market volatility and the possibility of a trade war.JPMorgan Chase reported...

Posted: Apr 13, 2018 1:52 PM
Updated: Apr 13, 2018 1:52 PM

Jamie Dimon isn't fazed by rising market volatility and the possibility of a trade war.

JPMorgan Chase reported earnings and revenue for the first quarter Friday morning that topped Wall Street's forecasts. The bank posted a profit of $8.7 billion for the quarter, an increase of 35% from a year ago.

Results were strong across the board, with JPMorgan Chase posting solid increases in net income at its consumer banking, investment banking, commercial banking and wealth management businesses. No wonder Dimon remains upbeat.

"The global economy continues to do well, and we remain optimistic about the positive impact of tax reform in the US as business sentiment remains upbeat, and consumers benefit from job and wage growth," Dimon said in a press release.

But during a conference call with reporters Friday, JPMorgan Chase chief financial officer Marianne Lake said that the bank has not yet received a significant benefit from tax reform -- it likely will come later in the year.

She added though that the more interest rate hikes from the Federal Reserve should help boost profits.

JPMorgan Chase forecasts a solid 2018 overall.

The bank said that net interest income for the year, a key measure of profitability, will be in a range of $54 billion to $55 billion this year. That would be a nearly 10% increase from last year's profit of $50.1 billion.

Related: Dimon says immigration deadlock is hurting America

But the bank's bullish outlook comes just one week after Dimon expressed concerns about the political divide in the United States -- particularly the debate about immigration -- in his annual letter to the bank's shareholders.

"We need to resolve immigration - it is tearing apart our body politic and damaging our economy," Dimon wrote.

Lake acknowledged trade tensions between the US and China as well Friday. She said the bank is hoping that the two nations will reach an agreement soon, but that it remains "business as usual for now" for many of its corporate clients and that CEOs are still bullish.

Nonetheless, Wall Street seemed pleased by JPMorgan Chase's earnings and guidance. Shares were up slightly in early morning trading Friday, as was the broader market.

The bank's results kick off the so-called earnings season for the first quarter. Rival banks Citigroup and Wells Fargo also reported first quarter earnings that topped forecasts Friday while Bank of America, Goldman Sachs and Morgan Stanley are due out next week.

Indiana Coronavirus Cases

Data is updated nightly.

Cases: 751242

Reported Deaths: 13795
CountyCasesDeaths
Marion1032931788
Lake556911009
Allen41692692
St. Joseph36990565
Hamilton36588417
Elkhart29398461
Tippecanoe22901226
Vanderburgh22556400
Porter19356325
Johnson18471389
Hendricks17682317
Clark13226195
Madison13149344
Vigo12614253
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Monroe12207176
Delaware10966198
Howard10321225
Kosciusko9630121
Hancock8576146
Bartholomew8169157
Warrick7860156
Floyd7811180
Grant7242179
Wayne7162201
Boone6966103
Morgan6761141
Dubois6218118
Marshall6209116
Cass6016110
Henry5900110
Dearborn589878
Noble581488
Jackson509076
Shelby501496
Lawrence4742122
Gibson444894
Clinton442355
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DeKalb439885
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Miami395269
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Fayette284864
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Scott270156
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Jay200932
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Switzerland8148
Union72810
Ohio57911
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Ohio Coronavirus Cases

Data is updated nightly.

Cases: 1108736

Reported Deaths: 20166
CountyCasesDeaths
Franklin1287201467
Cuyahoga1157922211
Hamilton813971250
Montgomery525481043
Summit484271001
Lucas43353820
Butler39013606
Stark33332929
Lorain25672505
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Mahoning22370603
Lake21207388
Clermont20117253
Delaware18852136
Licking16662222
Fairfield16574204
Trumbull16548482
Medina15610271
Greene15281248
Clark14237306
Wood13292200
Portage13251215
Allen11913239
Richland11605211
Miami10849225
Wayne9141223
Columbiana9032230
Muskingum8906135
Pickaway8663122
Tuscarawas8649250
Marion8642138
Erie8056165
Ashtabula7160179
Hancock6998132
Ross6944161
Geauga6838151
Scioto6534106
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Union584549
Lawrence5731102
Jefferson5678158
Huron5546122
Sandusky5442126
Darke5420129
Seneca5348128
Washington5319109
Athens523960
Auglaize502187
Mercer487385
Shelby476895
Knox4571112
Madison444266
Ashland435797
Putnam4336103
Defiance432399
Fulton432074
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Brown402461
Logan387677
Preble3855105
Clinton379166
Ottawa373681
Highland359665
Williams348278
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Guernsey324953
Jackson318254
Perry297350
Morrow291840
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Hardin275265
Henry273467
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Adams243256
Pike242835
Gallia240650
Wyandot234556
Hocking220563
Carroll197348
Paulding176542
Meigs148440
Monroe136344
Noble136239
Harrison114138
Morgan109624
Vinton85517
Unassigned03
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