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 12:52 PM
Updated: Apr 13, 2018 12:52 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.

Mississippi Coronavirus Cases

Data is updated nightly.

Cases: 253932

Reported Deaths: 5524
CountyCasesDeaths
DeSoto17120175
Hinds16207322
Harrison13353193
Rankin10689211
Jackson10303183
Lee8796141
Madison8232162
Jones6288110
Forrest5949119
Lauderdale5847180
Lowndes5355116
Lafayette494292
Lamar484165
Washington4777123
Bolivar3966108
Oktibbeha392480
Panola368378
Pontotoc362853
Monroe3533105
Warren348498
Union343060
Marshall341665
Neshoba3370152
Pearl River327899
Leflore3002105
Lincoln297085
Sunflower282669
Tate270862
Hancock266559
Alcorn263253
Itawamba262459
Pike262077
Scott246245
Prentiss245052
Yazoo244355
Copiah240849
Tippah240450
Simpson234867
Leake230564
Coahoma230054
Grenada217770
Covington211371
Marion210672
Adams204670
Winston200164
Wayne199630
George199038
Attala193559
Newton191342
Tishomingo184459
Chickasaw183644
Jasper169735
Holmes168567
Clay159033
Stone142320
Tallahatchie140134
Clarke138660
Calhoun135721
Smith120123
Yalobusha116534
Walthall111836
Noxubee110322
Greene109729
Montgomery109434
Carroll104221
Lawrence102417
Perry101631
Amite97725
Webster92224
Tunica86321
Claiborne86125
Jefferson Davis84125
Humphreys82924
Benton81523
Kemper77120
Quitman6888
Franklin66415
Choctaw60313
Wilkinson58325
Jefferson53819
Sharkey42717
Issaquena1596
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Alabama Coronavirus Cases

Cases: 422598

Reported Deaths: 6120
CountyCasesDeaths
Jefferson62039921
Mobile30225548
Madison27052186
Tuscaloosa20728267
Montgomery18978305
Shelby18504114
Baldwin16251182
Lee12465101
Morgan12233113
Etowah11735168
Calhoun11122200
Marshall10191107
Houston8598148
Cullman8023105
Limestone800274
Elmore7836101
DeKalb768397
Lauderdale754683
St. Clair7535120
Talladega6166108
Walker5897174
Jackson580341
Colbert532073
Blount530483
Autauga518455
Coffee441056
Dale396181
Franklin366248
Chilton336165
Russell330310
Covington327268
Escambia316842
Dallas303196
Chambers282769
Clarke281433
Tallapoosa2616107
Pike248729
Marion245650
Lawrence243647
Winston226635
Bibb215147
Geneva201435
Marengo199029
Pickens196531
Hale175842
Barbour172936
Butler169658
Fayette168226
Cherokee160330
Henry153621
Monroe145217
Randolph139835
Washington137626
Clay126145
Crenshaw118744
Lamar118019
Cleburne117423
Macon114735
Lowndes110335
Wilcox103121
Bullock99028
Perry97419
Conecuh94420
Sumter89026
Greene76023
Coosa60515
Choctaw51224
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