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: 512632

Reported Deaths: 10262
CountyCasesDeaths
Harrison34853555
DeSoto33162432
Hinds32556641
Jackson24830389
Rankin22442402
Lee16238242
Madison14874283
Jones14086247
Forrest13741259
Lauderdale12249324
Lowndes11286193
Lamar10644140
Pearl River9707244
Lafayette8827143
Hancock7835132
Washington7550169
Oktibbeha7204138
Monroe6989179
Pontotoc6970109
Warren6849178
Panola6746134
Neshoba6726210
Marshall6653141
Bolivar6440151
Union633897
Pike5924156
Alcorn5862107
Lincoln5525136
George510180
Prentiss500884
Tippah490282
Itawamba4829107
Scott477499
Adams4766125
Tate4748116
Leflore4723144
Copiah455895
Yazoo455591
Simpson4543117
Wayne442772
Covington432895
Sunflower4299106
Marion4265112
Coahoma4227109
Leake413790
Newton395581
Tishomingo381793
Grenada3775109
Stone365666
Jasper340166
Attala337790
Winston317792
Chickasaw313367
Clay311878
Clarke301195
Calhoun284449
Holmes271289
Smith268952
Yalobusha243747
Tallahatchie231453
Greene224749
Walthall221366
Lawrence217840
Perry213356
Amite209557
Webster205148
Noxubee188642
Montgomery181557
Carroll174441
Jefferson Davis173643
Tunica163239
Benton152639
Kemper144941
Choctaw136527
Claiborne134238
Humphreys131139
Franklin124929
Quitman107528
Wilkinson105939
Jefferson96834
Sharkey65121
Issaquena1957
Unassigned00

Alabama Coronavirus Cases

Cases: 845108

Reported Deaths: 16115
CountyCasesDeaths
Jefferson1161242006
Mobile741961379
Madison53291732
Shelby38328368
Baldwin38074589
Tuscaloosa36017641
Montgomery34483781
Lee25557263
Calhoun22585518
Morgan22454406
Etowah20016517
Marshall18781316
Houston17729425
St. Clair16880358
Limestone16138218
Cullman16050303
Elmore15904294
Lauderdale14984306
Talladega14191299
DeKalb12971269
Walker12029380
Blount10715192
Autauga10517157
Jackson10161194
Coffee9415192
Colbert9341208
Dale9018191
Tallapoosa7255201
Russell707865
Chilton7018170
Escambia6955143
Covington6933195
Franklin6342108
Chambers5784142
Marion5403130
Dallas5285209
Pike5118109
Clarke484986
Lawrence4826129
Winston4780110
Geneva4642136
Bibb434094
Barbour369480
Butler3434100
Marengo342393
Monroe337066
Randolph334367
Pickens333188
Fayette330085
Henry320666
Hale318389
Cherokee317763
Crenshaw260477
Washington257052
Cleburne254460
Lamar251453
Clay250869
Macon244764
Conecuh192862
Coosa185047
Lowndes178168
Wilcox177438
Bullock152645
Perry141840
Sumter139241
Greene130245
Choctaw93228
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