JPMorgan CEO Jamie Dimon Warns of Risks to US Economy from Trump's Trade Policies

JPMorgan CEO Jamie Dimon warned about the significant risks posed by President Trump’s trade policies to the US economy. Despite this, the bank's second-quarter profits were boosted by trading activities. Dimon highlighted the positive impact of tax reform and deregulation on the economic outlook. However, he also mentioned risks from tariffs, trade uncertainty, geopolitical conditions, fiscal deficits, and asset prices.

JPMorgan reported a net income of $15 billion, down 17% from the previous year due to a one-off gain in 2024. The bank's second-quarter profits exceeded analyst forecasts, driven by strong performance in investment banking and trading divisions. Trading revenue increased by 8% to $8.9 billion, with growth in equities and fixed income markets. The investment banking unit also saw an 8% rise to $2.5 billion.

Other Wall Street firms like Citigroup also reported positive second-quarter results. Citigroup's net income rose by 25% to $4 billion, surpassing expectations. The bank's total markets revenue increased by 16%, with strong performance in equity revenue. Wells Fargo, on the other hand, fell short of analyst estimates for net interest income, prompting a revision of its full-year guidance.

According to the source: New York Post.