JP Morgan chief warns storm clouds are gathering
JP Morgan boss Jamie Dimon warns of ‘storm clouds’ gathering over the economy even as profits soar and depositors flock to the bank amid a broader sector crisis
JP Morgan boss Jamie Dimon warned of “thunderclouds” gathering over the economy even as profits jumped and depositors flocked to the bank amid a crisis in the wider sector.
Dimon said the turmoil — in which three smaller U.S. lenders and the 167-year-old giant Credit Suisse collapsed — added to the range of threats, including inflation and war.
Warning: Jamie Dimon (pictured with his wife Judith) said the unrest added to the range of threats, including inflation and war
JP Morgan had a stellar first quarter, however, with profits up 52 per cent to £10.1bn as higher interest rates helped boost lending margins.
And it saw a £29.8bn increase in deposits as concerned customers collected savings from smaller regional banks.
Rivals Citigroup and Wells Fargo also delivered their first set of results since the demise of Silicon Valley Bank, Signature Bank and Silvergate last month.
Dimon said the US economy was “generally healthy” but warned: “However, the storm clouds we’ve been eyeing over the past year remain on the horizon, and banking sector turmoil adds to these risks.” .’