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2d ago

Dimon Says U.S. Economy Is Weakening as Banks Report Robust Fee Momentum

A sweeping payroll revision has undercut confidence in recent labor-market strength.

JPMorgan CEO Jamie Dimon.
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Jamie Dimon, chairman and chief executive officer of JPMorgan Chase & Co, speaks during an event honoring local construction workers who helped build the firm’s new headquarters at 270 Park Avenue, in the Midtown area of New York City, U.S., September 9, 2025. REUTERS/Shannon Stapleton
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Overview

  • JPMorgan CEO Jamie Dimon said growth is losing steam and he cannot say whether a recession is next.
  • He warned that the effects of tariffs, immigration policy, geopolitics and President Trump's tax-and-spending package may arrive with long lags.
  • Dimon said the Federal Reserve will probably cut rates in September but suggested the move may not be consequential for the economy.
  • The Bureau of Labor Statistics revised payrolls to show 911,000 fewer jobs over the 12 months through March than previously reported.
  • JPMorgan projected high‑teens growth in third‑quarter Markets revenue versus 2024 and confirmed plans to launch a digital bank in Germany in 2026.