Overview

• Jamie Dimon cautioned that markets are underestimating risks from tariffs, record U.S. deficits, and geopolitical tensions, doubling the likelihood of stagflation compared to current market expectations.
• Dimon forecasted that S&P 500 earnings growth could drop to zero within six months, a sharp decline from 12% at the start of the year, potentially impacting stock valuations.
• JPMorgan's board reaffirmed its commitment to a clear leadership succession plan, with top executives Marianne Lake, Troy Rohrbaugh, Doug Petno, Mary Erdoes, Jeremy Barnum, and Jennifer Piepszak emerging as key contenders.
• The bank projected a $1 billion increase in net interest income for 2025, alongside a mid-teens percentage decline in investment banking fees and mid-to-high single-digit growth in trading revenue.
• Dimon reiterated his intention to step down within a few years but did not provide a specific timeline, emphasizing continuity in leadership planning.