Overview

• JPMorgan Chase exceeded expectations with Q1 earnings per share of $5.07 and revenue of $45.31 billion, driven by record equity trading revenues of $3.81 billion.
• CEO Jamie Dimon highlighted 'considerable turbulence' in the U.S. economy, citing risks from tariffs, trade tensions, and inflation, with a recession deemed a 'likely outcome.'
• Wells Fargo also delivered better-than-expected earnings, with CEO Charlie Scharf calling for a timely resolution to trade disputes to stabilize economic conditions.
• Bank executives noted a slowdown in investment banking activities, with IPOs and mergers impacted by market volatility and policy uncertainty.
• Despite strong trading performance, banks increased credit loss provisions, reflecting concerns over potential economic headwinds and consumer financial health.