JPMorgan Chase tops quarterly expectations as Dimon says U.S. economy faces ‘considerable turbulence’

JPMorgan Chase on Friday reported first-quarter results that topped estimates on higher-than-expected revenue, helped by booming equity trading activity.

Here’s what the company reported:

• Earnings: $5.07 a share, may not compare with the $4.61 a share LSEG estimate
• Revenue: $46.01 billion vs. expected $44.11 billion

While JPMorgan CEO Jamie Dimon cited strong results in trading, consumer banking and wealth management, he also struck a note of caution on the broader economy. Markets have whipsawed violently since President Donald Trump escalated global trade tensions last week.

“The economy is facing considerable turbulence (including geopolitics), with the potential positives of tax reform and deregulation and the potential negatives of tariffs and ‘trade wars,’ ongoing sticky inflation, high fiscal deficits and still rather high asset prices and volatility,” Dimon said.

“As always, we hope for the best but prepare the Firm for a wide range of scenarios,” he added.

The lack of certainty in the business environment for many companies was expected to cast a pall over some investment banking activities, including IPO listings and merger advice.

But it was also expected to provide a good environment for Wall Street trading desks to print money.

Wells Fargo and Morgan Stanley are also expected to report Friday, with Goldman Sachs, Bank of America and Citigroup coming next week.

This story is developing. Please check back for updates.