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Jamie Dimon, CEO of JPMorgan Chase.
new york
CNN
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JPMorgan Chase & Co. CEO Jamie Dimon kicked off the third-quarter earnings season Friday with a stark warning to investors: “We are in a period unlike any the world has seen in decades.” “This may be the most dangerous period,” the company said in a report.
Wars in Ukraine, Israel and Gaza “could have far-reaching implications for energy and food markets, global trade and geopolitical relations.”
Still, the world’s largest banks beat analysts’ expectations last quarter.
The bank reported earnings per share of $4.33, compared to analyst estimates of $3.90. Revenue of $39.9 billion exceeded expectations of $39.57 billion, according to Refinitiv data.
With approximately $3.9 trillion in assets, JPMorgan Chase is the largest bank in the United States and a leader in the American economy.
The New York-based bank also reported a 6% decline in investment banking revenue in the third quarter. The bank said investment banking fees fell 3% due to lower equity and debt underwriting activity.
Deposits fell 4% in the third quarter compared to the same period last year.
“U.S. consumers and businesses are generally in good shape right now,” Dimon said Friday of the economic situation, noting that consumers do appear to be spending through cash buffers.
Dimon also said a tight labor market and high government debt could keep inflation high for some time, potentially pushing interest rates higher. The Fed’s key lending rate is currently at a 22-year high.
Shares immediately fell about 0.2% in premarket trading on Friday.
This story is in development and will be updated.