Shares of JPMorgan Chase rose Friday after the nation’s biggest bank blew past Wall Street estimates. JPMorgan reported first quarter earnings per share of $5.07 on revenue of $45.31 billion.
Jamie Dimon, JPMorgan Chase’s chairman and CEO, also warned Friday about prospects for the U.S. economy, which he said was 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. As always, we hope for the best but prepare the Firm for a wide range of scenarios,” he said.
Jitters about the economy and the Trump Administration’s tariffs have caused the shares of many banks to slide in the past week. JPMorgan’s stock has fallen about 7% since April 2 but on Friday the stock jumped more than 3% to $234.10.
JPMorgan Chase is one of the first banks to report first quarter results. Wells Fargo and Morgan Stanley also reported Q1 results Friday.