JPMorgan Chase & Co. JPM CEO Jamie Dimon offered more insights on President Donald Trump‘s tariff policies and the possible effects on businesses and the economy during the company’s first-quarter earnings call on Friday morning.
What To Know: Prior to the earnings call, the CEO of the country’s largest bank said he spoke with JPMorgan economist Michael Farley, who updated the bank’s most current forecast, which calls for 50/50 chances of a recession due to the ongoing global trade tensions.
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Dimon added that he hopes to see the Trump administration begin making trade deals and noted comments from the White House that they are in discussions with between 70 and 80 people.
“I think that would be good for everybody and they want to do it too,” he said.
Dimon pointed out that the analyst community has lowered the consensus S&P 500 growth forecast from 10% to only 5% growth in 2025. He then predicted the forecast to be lowered even further in the near term. “My guess is that it [will] be zero and negative five probably the next month.”
He added that, anecdotally, businesses are in “wait and see” mode and are postponing hiring, expansions and M&A deals while the future remains uncertain.
“People have to adjust to this new environment,” Dimon said.
In prepared remarks, Dimon added that “the economy is facing considerable turbulence” and that “our fortress balance sheet enables the Firm to be a pillar of strength, particularly during volatile or challenging times.”
JPM Price Action: According to Benzinga Pro, JPMorgan Chase shares were up 4.8% at $238.01 at the time of publication Friday.
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