NEW YORK — JPMorgan's net income rose 9% to $14.6 billion in the first quarter and the New York bank beat Wall Street's profit and revenue targets, but its chief executive warned of global economic uncertainties ahead due to President Donald Trump's ongoing trade war and other geopolitical tensions.
CEO Jamie Dimon said a strong performance by the bank's markets division helped lift it to another strong quarter, but he added trade tensions to his list of potential negatives facing the bank and broader economy.
JPMorgan's earnings per share rose to $5.07 per share from $4.44 a year ago. The result beat Wall Street profit projections of $4.63 a share, according to the data firm FactSet. Total managed revenue hit $46 billion, up from the $41.9 billion a year ago. Wall Street was expecting revenue of $44 billion.
Trump's herky-jerky tariff increases — currently bumped up by 10% for most U.S. trading partners and 145% for China — have sent financial markets into dizzying fluctuations for weeks and created an enormous amount of uncertainty about where the global economy is headed. That's bad for banks, which thrive on stability and healthy consumers and businesses borrowing money.
JPMorgan's trading desk thrived in the first three months of 2025, helped by the market's volatility, which began well before Trump rolled out his massive ''Liberation Day'' tariffs on April 2.
The bank's markets revenue rose 21% in the period, with equities revenue up 48% from a year ago.
Consumer and community banking revenue rose 4% from the same period last year, to $18.3 billion.
With regard to China, which further escalated its tariffs on imports from the U.S. to 125%, JPMorgan executives said it was too early to make any long-term projections or statements about the impact of the ongoing trade war on its business there.
