JPMorgan CEO Dimon Hasn’t Changed ‘Hurricane’ Stance
2022.07.14 23:27
JPMorgan (JPM) CEO Dimon Hasn’t Changed ‘Hurricane’ Stance
By Sam Boughedda
JPMorgan (NYSE:JPM) released earnings for its latest quarter on Thursday before the open, missing revenue and profit expectations.
On the earnings call following the publication of the firm’s results, Chief Executive Jamie Dimon said he hasn’t changed his view that investors should brace for an economic “hurricane.”
“Everyone sees the consumer is spending money,” more than pre-Covid, he said, adding that “jobs are plentiful, wages are going up.”
The consumer is “in very good shape,” but “obviously, their confidence is dropping.” However, he stated that when you “make a list of potential issues going forward,” there are a “serious set of issues out there.”
“Liquidity is drying up in certain markets,” he added, “then you have war. War is unpredictable.”
Dimon explained, “markets will be volatile. And we’ve told you that before,” and “banks can’t intermediate the way they used to.” The JPMorgan CEO said we will know the answers to some of the questions by January.
