Banks Report Strong Profits; CEOs Warn Global Risks

JPMorgan Chase recorded a record $11.6 billion in trading revenue, a 20% jump year-over-year, with investment banking fees surging 28%. Overall, JPMorgan's profit rose 13% to $5.94 per share on $50.5 billion in revenue.

CEO Jamie Dimon warned investors will remain on edge until the Iran war is resolved and noted loosening lending standards, particularly in private credit. Goldman Sachs also posted record trading numbers.

Citigroup achieved its highest quarterly revenue in a decade at $24.63 billion, with profit jumping 42% and trading revenue up 19% to $7.2 billion. Wells Fargo's profit rose from trading gains, but its net interest income came in lower than expected at $12.1 billion, causing shares to slip over 5%.

Wells Fargo CEO Charlie Scharf highlighted rising stress for less affluent consumers due to higher energy prices. Bank of America analyst Ebrahim Poonawala identified the US-Israeli strikes on Iran as the biggest risk, potentially leading to recession if supply chain disruptions and higher oil prices persist.