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Reuters
5 days ago
- Business
- Reuters
JPMorgan CEO Jamie Dimon tells Fox Business US debt could cause bond turmoil
NEW YORK, June 2 (Reuters) - JPMorgan Chase (JPM.N), opens new tab CEO Jamie Dimon said on Monday that the rising U.S. national debt is going to create a "tough time" for the bond market and could eventually cause spreads to widen, he told Fox Business' "Mornings with Maria" program.
Reuters
11-04-2025
- Business
- Reuters
JPMorgan analyst says he now tempers public comments on US tariffs
April 11 (Reuters) - A senior JPMorgan (JPM.N), opens new tab Asset Management investment strategist said he has held back on some of his public comments on U.S. tariffs due to concerns about the impact his full opinions would have on his colleagues and on the Wall Street bank. In a webinar titled "The 2025 Tariff Shock", Michael Cembalest, chair of market and investment strategy and a Wall Street veteran, said he had not been able to fully express his views on the potential impacts of the tariffs on markets and economies. In the April 7 webinar, he said the tariffs were a "kind of sledgehammer, brute force approach." Cembalest did not reference President Donald Trump directly in his remarks on holding back some of his opinions, which he made in the webinar, opens new tab posted on the bank's website. The remarks were first reported by Bloomberg News on Thursday. "This is the first time I've ever had to do a call where I had to think about the things that I was saying, not just in terms of how they reflect our views on markets and economics," Cembalest said in comments made towards the end of the webinar. "But I had to think about how they might reflect on the firm and some of its colleagues at a time when people are being held accountable for their views and the things that they say in ways that they probably shouldn't be. "So I've said most of what I wanted to say on this call but not all of it." In a statement, a JPMorgan spokesperson said: "Michael covered the goals, opportunities and risks of the administration's policies." New York-based Cembalest did not respond to requests for comment sent outside of normal regular business hours. The comments come amid a broader climate of corporate caution in the U.S. as the Trump administration signs executive orders targeting law firms, restricting their access to government officials and threatening to cancel federal contracts held by their clients. Those orders targeted firms that represented clients who have challenged Trump's policies in court, employed lawyers involved in prosecutorial investigations against Trump, or represent people who previously have investigated him. His orders have also faulted the firms for workplace diversity policies. Cembalest's comments follow an April 2 report he published entitled"Redacted: Straight talk from the CEO front lines on Liberation Day", opens new tab in which large chunks of text about the tariffs were blacked out. "The next phase either involves trading partners providing sufficient concessions to the White House so that tariffs are temporary, or an escalating tariff conflict that could cause damage to the global economy," he wrote in the report. "I don't think tariffs are the only issue causing US CEO business confidence to decline. I believe the following issues are also negatively impacting CEO confidence and capital spending plans on the front lines, so let's talk about them frankly." Large parts of the next three pages of the report were then redacted with black boxes covering the text. Reuters could not immediately determine why text was redacted.
Reuters
09-04-2025
- Business
- Reuters
JPMorgan CEO Dimon expects recession and defaults, urges quick progress on trade talks
NEW YORK, April 9 (Reuters) - JPMorgan Chase CEO (JPM.N), opens new tab Jamie Dimon said on Wednesday that sweeping tariffs imposed by U.S. President Donald Trump will probably lead to a recession and defaults by borrowers, he told Fox Business' Mornings with Maria. "So long as you have rates going up... inflation is sticky and credit spreads are gapping out, which they're going to, I think you'll see more credit problems," Dimon said. here. Dimon urged fast progress on trade negotiations with U.S. trading partners in order to calm markets, which have been roiled by tariff announcements.
Reuters
07-04-2025
- Business
- Reuters
Top banking chiefs held talks over Trump tariff fallout, sources say
April 7 (Reuters) - The CEOs of some of the top global banks, including JPMorgan Chase (JPM.N), opens new tab and Bank of America (BAC.N), opens new tab, held a call on Sunday to discuss the repercussions of the hefty tariffs unveiled by President Donald Trump, sources familiar with the matter said. The call was convened by the Bank Policy Institute, a trade association representing large U.S. lenders, two of the sources said. Barclays (BARC.L), opens new tab CEO C.S. Venkatakrishnan was also among the attendees, according to one source. The rare, behind-the-scenes talk underscores the growing alarm within the financial sector over the economic fallout from the tariffs. Shares of banks, whose fortunes are closely tied to the economy, have been crushed in recent days as investors fear that the turbulence could weaken consumer spending, raise recession risks and slow down capital markets activity. The KBW Bank index (.BKX), opens new tab has dropped about 15% since the new levies were announced on April 2, which Trump touted as "Liberation Day". Prominent voices in the financial world have raised concerns. JPMorgan CEO Jamie Dimon said tariffs could have lasting negative consequences, while billionaire investor Bill Ackman warned the U.S. might be heading towards "a self-induced, economic nuclear winter". Details of the call were first reported by Sky News earlier in the day. The report said top bosses from Citigroup (C.N), opens new tab and HSBC (HSBA.L), opens new tab were also present on the call. Spokespeople for the banks did not immediately respond to Reuters' requests for comment.
Reuters
07-04-2025
- Business
- Reuters
JPMorgan CEO Dimon warns tariffs could slow US growth, fuel inflation
Summary Companies NEW YORK, April 7 (Reuters) - JPMorgan Chase (JPM.N), opens new tab CEO Jamie Dimon cautioned investors that the turmoil caused by U.S. tariffs and a global trade war could slow growth in the world's largest economy, spur inflation and potentially lead to lasting negative consequences. In his annual letter to shareholders, published on Monday following a rout last week that wiped off trillions of dollars from global stock markets, Dimon expressed concerns about how the tariffs would impact America's long-term economic alliances. Asian stocks plunged on Monday as investors braced for more losses. "The economy is 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," Dimon wrote. Dimon, 69, has run the largest U.S. bank for 19 years and is one of the most prominent voices in corporate America. "We are likely to see inflationary outcomes ... Whether or not the menu of tariffs causes a recession remains in question, but it will slow down growth." JPMorgan's economists raised the risk of a U.S. and global recession this year to 60% from 40% after U.S. President Donald Trump unveiled the steepest trade barriers in more than 100 years last week. When asked on Sunday about falling markets, Trump said sometimes you have to take medicine to fix something. Dimon noted the potential for retaliation by other countries and said tariffs could affect economic confidence, investments, capital flows, corporate profits and the dollar. "The quicker this issue is resolved, the better because some of the negative effects increase cumulatively over time and would be hard to reverse," the CEO wrote. Dimon often weighs in on government policies, and has been consulted by officials in times of crisis. His name was floated for senior economic roles in government during the 2024 presidential campaign, including Treasury secretary, but he stayed put at the bank. Tariffs also raise questions about the direction of interest rates, Dimon said. While rates have declined recently because of the weaker dollar, the prospect of slower growth and declining risk appetite could cause rates to rise, he said, referring to the stagflation of the 1970s. Expectations for modest U.S. growth, known as a soft landing, could also be derailed. "We enter this time of uncertainty with high equity and debt prices, even after the recent decline ... markets still seem to be pricing assets with the assumption that we will continue to have a fairly soft landing. I am not so sure," Dimon wrote.
