JPMorgan Chase CEO Jamie Dimon sees the likelihood for a “delicate recession” but in addition a “gentle land” within the financial system.
The megabank’s intently watched third-quarter earnings exceeded Wall Road’s expectations on Oct. 14, with Dimon’s predictions about financial circumstances overshadowing one other profitable recruiting interval for the corporate’s wealth administration items. The agency added practically 800 monetary advisors on a internet foundation in comparison with the year-ago interval. The advisors embody brokers in Chase financial institution branches, non-public bankers and different wealth segments. The Wall Road financial institution has picked up greater than 500 incoming advisors to its headcount for a minimum of 5 quarters in a row.
Analysts on an earnings name sought solutions from Dimon about whether or not he wished to replace his June warning that there may be an financial “hurricane” forward. He mentioned the possibilities of an financial storm are “roughly the identical” as after the second quarter.
“We’re simply getting nearer to what you and I would think about unhealthy occasions and my hurricane,” he mentioned, in accordance to a transcript by Searching for Alpha. “Shoppers are in superb form, corporations are in superb form. And there is the potential for one thing worse, largely due to the battle in Ukraine and oil worth and all issues like that.”
To see the principle takeaways from J.P. Morgan’s third-quarter earnings, scroll down the slideshow. For protection of the agency’s second-quarter earnings, click on right here. For a have a look at the outcomes from the primary quarter, comply with this hyperlink.
Observe: The agency does not get away particular wealth administration metrics throughout its group, which incorporates the World Non-public Financial institution in its Asset & Wealth Administration division and J.P. Morgan Wealth Administration within the Client & Group Banking unit.