JP Morgan boss Jamie Dimon warns of ‘storm clouds’ gathering over economy even as its profits leap and depositors flock to bank amid crisis in wider sector

By Daily Mail City & Finance Reporter

Published: 21:50 BST, 14 April 2023 | Updated: 21:50 BST, 14 April 2023

JP Morgan boss Jamie Dimon warned of ‘storm clouds’ gathering over the economy even as its profits leapt and depositors flocked to the bank amid a crisis in the wider sector.

Dimon said the turmoil – which has seen three smaller US lenders and 167-year-old giant Credit Suisse collapse – added to the range of threats, including inflation and war.

Warning: Jamie Dimon (pictured with his wife Judith) said the turmoil added to the range of threats, including inflation and war

Warning: Jamie Dimon (pictured with his wife Judith) said the turmoil added to the range of threats, including inflation and war

JP Morgan, however, enjoyed a bumper first quarter, with profits up 52 per cent to £10.1billion as higher interest rates helped it boost lending margins. 

And it saw a £29.8billion increase in deposits as anxious customers were pulling savings from smaller regional banks. 

Rivals Citigroup and Wells Fargo also delivered their first set of results since the demise of Silicon Valley Bank, Signature Bank and Silvergate last month.

Dimon said the US economy was ‘on generally healthy footings’ but warned: ‘However, the storm clouds that we have been monitoring for the past year remain on the horizon, and the banking industry turmoil adds to these risks.’

:

POPULAR MONEY SECTIONS
Take me to…

***
Read more at DailyMail.co.uk