'Economy Is Facing Considerable Turbulence:' JPMorgan Chase CEO Jamie Dimon Cautions About 'Negatives Of Tariffs And Trade Wars'

JPMorgan Chase & Co. (NYSE:JPM) shares traded higher premarket after the company reported its first-quarter FY24 results, but they eventually gave up all the gains and traded in the red.

Reported revenue rose 8% year-on-year (Y/Y) to $45.3 billion. Net revenue (managed) was $46.0 billion (+8% Y/Y), beating the consensus of $44.1 billion.

Consumer & Community Banking (CCB) revenue rose 4% Y/Y to $18.3 billion, and Commercial & Investment Bank (CIB) revenue was $19.7 billion (+12% Y/Y) in the quarter.

Investment Banking revenue was $2.3 billion, up 2% Y/Y, in the quarter. Investment Banking fees rose 12% Y/Y to $2.2 billion, led by higher debt underwriting and advisory fees.

Asset and Wealth Management revenue was $5.73 billion (+12% Y/Y), and Corporate revenue stood at $2.30 billion (+5% Y/Y) in the quarter.

In AWM, Assets under management stood at $4.1 trillion, and client assets stood at $6.0 trillion (up 15%), driven by higher market levels and continued net inflows.

Net interest income rose 1% year over year to $23.4 billion in the quarter. Net interest income excluding Markets stood at $22.6 billion, down 2% year over year due to lower rates and deposit margin compression, ...

https://www.benzinga.com/25/04/44760533/jpmorgan-kicks-off-earnings-season-strong-investment-banking-wealth-management-lead-revenue-surge