This 12 months’s market exercise, together with the upheaval earlier this month, has translated into robust enterprise for J.P. Morgan Chase.
Daniel Pinto, the agency’s co-president and head of its funding financial institution, stated buying and selling was robust for the primary few weeks of this 12 months as purchasers stepped up amid the rise in volatility. Buying and selling outcomes may get a “excessive single-digit” enhance for the quarter, he stated throughout a question-and-answer session on the financial institution’s annual investor outlook on Tuesday.
Final month, J.P. Morgan reported fourth-quarter revenue that beat expectations regardless of a $2.four billion cost associated to tax cuts and a difficult buying and selling setting in its funding financial institution.
Present financial and enterprise circumstances point out that recession is not probably across the nook, based on J.P. Morgan Chase CFO Marianne Lake, who additionally spoke on the assembly.
“Total, the danger of recession doesn’t appear notably excessive,” she stated.
Final month, J.P. Morgan introduced plans to spend $20 billion over 5 years to boost hourly pay for some employees, add jobs and open 400 branches in new markets.
CEO Jamie Dimon, the spotlight of the morning-long presentation, supplied up his view that some options of life in a publicly traded firm are silly. For starters, he stated, annual shareholder conferences have been hijacked by individuals with political agendas. The conferences have change into “an entire waste of time,” he stated, “a joke.”
He additionally stated he’s going to attempt to get company chiefs to “dump” the follow of constructing quarterly earnings forecasts. “I hear a variety of CEOs complain about quarterly earnings strain,” Dimon stated. “I feel it is a good suggestion to dump” making forecasts.