Big banks warn of uncertain year ahead after mixed financial performances in first quarter
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Big banks reported mixed financial performances in the first quarter, with JPMorgan seeing a modest six percent rise in profits, while Wells Fargo and Citigroup experienced declines. JPMorgan CEO Jamie Dimon warned of significant uncertain forces ahead, including geopolitical clashes in Europe and the Middle East, high levels of government spending, and persistent inflationary pressures. Dimon's warning in his annual shareholder letter seemed prophetic when the US released hotter-than-expected inflation data for March. Citigroup echoed Dimon's concerns about inflation and the risks to the economy. JPMorgan's results were pulled lower by a one-time charge for an assessment by the Federal Deposit Insurance Corporation. Shares of JPMorgan fell more than five percent after the bank released conservative full-year projections for net interest income. The bank's forecast reflects the expectation of interest rate cuts by the Federal Reserve later this year.
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