JPMorgan Chase reported record first-quarter net income of $16.5 billion, but CEO Jamie Dimon warned that the next credit cycle will bring losses worse than anticipated. Revenue reached $49.836 billion, with markets revenue setting a record at $11.6 billion, up 20% year over year, and investment banking fees jumping 28%. Dimon pointed to roughly $5.1 trillion in leveraged finance across private credit, high-yield bonds, and bank syndicated leveraged loans as a key stress point, while noting that nonperforming exposure rose 11% to $11.0 billion and nonaccrual loans in Asset & Wealth Management surged 53%. He said the bank would be fine with a 10% decline in its loan book if it meant avoiding irresponsible loans, citing $291 billion in CET1 capital and $1.5 trillion in cash and marketable securities.
JPMorgan Chase & CoRecord profit and strong revenue growth, but CEO warns of future credit losses.
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