The CEO and president of JPMorgan Chase, Jamie Dimon, makes a gesture while speaking during the Supervision Hearing of the Banking, Housing and Urban Affairs of the United States in the Wall Street companies, in Capitol Hill in Washington, DC
Evelyn Hockstein | Reuters
The JPMorgan Chase CEO, Jamie Dimon, said Friday that he expects estimates for corporate profits to fall in the midst of the uncertainty created by the commercial negotiations of President Donald Trump.
In a call with journalists to discuss the profits of the first quarter, the financial director of JPMorgan, Jeremy Barnum, said he did not see a reason to get the bank's guide, which depends on how the economy and interest rates develop.
His boss, Dimon, then intervened, talking about the broader corporate world: “I would only add companies, some have removed their orientation. I hope to see more of that.”
“Analysts have generally reduced their S&P estimation profits by 5%,” Dimon said. “I think you'll see that it falls a little more.”
Companies will report profits in the coming weeks, providing managers the opportunity to update investors about their perspective during a period of greater uncertainty. The markets have caused Trump announced a large set of tariffs on US business partners last week, and have remained volatile as US-China tensions have increased.
Already, companies with exposure to the US consumer, including Walmart and Delta They have reigned in parts of their orientation to investors.
Uncertainty is causing customers to withdraw from the acquisition of companies and make investments as they adopt an attitude of waiting and seeing, Dimon and Barnum said.
Anecdotal examples suggest that “people are being cautious,” Dimon said. “You know, people are recovering by making offers, not only large, but the companies in the intermediate market are being very cautious with investment.”
This story is developing. Consult the updates again.
