The CEO struck a somber tone about the state of the world on Friday, but the bank keeps topping Wall Street's expectations.
JPMorgan Chase just posted a strong third quarter, but you wouldn’t know it from the comments of chief executive Jamie Dimon.
And the banking industry itself has challenges of its own. The sector is sitting on $558 billion in unrealized losses because the rapid rise of interest rates has depressed the value of securities on its balance sheet. Some of the largess was due to JPMorgan’s acquisition of failed First Republic Bank in the second quarter, but even backing out the impact of that deal, JPMorgan still notched double-digit gains on revenue and profit.
“Right now, it’s kind of sunny. Things are doing fine. Everyone thinks the Fed can handle this. That hurricane is right out there down the road coming our way,” Dimon said at the time. “PMorgan is bracing ourselves and we’re going to be very conservative on our balance sheet.”
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