NEW YORK–Earnings are up at two of the nation’s largest banks, but other big banks are saying tougher times are likely ahead.
JPMorgan Chase reported a quarterly profit of $9.1 billion, an 8% increase over the same period of one year ago, which was above analysts’ expectations. Citi reported a profit of $4.9 billion for the quarter, a 6% increase over the same period in 2018, although revenue was up just 1%.
Goldman Sachs reported net earnings were $1.9 billion, which was 26% below its performance of a year ago.
Bank CEOs told CNBC the ongoing trade war has weakened the economy, leading to decreased consumer spending and fewer M&A and IPO deals.
“Of course there’s a recession ahead — what we don’t know is if it’s going to happen soon,” Jamie Dimon of JPMorgan told journalists, CNBC reported.