Why It MattersGiven its size, JPMorgan is a proxy for the banking industry at large.
Jamie Dimon, the bank’s chief executive, has deep political connections and his prognostications on the economy are scrutinized in some circles as closely as a central banker’s musings.
On Friday, in a statement, Mr. Dimon said the U.S. economy was “resilient,” echoing language he has used repeatedly this year, but listed a litany of risks, including that consumers are burning through their cash buffers and that inflation remains high.
BackgroundJPMorgan and Mr. Dimon have been all over the news this year, thanks to their prominent role as an attempted stabilizing force during the spring’s banking crisis that felled three smaller lenders.
What’s NextThe next week or so will see a slew of other banks report their quarterly earnings.
Persons:
Jamie Dimon, Dimon, Goldman Sachs
Organizations:
JPMorgan, Treasury, Western Alliance and Comerica
Locations:
U.S, Republic