High oil prices and geopolitical uncertainty cloud bank profit outlook

AP News — Apr 14, 16:49 PM

The nation’s biggest banks posted strong profits in the first quarter, driven by a resilient economy and increased dealmaking in investment banking.

However, executives warn that high oil prices and geopolitical uncertainty could impact future growth.

Jamie Dimon, CEO of JPMorgan Chase, highlights risks like wars and energy prices.

Investment banks drove revenue, with JPMorgan reporting a 30% jump in fees.

Citigroup saw a 12% rise.

Volatile markets and company mergers have boosted Wall Street's revenue.

Wells Fargo notes that customers are spending more on gas, cutting discretionary purchases.