JPMorgan and Citi report earnings

JPMorgan Chase posted a 13% jump in profit, reaching $16.5 billion, as market volatility triggered by the Middle East conflict boosted its trading division.

Citigroup also exceeded expectations, reporting its highest quarterly revenue in a decade and noting zero losses in its private-credit exposure.

Despite the robust results, banking executives expressed caution regarding persistent inflation and the potential for a global recession if the Strait of Hormuz remains blocked.

The earnings highlight a divide between strong current performance and mounting macroeconomic uncertainty as the war in Iran enters its seventh week.