JPMorgan and Citi report earnings

Major Wall Street banks JPMorgan Chase and Citigroup have reported strong first-quarter profits, driven by a surge in trading revenue amid geopolitical volatility.

Despite the record earnings, JPMorgan CEO Jamie Dimon warned of 'complex risks' ahead, including persistent inflation and the economic impact of the Iran war.

Citigroup notched its highest quarterly revenue in a decade as CEO Jane Fraser's turnaround plan gained momentum.

However, both institutions noted that higher energy costs and potential interest rate adjustments could temper future growth as the global economy navigates the ongoing Middle East conflict.