JPMorgan and Citi Beat Estimates

JPMorgan Chase posted a 13% jump in profit, while Citigroup saw its earnings rise by 42% in a robust start to the year.

Both institutions benefited from record trading hauls as clients scrambled to adjust portfolios amid geopolitical instability and rising energy prices.

However, JPMorgan CEO Jamie Dimon warned that 'complex risks' including the Middle East conflict and ballooning deficits could still derail the economy.

The banks also provided rare transparency into their private credit exposure, which has become a primary concern for investors.