What Bank Executives Are Saying About the US Economy in Earnings Calls [Video]

The earnings season kicked off Friday as JPMorgan Chase (JPM), Wells Fargo (WFC), and Citigroup (C) released quarterly results, with executives cautioning that while the economy has remained resilient, persistently high inflation and elevated interest rates could have negative impacts.

JPMorgan shares suffered the most in Friday’s session, falling 6.5%, while Citi shares lost 1.7% and Wells Fargo shares finished 0.4% lower.

“While we remain confident in our ability to produce strong returns and manage risk across a range of scenarios, the economic, geopolitical, and regulatory uncertainties that we have been talking about for some time remain prominent, and we are focused on being prepared to navigate those challenges as well as any others that may come our way,” JPMorgan Chief Financial Officer (CFO) Jeremy Barnum said during the company’s earnings call.

JPMorgan CEO Jamie Dimon said on the call that JPMorgan Chase’s customers are “in pretty good shape,” but cautioned that a number …