The Globe and Mail reports in its Tuesday, May 20, edition that JPMorgan chief executive officer Jamie Dimon says the bank's succession plans remain unchanged, without specifying a timeline for his successor. A Reuters dispatch to The Globe reports that the bank expects to earn more from interest payments this year, with a projected increase of $1-billion (U.S.) in net interest income (NII), according to chief financial officer Jeremy Barnum. However, investment banking fees are expected to decline due to economic uncertainty affecting deal making. Despite concerns from recent tariffs imposed by President Donald Trump, executives noted that consumer and company finances remain strong. Mr. Barnum cautioned that it is too early to adjust the fullyear NII outlook of $94.5-billion, emphasizing that the current elevated NII is likely unsustainable.
Mr. Barnum said, "The evolving tariff environment, combined with the preexisting geopolitical tensions, adds significant uncertainty into the economic outlook." Although trade negotiations have helped ease some jitters in the last few days, corporate executives remain wary about the economic outlook, with Mr. Dimon warning last week that a recession could not be ruled out.
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