Top US bank leaders warn of risks from trade tensions

NEW YORK -- Leaders of top US banks Friday warned of risks and uncertainties from US tariffs and trade tensions as they unveil earnings for the first quarter of 2025.

JPMorgan Chase CEO Jamie Dimon said the economy is facing considerable turbulence including geopolitics.

Dimon noted the potential positives of tax reform and deregulation and the potential negatives of tariffs and "trade wars," ongoing sticky inflation, high fiscal deficits and still rather high asset prices and volatility.

Wells Fargo CEO Charlie Scharf suggested the risks associated with US significant actions on trade.

"Timely resolution which benefits the United States would be good for businesses, consumers, and the markets. We expect continued volatility and uncertainty and are prepared for a slower economic environment in 2025, but the actual outcome will be dependent on the results and timing of the policy changes," said Scharf in a press release.

"Uncertainty and anxiety about the future of markets and the economy are dominating client conversations," said BlackRock CEO Larry Fink in a release.

Fink drew a comparison between ongoing situations and earlier periods like the financial crisis, the Covid and surging inflation in 2022.

"Looking ahead, we are prepared for a wide range of macroeconomic and market scenarios as the outlook for the operating environment is becoming more uncertain," said Robin Vince, CEO of The Bank of New York Mellon.