From CNBC: 2025-05-19 14:35:00

JPMorgan Chase CEO Jamie Dimon warns of underappreciated risks from record U.S. deficits, tariffs, and international tensions during the annual investor day meeting. Dimon expresses concern over complacent central banks and the market’s response to these risks, following Moody’s recent downgrade of the U.S. credit rating.

Dimon predicts a decline in S&P 500 earnings growth estimates as a result of Trump’s trade policies, which could lead to a decrease in stock prices. He also highlights the increased risk of stagflation compared to what the market currently perceives, while noting corporate clients are hesitant on deals.

Dimon reaffirms his previous guidance of stepping down as CEO within five years, emphasizing the need for a smooth transition. Consumer banking chief Marianne Lake emerges as a top successor candidate, as COO Jennifer Piepszak decides not to pursue the top role. Investment banking revenue is expected to decline, while trading revenue is on the rise.

The meeting concludes with Dimon’s comments on the potential impact of earnings estimates on stock prices, as well as his concerns about the looming risks facing the market. Despite ongoing uncertainties, JPMorgan Chase remains focused on navigating the current economic landscape.

Read more: Chase CEO Jamie Dimon says markets are too complacent