JPMorgan Chase’s first-quarter profit rose 9% as it earned more from dealmaking and trading.
Earnings were $14.6 billion, or $5.07 a share, for the three months ended March 31, the biggest U.S. bank said on Friday. That compares with $13.4 billion, or $4.44 a share, a year earlier.
Investment banking fees rose 12% to $2.2 billion. Trading revenue climbed 21%, higher than the earlier expectations of a low double-digits percentage gain.
Business was largely buoyed by optimism in the first quarter that U.S. President Donald Trump would enact pro-growth policies, ease regulations and lower taxes.
JPMorgan analysts see no special Aramco dividend this year
However, the uncertainty surrounding the trade policy has upended those hopes and fueled market turbulence. Trump last week unveiled steep reciprocal tariffs on dozens of countries, only to pause many of them on Wednesday.
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