By Dean Seal

Bank shares are having a mixed morning after the head of the biggest bank in the U.S. and other financial heavyweights warned of tariff-related economic turbulence ahead.

JPMorgan Chase's stock was up 2.3% at $232.31 after the bank reported a 9% jump in earnings for the first quarter. Chief Executive Jamie Dimon said on a call following the results that corporate confidence is flagging and that recession risks are high in light of the erratic tariff campaign being waged by the U.S.

"Anecdotally, a lot of people are not doing things because of this," Dimon said on a call with analysts, referring to companies and business leaders. "They're going to wait and see."

Shares of Bank of America and Wells Fargo, the two biggest U.S. banks by market capitalization after JPMorgan, fell 1.7% to $35.24 and 3.9% to $60.65, respectively.

Other American banks saw their stocks drop too. Shares of Citigroup and PNC Financial Service Group were down between 1.5% and 2%.

HCBC Holdings and Royal Bank of Canada meanwhile saw their stocks rise between 1.5% and 2%.

Bank of New York Mellon reported Friday that its earnings and revenue rose in the first quarter, though like JPMorgan, it warned that tariff-related uncertainty would weigh on markets in the near- and middle-term.

"It is our expectation that [tariff] negotiations are going to take some time and this uncertainty will likely have some length to it," Chief Executive Robin Vince said on a call with reporters.

BNY's shares were down 2.5% at $74.72 in early trading.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

April 11, 2025 11:29 ET (15:29 GMT)

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