Jamie Dimon, CEO and Chair of JPMorgan Chase, gestures as he speaks during the U.S. Senate Bank, Housing and Urban Affairs Committee overseeing Wall Street Companies in Capitol Hill, Washington, DC.
Evelyn Hockstein |Reuters
JPMorgan Chase CEO Jamie Dimon said Friday that he expects corporate revenue estimates to decline amid the uncertainty created by President Donald Trump’s trade negotiations.
To discuss first-quarter revenue with reporters, JPMorgan CFO Jeremy Barnum said he has not seen a reason to pull out bank guidance on how the economy and interest rates will develop.
His boss, Dimon, spoke about the wider corporate world, saying, “I’ve just added companies and some people have stripped their guidance away. I hope we’ll see more of that.”
“Analysts generally reduced S&P’s estimated revenue by 5%,” Dimon said. “I think you’ll see it drop a little bit.”
Companies report revenue over the coming weeks, giving managers the opportunity to update investors to their outlook during periods of increasing uncertainty. Since Trump unveiled a series of tariff sets to his American trading partners last week, the market has been whipped and remains unstable as tensions between the US and China escalate.
Already, companies exposed to American consumers, including Walmart and Delta, are being curtailed by some guidance to investors.
Uncertainty has caused clients to acquire and invest in the acquisition company, and adopt a meeting attitude, Dimon and Barnum said.
The anecdotal example suggests that “people are cautious,” Dimon said. “You know, people are pulling back not just large things, but dealing, but middle market companies are very cautious about investing.”
Barnum added that the environment has led businesses to remove long-term plans in favour of “recent supply chain optimization.”
“This level of policy uncertainty is difficult to plan in the long term,” Burnham said.
Meanwhile, consumers have held up in the first quarter, with signs recently being accelerated with concerns that tariffs will become more expensive, Barnum said.
This story is developing. Please check for updates.
