J.P. Morgan's Dimon: The headwinds in the economy are substantial

<p>JPM Dimon is speaking after announcing strong earnings and says:</p><ul><li>The headwinds in the economy are substantial and somewhat unprecedented</li><li>the company has been over earning on credit for some time</li></ul><p>Its CFO added that </p><ul><li>M&amp;A market is still continuing to face headwinds</li><li>Expect modest deposit decline across the franchise</li></ul><p>Woe is me.</p><p>J.P. Morgan earned $4.37 versus $4 expected on revenues of $41.3 billion versus $38.96 billion. Shares are currently up $4.24 or 2.85% in premarket trading at $153.11. That's all-time high reached $172.71 back in October 2021. It's corrective low going back to October 2022 reached $101.28. For the year, the stock was up 11% at the close yesterday. That is less than the S&amp;P index, but relatively speaking it is beating its appears. Citigroup shares are up 5.42% and Wells Fargo shares are about 5.86% this year.</p><p>Meanwhile Citigroup CFO says that:</p><ul><li>base case is for a mild recession, but the US economy has proven to be quite resilient</li></ul>

This article was written by Greg Michalowski at www.forexlive.com.