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JPMorgan Chase CEO Jamie Dimon speaks in Washington, D.C. on March 12, 2025
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Executives from across the banking industry gave their thoughts on tariffs and the current uncertainty and volatility dominating the stock market.
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JPMorgan Chase CEO Jamie Dimon said he expects many companies to adjust or pull their full-year outlooks considering the uncertainty.
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BlackRock CEO Larry Fink said the tariffs “went beyond anything I could have imagined.”
Executives from across the banking industry spoke on Friday about the uncertainty surrounding the Trump administration’s tariffs, the stock market, and the possibility of a recession.
JPMorgan Chase (JPM) CEO Jamie Dimon said he expects more companies to suspend their full-year guidance amid the uncertainty, something Delta Air Lines (DAL) and CarMax (KMX) did this week.
“You’re going to hear 1,000 companies report, and they’re going to tell you what their guidance is. My guess [is] a lot will remove it,” Dimon said. “They’re going to tell you what they think it might do to their customers, their base, their earnings, their costs, their tariffs. It’s different for every company, but I assume you see that.”
BlackRock (BLK) CEO Larry Fink said in Friday’s earnings call that last week’s tariff announcement “went beyond anything I could have imagined in my 49 years in finance,” according to a transcript from AlphaSense.
Fink also said that despite uncertainty around tariffs dominating the headlines, other “macro forces” like artificial intelligence, rising demand for energy and infrastructure, and the potential for de-regulation under the Trump administration are “just as strong today” as they were earlier this year.
“We support the administration’s willingness to look at barriers to fair trade for the United States, though there are certainly risks associated with such significant actions,” Wells Fargo (WFC) CEO Charlie Scharf said in Friday’s earnings release. Scharf added that the bank expects “continued volatility and uncertainty and are prepared for a slower economic environment in 2025, but the actual outcome will be dependent on the results and timing of the policy changes.”
Bank of New York Mellon (BK) CEO Robin Vince noted that the firm is “prepared for a wide range of macroeconomic and market scenarios as the outlook for the operating environment is becoming more uncertain.”
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