The almost unanimous warning from the major US banks that launched the US quarterly season it's clear: global uncertainty and the strong market volatility itriggered by tariffs could hurt the economy. Not surprisingly, everyone is taking countermeasures and preparing to face even “adverse scenarios”. The words spoken by the CEOs of could be summed up like this: JP Morgan, Morgan Stanley, Wells Fargo, But also BlackRock, the world's largest asset manager, to describe to investors and analysts what could happen in the coming months.
JP Morgan's quarterly
Profits and revenues on the rise and above expectations for JP Morgan (+0,27% on Wall Street) in the first quarter in which the New York credit giant recorded profits of 14,64 billion dollars, 5,07 dollars per share, up 9% compared to 13,419 billion, 4,44 dollars per share, in the same period last year. The consensus was better than 4,61 dollars. Reported revenues rose 8% to 45,31 billion, while managed revenues were up 8% to 46,014 billion, against expectations for 44,11 billion. Assets under management rose 15% year-on-year to 4.100 billion dollars.
"The economy is facing significant turbulence (including geopolitical ones), with the potential positive aspects of tax reform and deregulation and the potential negative aspects of tariffs and "trade wars", apersistent and stagnant inflation, high fiscal deficits and asset prices and volatility remain elevated. As always, we hope for the best, but we are preparing the company for a wide range of scenarios,” said CEO Jamie Dimon.
Morgan Stanley's quarterly
In the first three months of 2025 Morgan Stanley (-2,2% on the stock market) posted net sales of $17,7 billion, up from $15,1 billion a year ago. Net income attributable to shareholders rose to $4,3 billion, or $2,60 per share, from $3,4 billion, or $2,02 per share, in the year-ago period.
Within Institutional Securities, Investment Banking revenues increased 8%, while Equity revenues increased 45%. The Wealth Management division posted net revenues of $7,3 billion in the current quarter, up from $6,9 billion a year ago. Pretax income of $2,0 billion in the current quarter generated a pretax margin of 26,6%.
“The integrated company has recorded a very positive quarter with record net revenue of $17,7 billion, earnings per share (Eps) of $2,60 and a ROTE of 23,0% – commented theCEO Ted Pick “The Institutional Securities business’s strong performance was driven by our Markets business, with the Equity business reporting record revenues of $4,1 billion. Total client assets of $7,7 trillion were supported by $94 billion in net new capital. These results demonstrate the continued execution of our clear strategy to drive sustainable growth across our global footprint.”
Wells Fargo's quarterly
In the first quarter of 2025, net profit of Wells Fargo (-1,5% on Wall Street) rose to $4,89 billion, or $1,39 per share, up 6 percent from $4,62 billion, or $1,20 per share, a year earlier, driven by the performance of its wealth management business.
Investment advisory fees and brokerage commissions earned by the fourth-largest U.S. lender rose 7% to $3,17 billion in the quarter, driven by higher asset-based fees. The decline in stock markets seen in the first quarter of the year is expected to be felt more strongly in the second quarter, analysts said.
“We have produced solid results,” comments the CEO Charlie Scharf, who like his colleagues also comments on the global trade and geopolitical context: “We support the administration's willingness to examine obstacles to fair trade for the United States, although there are certainly some risks associated with such significant actions – Scharf said – A timely resolution that benefits the United States would be good for businesses, consumers and markets. We expect continued volatility and uncertainty and we are prepared for a slower economic environment in 2025, but the actual outcome will depend on the results and timing of policy changes. We and our clients are approaching the current environment from a position of strength that should benefit us.”
BlackRock's quarterly
In addition to the major banks, the world's largest asset manager also disclosed its accounts today, recording a loss of 1.5% in the first quarter a drop in profitdue to weakness in stock markets following uncertainty over U.S. tariffs. BlackRock's net income (-1,35% on the stock market) came in at $1,51 billion, or $9,64 per share, for the three months to March 31, down from $1,57 billion, or $10,48 per share, a year earlier. Revenue rose 12% to $5,276 billion, while assets under management (AUM) stood at $11,58 trillion, a new record, up 11% from $10,47 trillion a year ago.
“BlackRock's positioning and connectivity with clients are stronger than ever, and our results clearly demonstrate this,” commented the CEO. Laurence Fink “We delivered 6% organic base fee growth in the first quarter, our best start to the year since 2021, and secular strength in a challenging market environment. We are helping clients navigate market and policy changes while providing insights into long-term structural growth opportunities.”
“Uncertainty and anxiety about the future of markets and the economy are dominating client conversations,” he added. “We’ve seen periods like this before, characterized by large structural changes in policies and markets, such as the financial crisis, Covid and the surge in inflation in 2022. We’ve stayed in touch with clients throughout and have seen some of BlackRock’s biggest growth jumps since then.”
