JPMorgan Posted Record Profits, but CEO Jamie Dimon Says the Next Crisis Will Be Worse Than Anyone Expects

Quick Read

• JPMorgan (JPM) posted grounds Q1 nett income of $16.5 billion, with markets gross up 20% and concern banking fees jumping 28%.

• Bank of America (BAC) CEO Moynihan called the system resilient, but JPMorgan's nonperforming vulnerability roseate 11% and nonaccrual loans surged 53%.

• Dimon warned the adjacent recognition rhythm volition deed harder than expected, pointing to $5.1 trillion successful leveraged concern arsenic the cardinal accent point.

• Act now: the expert who called NVIDIA successful 2010 conscionable named his apical 10 AI stocks — and JPMorgan Chase didn't marque the cut. Grab the names FREE today.

JPMorgan Chase (NYSE:JPM) reported Q1 2026 nett income of $16.5 billion, with EPS of $5.94, up 17% from a twelvemonth earlier. Revenue deed $49.836 billion. Markets gross acceptable a grounds astatine $11.6 billion, up 20% twelvemonth implicit year. Investment banking fees jumped 28%, with advisory fees up 82%. The banal has climbed 26% implicit the past year.

The Cockroach Quote

CEO Jamie Dimon delivered the defining line: "When there's a recognition cycle, losses volition beryllium worse than radical expect. I shouldn't accidental this, but erstwhile you spot 1 cockroach, there's astir apt more."

He elaborated connected the mechanics. "A recognition rhythm volition hap eventually, and I judge erstwhile it does, the losses volition beryllium worse than anticipated," Dimon said, portion declining to telephone a recession. "However, I don't spot it arsenic systemic fixed the standard comparative to different things."

The humanities signifier worries him. "Typically, there's ever an manufacture that surprises observers. For instance, successful 2000, utilities and telecoms caught radical disconnected guard, portion successful 2008, it was media firms and newspapers. This time, there's speculation surrounding software, but we'll person to hold and see," Dimon told analysts.

Act now: the expert who called NVIDIA successful 2010 conscionable named his apical 10 AI stocks — and JPMorgan Chase didn't marque the cut. Grab the names FREE today.

What He's Watching

Dimon flagged stagflation and refinancing hazard arsenic unit points. "If stagflation occurs, on with prolonged higher involvement rates and widening recognition spreads, it volition make important accent for companies with leverage arsenic they refinance," helium said. He sized the leveraged concern ecosystem astatine astir $1.7 trillion successful backstage credit, $1.7 trillion successful high-yield bonds, and $1.7 trillion successful slope syndicated leveraged loans.

JPMorgan is leaning into subject alternatively than growth. "If our indebtedness publication were to alteration by 10% adjacent year, we would beryllium perfectly good with that if it meant avoiding irresponsible loans," Dimon said. The slope is sitting connected $291 cardinal successful CET1 capital, $572 cardinal successful full loss-absorbing capacity, and $1.5 trillion successful currency and marketable securities.