JPMorgan Chase CEO Jamie Dimon sees the possibility for a "mild recession" but also a "soft land" in the economy.
The megabank's closely watched third-quarter earnings exceeded Wall Street's expectations on Oct. 14, with Dimon's predictions about economic conditions overshadowing another successful recruiting period for the company's wealth management units. The firm added nearly 800 financial advisors on a net basis compared to the year-ago period. The advisors include brokers in Chase bank branches, private bankers and other wealth segments. The Wall Street bank has picked up more than 500 incoming advisors to its headcount for at least five quarters in a row.
Analysts on an earnings call sought answers from Dimon about whether he wanted to update his June warning that there might be an economic "hurricane" ahead. He said the chances of an economic storm are "roughly the same" as after the second quarter.
"We're just getting closer to what you and I might consider bad events and my hurricane," he said, according to a transcript by Seeking Alpha. "Consumers are in very good shape, companies are in very good shape. And there's the possibility of something worse, mostly because of the war in Ukraine and oil price and all things like that."
To see the main takeaways from J.P. Morgan's third-quarter earnings, scroll down the slideshow. For coverage of the firm's second-quarter earnings, click here. For a look at the results from the first quarter, follow this link.
Note: The firm doesn't break out specific wealth management metrics across its organization, which includes the Global Private Bank in its Asset & Wealth Management division and J.P. Morgan Wealth Management in the Consumer & Community Banking unit.
