Leading US banks, including JPMorgan Chase and Citigroup, reported better-than-expected earnings on Tuesday, signalling a robust American economy and businesses increasing adaptability to ongoing tariff uncertainties.
Executives from both financial giants indicated that US consumers remain fundamentally healthy, and their outlook on a potential recession has become more optimistic since April.
JPMorgan Chase CFO Jeremy Barnum noted that corporations have largely accepted that they just need to navigate through this period of fluctuating trade policies.
Citigroup CFO Mark Mason echoed this sentiment, stating businesses have gained comfort with the uncertainty compared to recent months. Mason also highlighted a significantly reduced prospect of a recession in the second quarter.
JPMorgan and Citigroups Performance Highlights