J.P. Morgan Chase, the largest U.S. bank by assets, said Friday that trade disputes are not a drag on business investment or loan demand.
The bank reported better than expected quarterly earnings Friday morning, with profits growing by an eye-popping 18 percent to $8.32 billion. Revenue rose 6 percent to $28.4 billion.
In a conference call with reporters to discuss the bank’s results, top executives said that while there is lots of talk and worry about trade wars, there’s been “no significant impact” on lending.
Jamie Dimon, the bank’s chief executive, said that trade war talk was more about “psyche” than “economics.”
“Look, it’s a worry,” he said. “But hopefully it gets resolved.”
Dimon said that there were genuine reasons for the U.S. to attempt to seek better terms of trade with China and other countries. Working with allies rather than imposing tariffs, however, would be a better tactic, Dimon said.