What CEOs of Big Banks Say About Tariffs, the Economy and the Economy

Key Takeaways

• Executives in the banking sector shared their opinions on the current uncertainty and volatility that is dominating the stock markets and tariffs.
• JPMorgan Chase CEO Jamie Dimon has said that he believes many companies will adjust or withdraw their full-year projections due to the uncertainty.
• BlackRock CEO Larry Fink said the tariffs "went beyond anything I could have imagined."

On Friday, executives from the banking industry discussed the uncertainty surrounding Trump’s tariffs, stock market fluctuations, and the possibility that a recession could occur.

JPMorgan Chase CEO Jamie Dimon said he expected more companies to suspend full-year guidance in the face of uncertainty, as Delta Air Lines and CarMax did this week.

"You're going to hear 1,000 companies report, and they're going to tell you what their guidance is. My guess [is] a lot will remove it," Dimon said. "They're going to tell you what they think it might do to their customers, their base, their earnings, their costs, their tariffs. It's different for every company, but I assume you see that."

Tariffs 'Went Beyond Anything I Could Have Imagined,' BlackRock's Fink Says

BlackRock’s (BLK’s) CEO Larry Fink, in his earnings call on Friday, said that the tariff announcement made last week “went far beyond anything I had imagined in my 49-year career in finance,” according a transcript by AlphaSense.

Fink added that despite tariffs dominating headlines in the media, other “macro-forces” such as artificial intelligence, increasing demand for energy and infrastructure and the potential for deregulation under Trump’s administration are “just a strong today” compared to earlier this year.

Wells Fargo CEO Scharf Sees 'Risks' With Tariffs

Charlie Scharf (WFC) said that in Wells Fargo’s earnings report on Friday, “We support the Administration’s willingness to examine barriers to fair trading for the United States. However, there are risks associated with such important actions.” Scharf also said that the bank anticipates “continued instability and uncertainty” and is prepared for a softer economic environment in 2025. But the actual outcome depends on the results and timings of the policy change.

Robin Vince, CEO of Bank of New York Mellon BK, stated that the company is “prepared for various macroeconomic and market scenario as the outlook of the operating environment becomes more uncertain.”

Article Sources Investopedia asks writers to use primary resources to support their writing. White papers, government statistics, original reporting and interviews with industry professionals are all examples. Where appropriate, we also reference original research by other reputable publishers. Learn more about our standards for producing accurate and unbiased content by visiting our Editorial Policy

1. JPMorgan Chase. "JPMorgan Chase & Co. First-Quarter 2025 Earnings Conference Call."

2. Wells Fargo. "Wells Fargo Reports First Quarter 2025 Net Income of $4.9 billion, or $1.39 per Diluted Share."

3. Bank of New York Mellon "BNY Reports First Quarter 2025 Earnings Per Common Share of $1.58."

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