• JPMorgan's 1Q earnings call was focused more on what the bank's data might say about the economy.
• Banks execs said consumers are front-loading spending as corporate clients pause activity.
• Jamie Dimon pushed for a quick resolution of trade deals to stabilize the global economy.

Consumers are trying to front-run tariffs, companies are in "wait-and-see" mode, and market volatility shows no sign of waning.

These are just some of the trends to emerge from JPMorgan Chase's first-quarter earnings call on Friday as analysts and investors clamored for insights into how Trump's tariff policies might be impacting the broader economy. The bank reported better-than-expected results for the three months ending March 31, but all eyes were on what bank execs might have gleaned about the economy since Trump's tariff policies went into effect on April 2.

CEO Jamie Dimon called upon the Trump administration to finish negotiating trade deals and get it done sooner rather than later. And when asked how the current economic and political situation compares to the past, Dimon said it remains to be seen.

"This is different. This is the global economy," he said in response to an analyst's question. "The most important thing to me is the Western world stays together economically, when we get through all this, and militarily, to keep the world safe and free for democracy. That is the most important thing."

Consumer spending patterns

Chief financial officer Jeremy Barnum described an economy that is still intact but bracing for trouble ahead. Consumers are still spending, but some of that is "front-loading spending" to get ahead of tariffs, Barnum said.

"Another thing that we are seeing, looking at the April data, would appear to be a little bit of front-loading of spending, specifically in items that might have prices go up as a function of tariffs," Barnum said.

The bank saw some weakened spending among lower-income consumers but "no evidence of distress." In fact, Barnum said, some of the increases in April spending were driven by lower-income consumers.

Barnum also said the bank has seen a dip in spending on travel but was reluctant to draw conclusions about whether this suggests a tightening of the purse strings.

"It's not obvious to us that that's necessarily an indicator for broader patterns," Barnum said. "There are a variety of potential explanations for the narrow drop in airline spend."

Loans and liquidity

The bank boosted the amount it sets aside for credit losses by $973 million to $3.3 billion, citing a worse macroeconomic outlook.

Barnum said JPMorgan is not yet seeing a deterioration of lending quality, and loans are still being paid at the expected rate. Still, the bank is building reserves of $441 million for consumer lending and $549 million for wholesale lending to protect against people and companies not paying their loans.

Barnum said the firm has not seen "meaningful, observable draws" from clients, suggesting that client are not withdrawing their funds or using up their lines of credit to deal with losses.

He said some of the firm's large institutional clients have discussed shoring up liquidity, but the firm has not seen clients take out more loans to meet those liquidity needs. Loans tied to market activity have increased, however.

Trading and banking

Both JPMorgan and its crosstown rival Morgan Stanley posted strong first-quarter revenues tied to their role executing trades for large investors, a trend that's only expected to have accelerated since Trump's tariffs sent markets spinning on April 2.

"I think this just happened to be very favorable conditions that we've managed very successfully," said Barnum.

Barnum said that market conditions are causing them to adopt "a cautious stance" on the investment banking outlook and are seeing a "wait-and-see" attitude from corporate clients.

"I think we would characterize what we're hearing from our corporate clients as a little bit of a wait-and-see attitude," Barnum said. "I do think you see obvious differences across sectors. Some sectors are going to be much more exposed than others and have more complicated problems to solve."

• Jamie Dimon's annual letter to JPMorgan shareholders does not include the word "diversity."
• Diversity, equity, and inclusion initiatives have faced setbacks since Donald Trump's presidency.
• JPMorgan renamed its DEI program to Diversity, Opportunity & Inclusion last month.

There was a certain word missing from JPMorgan CEO Jamie Dimon's annual letter to shareholders: diversity.

His yearly missive, which is closely watched in the world of finance and investments, dropped Monday and was largely focused on the uncertainty facing the world in 2025.

What it didn't discuss directly, however, was diversity, equity, and inclusion.

Last year, Dimon's letter mentioned "diversity" five times, but this year it didn't appear once. Neither did "inclusion."

DEI initiatives have been under fire in recent months. Since President Donald Trump took office, more companies have rolled back their DEI programs.

In January, Dimon voiced his continued support for the bank's DEI work, defending it against anti-diversity activists who appeared to be targeting it. Two months later, JPMorgan renamed its program to "Diversity, Opportunity & Inclusion (DOI)," according to an internal memo seen by Business Insider.

In Dimon's Monday letter to shareholders, he used the phrase "equal opportunity" numerous times and cited one of America's founding ideals, that it is a nation "conceived in liberty and dedicated to the proposition that all men are created equal. "

"Our values transcend any political stance — libertarian, conservative, progressive, Democrat or Republican. We need to believe in ourselves and get back to work (in the office!), not tear each other down," he wrote.

Changes from 2024's letter

In addition to frequent mentions of diversity, 2024's letter featured a subheading that read "our extensive community outreach efforts, including diversity, equity and inclusion" under an "update on specific issues facing our company" chapter.

"We believe — and we are unashamed about this — that it is our obligation to help lift up the communities and countries in which we do business," Dimon wrote last year.

Dimon then listed 12 initiatives led by JPMorgan to reach that goal, including "Women on the Move," an organization that empowers women in their careers; "Advancing Black Pathways," a program that supports Black Americans; and "Entrepreneurs of Color," a lending program for small business owners.

None of these programs were specifically mentioned in 2025's letter, and just one paragraph directly mentioned Black, Hispanic, and Latino communities.

"We expanded our $5,000 Chase Homebuyer Grant program to include more than 15,000 majority Black, Hispanic, and Latino communities (where the grant is available to all)," it said.

The letter added that Chase operates 19 community centers and branches that are "often located in areas with larger Black, Hispanic or Latino populations" as part of the bank's localized investments initiative.

Asked for comment, JPMorgan directed BI to a letter to clients from COO Jennifer Piepszak in which she emphasized the bank's "belief in the power of a diverse workforce."

• Jamie Dimon said he wants to "kill meetings" because it slows work down.
• Dimon emphasized meetings should be purposeful, quick, and involve only the necessary people.
• He has criticized virtual meetings because he thinks employees are distracted with side tasks.

Jamie Dimon, who has a long list of frustrations with meetings, offered a set of strategies to make them better.

In his 2024 annual letter to shareholders released Monday, the JPMorgan CEO said he wants to "kill meetings" because they "slow us down."

But when meetings must happen, they need to start and end on time. They should also have a leader, a purpose, and a follow-up list, Dimon wrote.

He emphasized the importance of reading before a meeting — he said he does it. Dimon also recommended that employees prepare to discuss a new product in a meeting by first writing a press release. This helps them focus and identify questions that may be asked.

Once in the meeting, pay attention, he said.

"I see people in meetings all the time who are getting notifications and personal texts or who are reading emails," Dimon wrote.

The CEO added that there is no need to include people who are not necessary.

"Sometimes we think we're just being nice by inviting people to a meeting who don't have to be there. Sometimes we over-collaborate," he wrote.

Dimon also repeated his long-held ire with side meetings, in which executives approach him afterward to discuss a matter they didn't want to bring up in front of others.

"That's not acceptable. Don't bother. I'm not their messenger. Lay it on the table in real time," he wrote in Monday's letter.

In the wide-ranging 58-page letter, Dimon dove into recent tariffs and how they will impact the US, the investment bank's performance, and leadership lessons, including mistakes he has made in his career.

Dimon, who has led the bank since 2006, has repeatedly expressed his pet peeves about certain kinds of meetings and how they encourage bureaucracy.

In February, in a leaked internal town hall about the importance of in-person work, Dimon aired his frustration with virtual meetings.

"A lot of you were on the fucking Zoom and you were doing the following," Dimon said in the recording, "looking at your mail, sending texts to each other about what an asshole the other person is, not paying attention, not reading your stuff."

Clips of the audio recording, which is filled with anecdotes and profanities defending return-to-office, gained millions of views on social media.

Zoom meetings are not the only kind Dimon hates.

In last year's letter to shareholders, the CEO took aim at companies' Annual General Meetings and complained that they've become places of "spiraling frivolousness" and "showcase of grandstanding" that need to be reformed.

Annual meetings are required for public companies so investors can vote on the board of directors and corporate changes. These meetings range from staid company conferences to splashy events in exotic destinations. Berkshire Hathaway's annual meeting draws thousands of devotees from around the world to Omaha.

• JPMorgan Chase released CEO Jamie Dimon's annual letter to shareholders on Monday.
• Dimon warned of rising inflation and higher interest rates.
• The remarks come as Wall Street seeks to understand the impact of Trump's policies.

In a wide-ranging letter to shareholders, JPMorgan CEO Jamie Dimon said he saw "stagflation" dangers slowing the economy as the stock market dropped in response to President Donald Trump's trade wars.

"Whether or not the menu of tariffs causes a recession remains in question, but it will slow down growth," Dimon said in the 58-page letter, which was released Monday and addressed various topics, including immigration and the state of civil discourse.

"While inflation has come down," he wrote, "most of what I see in the future is inflationary: continued high fiscal deficits, the remilitarization of the world and the need for infrastructure investment, including the green economy and the restructuring of trade and tariffs."

Dimon said he expected rising costs to create a "tug-of-war" over the direction of interest rates, with long-term borrowing costs ultimately heading higher. "All things being equal, the slower the growth, the lower the interest rates, and the higher the inflation, the higher the interest rates," he said.

He even referenced "stagflation," a term popularized before the turn of the century to describe an unpleasant cocktail of high inflation, high unemployment, and tepid economic growth.

"This tug-of-war can go on for some time, but it's good to remember that in the stagflation of the 1970s, recessions did not stop the inexorable trend of rising rates," he wrote.

Dimon stopped short of saying the economy is headed for a recession. Following a two-day stock sell-off last week, the dreaded R-word has been on everyone's lips.

He also suggested that the stock market pain may not be over.

"No matter how you measure it, equity valuations are still well above their historical averages," he said, adding: "Markets still seem to be pricing assets with the assumption that we will continue to have a fairly soft landing. I am not so sure."

The CEO's much-anticipated annual letter to shareholders comes as the leaders of corporations seek to understand where the economy — and the nation — is headed under Trump, who has bold plans for reorganizing the federal government and US foreign policy.

Dimon used his letter to opine on various problems facing the US, as well as prospective solutions.

"To be able to attack our problems at home and abroad, we must be strong. And our core strength is based upon our commitment to our values, as well as our ability to work hard and think intelligently about our problems," Dimon wrote, adding that he supported some policy positions of both Democrats and Republicans.

The letter also touched on what he deemed "common sense" solutions to the nation's problems, including tightening security at the border and doing away with special interests, or what he called "selfishness on the part of our citizens and elected officials."

Some Wall Street watchers have long suspected that the billionaire banker — a regular pontificator on world events — has harbored ambitions to seek public office, though he said last year that he would not seek a position in the Trump administration.

Dimon bemoaned the increasingly acrimonious tone infecting the public discourse. Indeed, he said that Americans are "meaner to each other" and that "a little more kindness and understanding would go a long way."

Dimon added: "I am a firm believer that we should constantly talk with each other, air our views, hold each other accountable and try to respect all sides of an argument." He said social media algorithms had amplified the problem.

JPMorgan posted a record $54 billion in profit in 2024 and has since called employees back to the office five days a week, a mandate that has led some employees to explore their options, including unionization.

Last year, the bank also earned a record $58.5 billion in net income, up from $49.6 billion the year before, it said in its earnings filings. The firm's stock is up about 6% over the past year, trading as of early April at about $210 a share.

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