WASHINGTON

Major US banks JPMorgan Chase, Wells Fargo, and Morgan Stanley posted solid first-quarter profits for 2025, according to financial results released Friday, even as executives warned of growing economic challenges tied to inflation, trade policies, and global volatility.

JPMorgan Chase, the largest US bank by assets, reported an 8.1% year-on-year revenue increase to $45.3 billion, while net profit rose 9.1% to $14.6 billion. The bank’s earnings per share (EPS) reached $5.07, up from $4.44 a year earlier.

CEO Jamie Dimon noted that the global and domestic economies face “considerable turbulence,” citing ongoing geopolitical tensions, sticky inflation, high fiscal deficits, and volatile asset prices. “We hope for the best but prepare the Firm for a wide range of scenarios,” he said, while also referencing the potential positive impact of tax reform and deregulation.

Wells Fargo, meanwhile, posted lower revenue of $20.15 billion, down 3.4% year-on-year, but saw its net profit rise 6% to $4.89 billion. Its EPS climbed to $1.39, compared to $1.20 in the same quarter last year.

“We support the administration’s willingness to look at barriers to fair trade for the US, though there are certainly risks associated with such significant actions,” said the bank’s CEO Charlie Scharf, noting that the bank expects a slower economic environment for now but the final picture will depend on the timing of policy changes and the aftermath.

Morgan Stanley saw the strongest growth among the three, with revenue up 17.2% to $17.7 billion and net profit soaring 26.5% to $4.3 billion. The firm’s EPS rose sharply from $2.02 to $2.60.