{
  "id": 14196097,
  "title": "Dimon warns of risks ‘under the surface’ as JP Morgan earnings miss",
  "url": "https://urgent.news/2026/10/13/dimon-warns-of-risks-under-the-surface-as-jp-morgan-earnings-miss",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-13T12:08:51.000Z",
  "source": {
    "name": "City AM",
    "slug": "city-am",
    "url": "https://www.cityam.com/dimon-warns-of-risks-under-the-surface-as-jp-morgan-earnings-miss/"
  },
  "original_language": "en",
  "account": "JP Morgan CEO Jamie Dimon has cautioned about a variety of economic risks lurking beneath the surface as the bank's earnings for the third quarter fell short of expectations. The company reported revenue of $50.9 billion, an 8% increase from the previous year, which was lower than the $51.2 billion forecast by LSEG analysts. Net interest income grew by 6% to $15.3 billion, while earnings per share fell short of estimates at $5.57, compared to the expected range of $5.90 to $5.93.\n\nCommercial and investment banking revenue dropped 9% to $22.7 billion, ending a series of profitable deals this year. Wall Street banks, which have profited from market volatility and large M&A transactions, saw a slowdown in the third quarter, with market and securities revenue falling 14% to $11.8 billion. Jamie Dimon acknowledged that investment banking and markets grew in the mid-teens annually, but noted that \"activity did moderate somewhat during the quarter.\"\n\nRival Goldman Sachs outperformed expectations, generating $18.7 billion in revenue, a 21% increase year-on-year, but down 5% from the previous quarter. Chris Beauchamp, chief market analyst at IG, expressed disappointment with the results, stating that they were \"not quite the uniformly positive set of figures that investors might have wished for.\"\n\nDimon warned of economic risks that he described as \"continuous and shifting under the surface,\" including large fiscal deficits, persistent inflation, high asset prices, rising interest rates, and broader geopolitical conditions. He reiterated that the bank was prepared for various outcomes. Dimon met with Chancellor John Healey last month, amid speculation that banks could face a tax increase in the upcoming Budget. He previously cautioned against sector-specific taxes, warning of adverse consequences in July and threatening to halt a £3 billion investment in a London skyscraper if the government became hostile to banks.",
  "summary": "JP Morgan boss Jamie Dimon has warned of a broad set of economic risks “under the surface” as the Wall Street bank’s earnings missed expectations in the third quarter. The US banking giant reported $50.9bn (£38.4bn) in revenue for its latest three month period, up eight per cent year-on-year. But this undershot the $51.2bn forecast [...]",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}