JPMorgan CEO Dimon: '2018 is off to a good start'
Jamie Dimon, Chairman and CEO, commented on the financial results:"2018 is off to a good start with our businesses performing well across the board, driving strong top-line growth and building on the momentum from last year. We have been outpacing the industry on consumer deposit growth while attracting significant net new money and growing client investment assets 13%. Card sales and merchant processing volume both grew double digits, reflecting our investments in new products and innovation focused on our customers' needs." Dimon added: "In the Corporate & Investment Bank we maintained our #1 rank in Global IB fees, including #1 in M&A which grew share in every region. A strong Markets performance was driven by record Equities revenue. Our multi-year investments in Treasury Services and Securities Services are paying off, with revenue up 14% and 16% in those businesses. Commercial Banking continued to see revenue growth driven by rates and good capital markets flows. Despite client sentiment remaining high, the environment is intensely competitive and lending was flat for the quarter. Our Asset & Wealth Management business delivered strong results, with long-term net inflows this quarter across all regions, even as volatility returned to the market." Dimon concluded: "The global economy continues to do well, and we remain optimistic about the positive impact of tax reform in the U.S. as business sentiment remains upbeat, and consumers benefit from job and wage growth. We are committed to doing our part - and this company can be an engine that helps drive inclusive economic growth for all Americans, including our $20 billion long-term investment in our employees and communities, and we're working to tackle broader issues, like healthcare, that can help the whole country."