NEW YORK — Jamie Dimon, CEO of JPMorgan Chase, spoke during a Council on Foreign Relations discussion as the bank reported Q1 2026 earnings. JPMorgan Chase reported net income of $16.5 billion, a 17% increase from the previous year, and revenue of $49.836 billion.

Dimon addressed the potential for future economic shifts. "A credit cycle will occur eventually, and I believe when it does, the losses will be worse than anticipated," Dimon said. He also expressed concern regarding geopolitical factors. "I am quite worried about it. They may determine the economy, but it may be a year from now, a few years from now, or maybe it will all be reserved somehow. But I'm quite concerned about it, so put me in the more cautious category about how that plays out," he said.

Regarding the bank's stability, Dimon stated, "If our loan book were to decrease by 10% next year, we would be perfectly fine with that if it meant avoiding irresponsible loans." He detailed the leveraged finance ecosystem, sizing it at roughly $1.7 trillion in private credit, $1.7 trillion in high-yield bonds, and $1.7 trillion in bank syndicated leveraged loans.

JPMorgan Chase reported Q1 2026 earnings per share of $5.94. Markets revenue reached $11.6 billion, a 20% increase year over year. Investment banking fees rose by 28%, and advisory fees increased by 82%.

The company's nonperforming exposure increased by 11% year over year to $11.0 billion, and nonaccrual loans in Asset & Wealth Management rose by 53%. The provision for credit losses was $2.51 billion, a 24% decrease compared to the previous year. Card net charge-offs ran at 3%.

Jeremy Barnum, CFO of JPMorgan Chase, said consumers and small businesses remain resilient with consumer spending growth continuing above last year's pace. Dimon also noted conditions that could create stress. "If stagflation occurs, along with prolonged higher interest rates and widening credit spreads, it will create significant stress for companies with leverage as they refinance," he said.

No independent assessment of Jamie Dimon’s claims was available.