JPMorgan CEO Jamie Dimon warned that the independence of the Federal Reserve is “absolutely critical” as President Trump’s allies push for Chair Jerome Powell’s resignation. The move comes after a $2.5 billion revamp of the DC headquarters, despite the central bank’s mounting losses.
Dimon stated that playing with the Fed can have adverse consequences and called for the independence of the Fed to be preserved for future chairmen. He also expressed concerns about President Trump’s trade policies, which he believes pose significant risks to the US economy.
Despite this, JPMorgan reported a $15 billion net income, down 17% from last year, with trading revenue increasing by 8%. The bank’s investment banking unit saw a 8% increase in revenue, marking a positive sign for dealmaking on Wall Street.
Source: https://nypost.com/2025/07/15/business/jpmorgans-jamie-dimon-warns-of-significant-risks-to-us-economy-over-trump-trade-policies