Home » Economy » JPMorgan wields size advantage as US economic growth slows
JPMorgan wields size advantage as US economic growth slows
This is only decade in US history without a recession: JPMorgan exec
JPMorgan Funds chief global strategist David Kelly looks back on the past 10 years and gives economic predictions for 2020.
JPMorgan Chase, the largest U.S. bank, expects to benefit from its size and broad array of businesses as interest rates slide and economic growth slows at home and in the rest of the world.
Continue Reading Below
In the past five years, the lender has increased investments into its businesses by $5 billion, taking advantage of rising interest income as rates rose for four straight years. Its consumer business now serves 63 million U.S. households, while the corporate and investment division counts more than 80 percent of Fortune 500 companies as clients.
LIFE AFTER PAROLE: JPMORGAN FIGHTS JOB BARRIERS FOR EX-CONVICTS
Maximizing the benefit of economic growth in the past few years "has positioned us well to face more difficult environments," Chief Financial Officer Jennifer Piepszak said during the company's annual investor day. "We're obviously not immune to cyclical challenges, but our diversification does provide some offsets."
The U.S. economy is likely to grow less rapidly this year, at a rate below 2 percent, than in either 2018 or 2019, mirroring trends in the rest of the world, the bank predicted in materials prepared for the event.