Paul J. Davies, Columnist

Jamie Dimon May Want to Send Powell a Thank-You Note

The Fed’s interest rate increases have delivered a huge boost to revenue for JPMorgan, Citigroup and Wells Fargo without crushing the consumer — so far.

October 14, 2022 at 5:03 PM UTC

By Paul J. Davies

Paul J. Davies is a Bloomberg Opinion columnist covering banking and finance. Previously, he was a reporter for the Wall Street Journal and the Financial Times.

Jamie Dimon, chairman and chief executive officer of JPMorgan Chase & Co., has warned of significant headwinds going forward.
Photographer: Bloomberg/Bloomberg

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Shareholders and chiefs of America’s big banks should get some thank you cards over to Jerome Powell.

The Federal Reserve’s interest rate increases have delivered a huge boost to revenue for Citigroup Inc., JPMorgan Chase & Co. and Wells Fargo & Co. so far this year without – as yet – causing any problems for borrowers. Okay, the residential mortgage business has dried up and much of investment banking has been benched, but growth in net interest income is more than compensating.