JP Morgan ready for more banking turmoil as profits jump 52%

Chief executive Jamie Dimon upbeat as bank’s earnings benefit from rise in US and global interest rates

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The boss of JP Morgan, Jamie Dimon, has said “storm clouds” threatening the banking sector have grown since last month’s short-lived crisis but the lender is prepared for further turmoil to come after first-quarter profits rose by 52%.

Wall Street’s largest bank reported the jump in net income – a measure of profits – to $12.6bn (£10bn) over the first three months of the year, up from $8.3bn over the same period in 2022.