Big Bank Stocks Fall as Jamie Dimon Says Recession Is ‘Likely Outcome’ of Tariffs

Big bank stocks fell Wednesday as JPMorgan Chase (JPM) CEO Jamie Dimon said the economy could be headed toward a recession as the Trump administration’s tariffs rattle markets. 

“I think probably it’s a likely outcome,” Dimon said in a televised appearance Wednesday on Fox Business’ “Mornings with Maria.”

“Markets aren’t always right, but sometimes they are right, and I think this time they are right because they’re just pricing uncertainty.” The Dow Jones Industrial Average is down about 10% since President Donald Trump announced sweeping tariffs last week. 

Shares of Bank of America (BAC) dropped over 4%, while Wells Fargo (WFC) and Citigroup (C) shares each fell about 3% in intraday trading Wednesday. Shares of JPMorgan and other banks were also lower. (Read Investopedia’s live coverage of today’s market action here.)

Several major U.S. banks including JPMorgan are set to report quarterly earnings on Friday, with investors likely to be watching whether worries about tariffs are hampering clients’ borrowing appetites and ability to repay loans.