During a recent event in Washington, D.C., banking industry leaders, including JPMorgan Chase CEO Jamie Dimon, shared their perspectives on tariffs and the prevailing uncertainty and volatility in the stock market.

Dimon expressed his anticipation that many companies may revise or retract their projected full-year outlooks due to the current uncertainties. This sentiment was echoed by BlackRock CEO Larry Fink, who described the tariffs as surpassing his expectations.

The discussions highlighted concerns within the banking sector about the impact of the Trump administration's tariffs, market conditions, and the potential for an economic downturn. Dimon mentioned that several companies, such as Delta Air Lines and CarMax, had already halted their full-year guidance in response to the uncertain environment.

Fink stressed the extraordinary nature of the recent tariff announcements and emphasized that despite the focus on tariffs, other macroeconomic factors like artificial intelligence, energy demand, infrastructure needs, and potential deregulation initiatives remain significant.

Wells Fargo CEO Charlie Scharf acknowledged the risks associated with significant trade actions and expressed readiness for ongoing volatility and uncertainty, anticipating a potentially sluggish economic environment in 2025. Bank of New York Mellon CEO Robin Vince also highlighted their preparedness for varied economic and market conditions amid escalating uncertainties in the operational landscape.