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JPMorganChase: Lending strong, credit cards climbing, and tariffs taking a toll.

JPMorganChase, the global banking powerhouse, had another record-breaking year in 2024, but CEO Jamie Dimon's letter didn’t shy away from the big challenges ahead. Tariffs are back in the economic hot seat — Dimon warns that “recent tariffs will likely increase inflation” and are stoking renewed fears of a recession. He also called out risks from “damaging trade practices,” particularly with China, and cautioned that poorly executed industrial policy could distort markets​.

On the bright side, the credit card business crushed it. JPMorganChase processed a record $1.259 trillion in credit card sales, up from $1.164 trillion in 2023. Loans reached $233 billion, with the firm holding steady at 17% market share — keeping its crown as the #1 U.S. credit card issuer (based on 2024 sales volume and loans outstanding disclosures by peers (American Express Company (AXP), Bank of America Corporation, Capital One Financial Corporation, Citigroup Inc. and Discover Financial Services) and JPMorganChase estimates).

[Jamie Dimon’s Letter to Shareholders 2024]

TARIFFS: We found four great pieces to help try to make sense of it all

Kyla’s Newsletter, with over 83,000 subscribers, dives into the Trump administration’s latest economic shakeup: massive tariffs on imports from Mexico, Canada, and China, combined with sweeping federal job cuts and a looming government shutdown. The piece lays out the theory that this chaos may not be accidental—some insiders suggest it’s an “orchestrated slowdown” designed to reset the economy ahead of the 2028 election, make Treasuries more attractive, and lay the groundwork for an AI-powered economic transition. Meanwhile, consumer sentiment is tanking, GDP projections have flipped from +3.9% to -2.8%, and even allies like Canada and China are fighting back hard. Whether this is strategic genius or reckless disruption, the stakes—for the economy, for workers, and for U.S. global influence—are sky high. [Kayla’s Newsletter]

Bloomberg Opinion columnist Matt Levine unpacks the legal weirdness behind Trump’s new tariffs, which were imposed using emergency powers under the International Emergency Economic Powers Act—a law meant for actual emergencies, not decades-old trade deficits. The law allows emergency economic measures, but critics argue Trump is using it to bypass Congress’s constitutional authority to impose tariffs. A conservative legal group just filed a lawsuit, claiming the president is misusing IEEPA to impose taxes without Congressional approval, calling it an “unconstitutional” power grab. The case, backed by a small stationery business, might kick off a bigger legal reckoning over presidential control of trade policy. [Bloomberg Opinion]

The tariff bombshell from President Trump has rattled global markets, with J.P. Morgan Asset Management’s Chief Global Strategist David Kelly warning the new 25% average tariff rate (yep, higher than Smoot-Hawley) could spark recession, stoke inflation, and slam corporate profits. He calls the rationale behind the tariffs “a false premise” and argues that the real culprits behind the trade deficit are America’s budget gap and a too-strong dollar. Kelly sees potential pivots—like rate cuts, fiscal stimulus, or a rollback of the harsher tariffs—but urges investors to avoid panic moves and instead rebalance portfolios for resilience. [David Kelly, J.P. Morgan Asset Management]

Another “Manic Monday” hit the Trump administration, and this one may top the charts. A fresh round of tariffs rattled markets—sending the Dow down 700 points—and spooked FinTech companies, especially those eyeing IPOs. Former Treasury official Amias Gerety from QED Investors warned that late-stage FinTechs like Klarna and Chime are now stuck in limbo, sidelining public offerings and aggressive expansion as investor confidence tanks. The kicker? Even if the tariffs disappear tomorrow, the trust damage is done—and global investors are already eyeing China instead. [PYMNTS]

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Navy Federal Credit Union Launches cashRewards Secured Credit Card for Members to Build Credit and Earn Cash Back

Navy Federal Credit Union, the world’s largest credit union, just rolled out its new cashRewards Secured credit card—a credit-builder with perks. Aimed at members looking to establish or rebuild credit, the card offers unlimited 1% cash back, no annual fees, and the chance to upgrade to an unsecured card in just six months. The card has a low $200 starting deposit and features like dividend-earning security deposits. [Navy Federal Credit Union]

Citizens’ Open Banking API Gives Customers Secure, Easy Access to their Financial Data

Citizens Financial Group, a major U.S. bank with $217.5 billion in assets, just launched its new Open Banking API to give customers secure, real-time access to their financial data across budgeting apps, accounting platforms, and more. Built on FDX standards, the API ditches screen scraping in favor of safer, faster data sharing—helping retail and commercial clients alike make smarter money moves. Citizens says it’s all about control, visibility, and protecting your info while making financial planning a little less painful. [Citizens]

Citizens Builds a Bulwark Against Economic Turmoil By Focusing on Upmarket Consumers

Citizens Financial Group is doubling down on prime and superprime consumers and relationship lending to weather economic uncertainty—and so far, it’s working. Home equity lending hit "one of our strongest quarters ever," according to EVP Adam Boyd, with over 90% of HELOCs tied to existing customers. The bank’s pivot away from indirect auto and wholesale mortgage lending supports deeper relationships, while BNPL expansion through Citizens Pay could soon align more closely with this strategy. Just don’t expect AI to make credit decisions anytime soon—Boyd’s keeping that job human. [The Financial Brand]

Visa bids $100 million to replace Mastercard as Apple's new credit card partner, WSJ reports

Visa is making a $100 million power play to replace Mastercard as the payment network behind the Apple Card, according to the Wall Street Journal. With Goldman Sachs stepping away from the partnership it kicked off with Apple in 2019, multiple heavyweights—Amex, JPMorgan Chase, Barclays, and Synchrony—are now circling the tech giant’s prized credit card business. Visa’s aggressive bid signals just how valuable that Apple logo is in your wallet. [Reuters]

Capital One-Discover deal waved ahead by antitrust officials

Capital One's $35 billion bid to acquire Discover Financial Services just cleared a big hurdle—the DOJ told bank regulators it doesn’t have enough ammo to block the deal. While earlier concerns flagged issues like reduced competition for first-time credit card users and potential regulatory workarounds, new antitrust chief Gail Slater gave it the green light. Now it’s up to the Fed and OCC to make the final call, but Capital One says it's "well-positioned" for approval. The New York Times earlier reported on the decision to clear the merger. [American Banker]

Fintech companies caught up in tariff turmoil

Fintechs like Affirm, Robinhood, and SoFi are feeling the sting from Trump’s surprise tariff blitz, with shares diving up to 21% since the April 2 announcement. As consumer prices rise and sentiment tanks, analysts worry that borrowers may struggle to repay loans—a big red flag for lenders and BNPL firms. While some see a silver lining if rates drop, the market’s jittery psychology may be doing more damage than the tariffs themselves. [Reuters]

Fintech Plaid will not go public in 2025, raises $575 million

Plaid, the fintech that powers data sharing between banks and apps like Venmo and Chime, hit pause on its IPO plans for 2025—but secured a hefty $575 million funding round instead. Led by Franklin Templeton and Fidelity, the raise gives Plaid a $6.1 billion valuation, down from its 2021 peak but still above the $5.3 billion Visa once offered. CEO Zach Perret says Plaid had a "record-setting" year and is leaning into fraud prevention, instant payments, and AI-powered underwriting tools as it evolves beyond just bank linking. [American Banker]

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