🚨 Jamie Dimon Sounds the Alarm on Tariffs + Fintech Fallout

Hey there, Fintech Forward reader,

What a week. Jamie Dimon just dropped his annual shareholder letter—and it’s not all sunshine and record-breaking credit card sales. The tone? Part celebration, part warning shot.

From tariff tremors shaking up the markets to Visa trying to steal Apple Card from Mastercard, this edition unpacks the ripple effects across banking, fintech, and the broader economy.

Let’s dive in.

Jamie Dimon’s Letter to Shareholders 2024

JPMorgan Chase crushed 2024, but CEO Jamie Dimon’s latest letter pulls no punches about what’s ahead.

He warns:

• “Recent tariffs will likely increase inflation”

• Damaging trade practices (especially with China) could tip us toward recession

• Poorly executed industrial policy might distort entire markets

Bright spot? The credit card business is booming.

• 1.259 trillion dollars in card sales (up from 1.164T in 2023)

• 233 billion dollars in loans

• Still number one in U.S. credit cards

Tariffs, Trade Tensions & Legal Drama

Tariffs are back—and they’re shaking the economy. Here’s what you need to know:

Kyla’s Newsletter
Over 83,000 subscribers got the scoop:

• Massive tariffs on Mexico, Canada, and China

• Federal job cuts and shutdown rumors

• Theory: An "orchestrated slowdown” to reset the economy for an AI-driven reboot

• Consumer sentiment plunging, GDP projections flipped from +3.9 percent to -2.8 percent

Bloomberg Opinion – Matt Levine

• Trump used emergency powers (IEEPA) for the tariffs

• Critics say it’s unconstitutional and bypasses Congress

• Legal groups are suing to challenge it

J.P. Morgan Asset Management – David Kelly

• Warns the 25 percent average tariff rate (higher than Smoot-Hawley) could spark recession

• Blames the budget deficit and strong dollar—not China

• Suggests rebalancing portfolios, not panicking

Fintech Fallout

• Klarna, Chime, and others stall IPO plans

• Dow dropped 700 points

• Trust is eroding, and China’s becoming more appealing to investors

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Bank & Fintech Updates You Can’t Miss

Citizens Bank Goes All-In on Open Banking

• Launched new Open Banking API (built on FDX standards)

• Real-time, secure data sharing with budgeting and accounting apps

• Big win for customer control and safety

Citizens Eyes High-End Lending Strategy

• Focusing on prime and superprime borrowers

• 90 percent of HELOCs tied to existing customers

• Pivoting away from auto and mortgage lending

• Expanding BNPL via Citizens Pay

Big Moves in Payments & Credit Cards

Visa’s 100 Million Dollar Power Play for Apple Card

• Mastercard may be out, Visa wants in

• Goldman Sachs stepping back from Apple Card

• Other suitors: Amex, JPMorgan, Barclays

• Visa’s bid shows how powerful that Apple logo is

Capital One–Discover Merger Gets a Boost

• DOJ says it won’t block the 35 billion dollar deal

• Antitrust chief gives the nod

• Final decision pending from Fed and OCC

Fintechs in the Crosshairs

Affirm, Robinhood, SoFi Down Up to 21 Percent

• Tariffs hit hard

• Consumer prices rising, sentiment diving

• Loan defaults are the next worry

• Market panic may be worse than the tariffs themselves

Plaid Raises 575 Million Dollars, Delays IPO

• Not going public in 2025

• Valuation at 6.1 billion dollars

• Doubling down on fraud prevention, AI, and instant payments

That’s a wrap for this week.

Fintech is moving fast—from billion-dollar bids to regulatory curveballs and economic policy shakeups. We’ll keep decoding the chaos so you can stay one step ahead.

Until next time,
Stay curious, stay forward-thinking,
Fintech Forward