JPMorgan Chase & Co’s (JPM) first-quarter earnings report disappointing figures amid concerns over U.S. bank ties to Russia and worries of an economic slowdown. The bank reported adjusted revenue of $31.59 billion versus the $31.44 billion expected. Adjusted Earnings per share of $2.63 were reported below the $2.72 expected.
The bank recorded lower-than-expected net income for the first quarter of $8.3 billion, or $2.63 per share, down 42% from the same period in 2021 when the bank posted a profit of $14.3 billion, or $4.50 per share. Investment banking also came in short of analyst estimates at $2.1 billion versus $2.25 billion expected, as geopolitical tensions in Eastern Europe stalled deal activity in the first quarter. The banking giant reportedly added $902 million in credit reserves for potential loan losses, warning of “higher probabilities of downside risks.”
JPMorgan Chase & Co (JPM) is a global financial service leader in investment banking, financial services for consumers and businesses, financial transaction processing, asset management, and commercial banking. To learn more about JPMorgan Chase & Co. (JPM) and to continue to track its progress please visit the Vista Partners JPMorgan Chase & Co. Coverage Page.
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