JPMorgan profits crash

Must read

Biden Job Approval Tanks To New Low, Only 26% Of Hispanics Approve

As Americans are forced to deal daily with crisis after crisis brought on by his administration, President Joe...

McConnell Attacks Rand Paul As ‘Isolationist’ For Putting America First Before Ukraine

When he wasn’t busy ramming massive aid packages for foreign countries through the Senate, Senate Minority Leader Mitch...

Paying Attention Yet? Senate Blocks Aid For Small Businesses On Same Day They Passed $40 Billion For Ukraine

The Senate on Thursday blocked a $48 billion pandemic relief package for small businesses on the same day...

JPMorgan Chase said on Wednesday its first-quarter profit has dropped by 42% from last year, partly because the bank wrote down nearly $1.5 billion in assets due to higher inflation and the winding down of business in Russia amid the conflict in Ukraine.

The bank, the largest in the US by assets, said that profit fell to $8.28 billion, or $2.63 a share, missing Wall Street expectations of $2.72 per share. Revenue dropped a more modest 5%, to $31.59 billion.

CEO Jamie Dimon said in a statement that the bank sees “significant geopolitical and economic challenges ahead due to high inflation, supply chain issues and the war in Ukraine.”

Last month, JPMorgan said it was winding down its Russia operations. Dimon said in his annual shareholder letter that while management wasn’t worried about its Russia exposure, it could “still lose about $1 billion over time.”

On Wednesday, the bank’s Chief Financial Officer Jeremy Barnum told reporters that there was roughly $600 million in Russia exposure remaining after taking the quarter’s hit.

For more stories on economy & finance visit RT’s business section

More articles

Latest article

Biden Job Approval Tanks To New Low, Only 26% Of Hispanics Approve

As Americans are forced to deal daily with crisis after crisis brought on by his administration, President Joe...

McConnell Attacks Rand Paul As ‘Isolationist’ For Putting America First Before Ukraine

When he wasn’t busy ramming massive aid packages for foreign countries through the Senate, Senate Minority Leader Mitch...

Paying Attention Yet? Senate Blocks Aid For Small Businesses On Same Day They Passed $40 Billion For Ukraine

The Senate on Thursday blocked a $48 billion pandemic relief package for small businesses on the same day...

First Public Congressional UFO Hearing In 50 years Reveals Pentagon Not Interested In Transparency

Earlier this week, Congress held the first open UFO hearing in 50 years. Among those who pay attention...