JP Morgan CEO Jamie Dimon said the bank had “temporarily suspended share buybacks” after the Fed hit it last month with a higher capital requirement. Photograph: Ludovic Marin/AFP via Getty ImagesNet income at JPMorgan Chase dropped nearly 30 per cent in the second quarter of the year, the bank said on Thursday as it announced it was suspending share buy-backs to meet tougher new capital requirements imposed by the Federal Reserve.
Higher revenues from lending amid rising interest rates as well as robust earnings from trading from volatile markets failed to offset a slump in dealmaking. Mr Dimon said the global economy was dealing with “two conflicting factors” of a strong US jobs market and consumer spending, counterbalanced by geopolitical tensions, high inflation, waning consumer confidence, quantitative tightening and rising rates.
JPMorgan lifted its target for net interest income for 2022, excluding its markets business, to more than $58 billion, from more than $56 billion previously.
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