JPMorgan kicks off earnings season with bad news

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JPMorgan Chase kicked off earnings season Wednesday with some bad news: First-quarter profit fell 42 per cent from a year ago, driven lower by Russia's invasion of Ukraine, high levels of inflation and supply chain problems.

The largest U.S. bank by assets is often viewed as a bellwether for the rest of Wall Street. JPMorgan posted a profit of US$8.3 billion, or $2.63 per share in the first quarter of 2022, compared with $14.3 billion, or $4.50 per share the year prior.CEO Jamie Dimon warned of serious risks for the U.S. economy ahead in his uncharacteristically brief remarks.

When asked by CNN during a press call, Dimon elaborated that an upcoming recession is "absolutely" possible but he wouldn't go so far as to predict the timing. JPMorgan, the largest lender in the US, reported a 28 per cent drop in investment banking revenue in the first quarter. Investment banking fees fell by 31 per cent because of lower equity and debt underwriting activity, said the bank.Shares fell 1.1 per cent in premarket trading Wednesday.

 

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