JPMorgan reports 6% rise in 1Q profits as bank earnings season begins. Wells Fargo profit falls

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JPMorgan Chase reported a modest 6% rise in first quarter profits on Friday, as the major banks start reporting their quarter results for the first quarter

. Wells Fargo reported a decline in profit versus a year ago, although the result beat Wall Street's expectations. JPMorgan, the nation's largest bank, earned a profit of $13.42 billion, or $4.44 a share, compared to a profit of $12.62 billion, or $4.10 a share, in the same period a year earlier. JPMorgan's results were impacted by a $725 million one-time charge to the Federal Deposit Insurance Corporation.

However, looking ahead, we remain alert to a number of significant uncertain forces,' Dimon said, citing the wars in Gaza and Ukraine, high amounts of government spending across the world and ongoing other geopolitical pressures. Wells Fargo issued its first earnings report since the Biden administration eased some of the restrictions on the bank after a series of scandals. Wells earned $4.6 billion in the first quarter, or $1.20 per share, beating analyst estimates of $1.06 per share.

 

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