The loss was driven by “funding spread widening” and valuation adjustments for commodities as well as derivatives linked to Russia, the company said Wednesday in a statement. About $120 million of the loss was tied to “extreme price movements” in nickel, Chief Financial Officer Jeremy Barnum said on a conference call.JPMorgan is one of the biggest players in global commodities, which have been rocked in recent weeks by the war.
The results offer the first look at how U.S. banks handled turmoil spurred by the war, as well as the global shift to higher interest rates. Volatility soared in the quarter, with commodity markets an area of particular upheaval. Chief Executive Officer Jamie Dimon wrote in his annual letter earlier this month that while JPMorgan’s direct exposure to Russia is limited, the New York-based firm could still lose about $1 billion over time.
Troy Rohrbaugh, the bank’s global head of markets, told investors last month that while the firm’s trading revenue was down 10% from a year earlier as of early March, “things have changed a lot.”
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