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U.S. banks are facing body blows from Ukraine war and a slump in investment banking activity

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Big U.S. banks are expected to reveal the impact of the Ukraine war and a drop in investment banking activity related to moribund capital markets when they provide first-quarter profit updates next week.

Hit by the slowest quarter for initial public offerings since 2016, efforts to curb business with Russia and jitters

about an economic slowdown tied to inflation, the financial powerhouses faced headwinds in the three months ended March 31.

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