JPMorgan Chase has reported that its first-quarter profit fell 42% from a year ago, driven lower by Russia’s invasion of Ukraine, high levels of inflation, and supply chain problems.
The American multinational investment bank and financial services holding company posted a profit of $8.3 billion, or $2.63 per share in the first quarter of 2022.
This is compared with $14.3 billion, or $4.50 per share the year prior.
Analysts expected earnings of $2.69 per share.
JPMorgan CEO Jamie Dimon warned of serious risks ahead for the U.S. economy.
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Edited by Jesus Chan
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