- JPMorgan on April 13 reported a 42% drop in first-quarter profit from a year earlier as dealmaking slowed and the U.S. lender started building loan loss reserves in the face of decades-high inflation and the Ukraine crisis.
- The bank reported $30.7 billion of net revenue for the period, down nearly 5% year-on-year, and $8.3 billion or $2.63 per diluted share of net income, down from $14.3 billion or $4.50 a share in the first quarter of 2021.Editing by Swaha Pattanaik and Sharon LamOpinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
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