JPMorgan Chase reports lower profits, gives cautious economic outlook | kuwaittimes

JPMorgan Chase reports lower profits, gives cautious economic outlook

July 14, 2022 | 02:31 p.m EDT

New York: JPMorgan Chase reported a drop in second-quarter profits on Thursday, reflecting the impact of a weakening macroeconomic outlook that led it to set aside funds in case of bad loans.

The big US bank's earnings came in at $8.6 billion for the quarter, down 28 percent from the year-ago period in results that missed analyst expectations.

Chief Executive Jamie Dimon said key elements in the US economy remained healthy, but that macroeconomic headwinds including inflation "are very likely to have negative consequences on the global economy sometime down the road."

profits JPMorgan

July 14, 2022 02:31 PM

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