Issued on: 14/07/2022 – 13:52Modified: 14/07/2022 – 13:50
New York (AFP) – 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.
Revenues were $30.7 billion, up one percent.
Chief Executive Jamie Dimon said key elements in the US economy remained healthy, such as the job market and consumer spending.
But headwinds — including high inflation, geopolitical uncertainty and fast-changing Federal Reserve policy to sharply curtail liquidity — “are very likely to have negative consequences on the global economy sometime down the road,” Dimon said.
The bank added $428…