Reuters
JPMorgan suspends buybacks, warns on global economy as profit slumps
(Reuters) -JPMorgan Chase & Co’s Jamie Dimon struck a cautious note on the global economy as America’s largest bank reported a worse-than-expected 28% fall in quarterly profit and suspended share buybacks in the face of growing risks of a recession. The chief executive also stressed the need to build capital reserves due to increasing requirements from regulators, while flagging a number of concerns including the war in Ukraine, high inflation and the “never-before-seen” quantitative tightening as threats to global economic growth. Overall, the results presented a grim picture for the three months since the U.S. Federal Reserve started raising interest rates to tame runaway inflation, sending financial markets into a tailspin on fears of slowing growth.
