JPMorgan Chase profit misses targets as war, inflation and supply chain issues cause it to boost reserves
JPMorgan Chase & Co. said Wednesday its first-quarter net income fell below Wall Street’s target as the megabank boosted reserves to brace for inflation and the war in Ukraine amid a sharp drop in deal activity. JPMorgan Chase
JPM,
-1.10%
shares fell 1% in premarket trades. As the first component of the Dow Jones Industrial Average
DJIA,
-0.26%
to weigh in with first-quarter results, the bank said the economy remains strong but challenges loom on the horizon.
JPMorgan
JPM,
-1.10%
said its first-quarter earnings fell to $8.28 billion, or $2.63 a share, from $14.3 billion, or $4.50 a share, in the year-ago quarter. The drop was driven by a net credit reserve build of $902 million...