(JPMorgan Chase) JPMorgan Chase & Co reported a 42% plunge in quarterly profit as dealmaking slowed and the lender began building loan loss reserves amid the Ukrainian crisis.
The lender reported a profit of $8.28 billion. On a per-share basis, the lender earned $2.76 compared with an estimate of $2.69.
The bank posted a 28% fall in investment banking revenue in Q1, slowing net revenue down 5% to $30.72billion. The net revenue also signals markdowns related to derivatives receivables associated with Russia.
Investment banking fees plummeted 32% to $2.01 billion. The fall came on the back of a major decrease in equity underwriting fees, which dropped 69%.
In Q1 of 2022, the number of deals where JPMorgan worked as a bookrunner dropped 39% compared with last year.
JPMorgan approved a share buyback program of $30 billion. The company bought back shares valued at $1.7 billion in Q1.
JPM down -3.24%, SPY down -0.066%, Pre-market trading
