JPMorgan suspends buybacks, warns on global economy as profit slumps

Published by
Reuters UK

By Noor Zainab Hussain and David Henry (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. Closer to home, however…

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