JPMorgan's Q1 profit falls 42% on slowdown in deals, trading

The largest US lender, whose fortunes are often seen as a barometer of the health of the economy, posted a profit of $8.28 bn, or $2.63 per share, in the quarter ended March 31

JPMorgan Chase & Co reported a fall in first-quarter earnings on Wednesday, hurt by a slowdown in dealmaking brought on by the Ukraine conflict and a decline in trading revenue.

Investment banking revenue for big banks stalled after the Russian invasion of Ukraine in late February. In the first quarter, the total value of pending and completed deals amounted to about $900 billion by March 29, the lowest since the second quarter of 2020, according to Refinitiv data.

The lender also said its board approved a share buyback plan of $30 billion.
 

The largest U.S. lender, whose fortunes are often seen as