JPMorgan profits drop 42%, bank writes down Russian assets
By KEN SWEET
AP Business Writer
NEW YORK (AP) — JPMorgan Chase said its first quarter profits dropped by 42% from last year, partly because the bank had to write down nearly $1.5 billion in assets due to higher inflation and Russia’s war in Ukraine. The nation’s largest bank by assets said it earned a profit of $8.3 billion, or $2.63 per share, down from a profit of $14.3 billion, or $4.50 a share, in the same period a year earlier. Wall Street analysts were looking for earning of $2.72 a share. CEO Jamie Dimon warned of challenges ahead because of high inflation, supply chain issues and the war in Ukraine.
