JPMorgan beats estimates for fourth-zone revenue but says slight downturn now 'core case'
The Big Apple-based financial institution said profit rose 6%
from 12 months ahead to $11.01 billion, or $3.57 on a percentage basis.
Sales increased 17% to $35. Fifty-seven billion, buoyed by online hobby
earnings rising to $20.3 billion, beating StreetAccount's estimate by $1 billion
But the bank posted a $2.3 billion provision for area credit losses,
up 49 percent from 1/3 of the quarter that beat StreetAccount's $1.96 billion estimate
as it booked cash for anticipated defaults.
The organization's shares are down 1.1% in morning buying and selling.
The move was driven by a "modest deterioration in the company's
macroeconomic outlook, which now reflects a mild recession in the core case
JPMorgan economists anticipate the recession, in which US
unemployment could reach 4.9%, will hit in the fourth year of this year
While JPMorgan CEO Jamie Dimon declared
Friday that the US economy “currently remains strong” thanks to well-funded clients and organizations
“We still do not recognize the final impact of the h
eadwinds coming from geopolitical tensions and fighting in Ukraine,
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