JPMorgan misses profit expectations as bank boss warns of ‘large fiscal deficits’ and ‘sticky inflation’ - business live
Summary
JPMorgan reported a rise in third-quarter profit but missed analysts’ expectations due to a slowdown in its fixed income trading division. CEO Jamie Dimon warned about ongoing economic challenges such as large government deficits, persistent inflation, high asset prices, and rising interest rates.Key Facts
- JPMorgan’s net income was $15.4 billion in the third quarter, below the expected $16.3 billion.
- Revenue from JPMorgan’s fixed income division fell by 4% compared to the previous year.
- Total trading revenue for JPMorgan in the quarter was $10.3 billion.
- CEO Jamie Dimon highlighted ongoing risks like large U.S. fiscal deficits and persistent inflation.
- JPMorgan shares dropped about 3% in pre-market trading after the earnings report.
- Goldman Sachs reported better-than-expected earnings with net income of $5.3 billion, driven by a 72% increase in equities trading revenue.
- Goldman Sachs’ fixed income, currency, and commodities trading earnings fell by 1%.
- FCA’s CEO said new rules on bullying and harassment in financial services won’t fully change workplace culture without broader efforts.
Read the Full Article
This is a fact-based summary from The Actual News. Click below to read the complete story directly from the original source.
