Bank says it is prepared for higher credit losses related to economic challenges and its exposure to Russia JPMorgan Chase & Co.’s first-quarter profit dropped 42%, weighed down by lower Wall Street fees and higher expenses.
The nation’s biggest bank earned $8.28 billion, or $2.63 per share, compared with $14.3 billion, or $4.50 per share, a year ago.
Analysts had expected $2.72 per share, according to FactSet. Revenue fell 5% to $30.72 billion, ahead of analyst expectations for $30.59 billion.
Total expenses, which investors were watching closely, rose 2% to $19.19 billion in the quarter, roughly in line with expectations.