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JPMorgan Chase & Co.’s pandemic growth ended with a 42% drop in earnings and a warning: Rising inflation and the war in Ukraine pose large threats to the U.S. financial system.
Chief Govt Jamie Dimon stated the financial system is powerful and rising, citing double-digit development in card spending, low delinquencies and wholesome family and client steadiness sheets. However the financial institution shocked Wall Road by setting apart $900 million in new funds to arrange for financial turmoil; a year ago, it freed up $5.2 billion it had reserved for potential mortgage losses within the pandemic’s early months.
