JP Morgan CEO Jamie Dimon looks on during the inauguration of the new French headquarters of US' JP Morgan bank on June 29, 2021 in Paris.
Michel Euler | AFP | Getty Images
- JPMorgan Chase (JPM) said first-quarter profit fell sharply from a year earlier. Earnings came in at $2.62 a share, while Street estimate was $2.69. Drop attributable in part to bad loans and market upheaval caused by Russia's invasion of Ukraine ($524 million hit). Announced new $30 billion share buyback program. Strong lending, with average loans up 5% (jibes with my theme of the strong consumer). Credit costs of $1.5 billion, includes new reserves (worrisome?) ... usual geopolitical risks. Revenue fell more modest 5% to $31.59 billion, exceeding analysts' estimate.
- Shanghai lockdown and Chinese imports down huge.
- Presidents of Poland, Latvia, Lithuania and Estonia are headed to Kyiv meeting Ukrainian President Volodymyr Zelensky, while President Biden says Russian leader Vladimir Putin is committing "genocide."
- Maxar Technologies (MAXR) shows satellite pics of Russian troops gathering in eastern Ukraine.