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- JPMorgan published fourth-quarter earnings that beat Wall Street’s forecasts Friday.
- Shares fell 2.2% in premarket trading after the earnings were released.
- JPMorgan CEO Jamie Dimon warned of further economic uncertainty from the war in Ukraine and the Federal Reserve’s rate-hiking campaign.
JPMorgan Chase reported fourth-quarter earnings Friday that beat Wall Street forecasts.
Shares of the biggest US bank fell 2.2% in premarket trading after the earnings release, which covered the three months up until December 31.
JPMorgan reported managed revenues of $35.6 billion, beating Refinitiv consensus estimates of $34.3 billion, and earnings-per-share of $3.57, significantly outperforming the $3.06 figure that analysts had expected.
The bank’s CEO Jamie Dimon said consumers’ pandemic-era savings are propping up the US economy for now – but warned that both the ongoing war in Ukraine and the Federal Reserve’s aggressive tightening campaign to quell inflation make the longer-term outlook less certain.
“The US economy currently remains strong with consumers still spending excess cash and businesses healthy,” Dimon said. “However, we still do not know the ultimate effect of the headwinds coming from geopolitical tensions including the war in Ukraine, the vulnerable state of energy and food supplies, persistent inflation that is eroding purchasing power and has pushed interest rates higher, and the unprecedented quantitative tightening.”
JPMorgan is seen as a bellwether stock – meaning its earnings reflect the US’s overall economic health. The Wall Street bank’s fourth-quarter update shows how it’s coping with soaring inflation and rising interest rates, which weighed heavily on economic growth in 2022.