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JP Morgan Slips Pre-Market on Lower-Than-Forecast Earnings, Suspension of Buybacks

EQUITIES

JP Morgan report EPS of $2.76, lower than expected, while adjusted revenue of $31.63bln is lower than $31.97bln forecast.


Highlights from JPM report:

  • Generated strong Markets revenue, up 15% as we helped clients navigate volatile market conditions
  • Global IB fees were down 54% compared to a record last year, in a challenging macro environment
  • Cites geopolitical tension, high inflation, waning consumer confidence, the uncertainty about how high rates have to go and the never-before-seen quantitative tightening and their effects on global liquidity
  • Adds the macro backdrop, combined with the war in Ukraine and its harmful effect on global energy and food prices are very likely to have negative consequences on the global economy sometime down the road.
  • On suspension of share buybacks, they cite the need to quickly meet the higher requirements following recent stress tests and the already scheduled G-SIB increase

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