JPMorgan Chase & Co.’s pandemic boom ended with a sharp drop in profits and a warning: Rising inflation and the war in Ukraine pose big threats to the U.S. economy.
Chief Executive Jamie Dimon said the economy is strong and growing, citing double-digit growth in card spending, low delinquencies and healthy household and consumer balance sheets. But the bank surprised Wall Street by setting aside $900 million in new funds to prepare for economic turmoil; a year ago, it freed up $5.2 billion it had reserved for potential loan losses in the pandemic’s early months.
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