JPMORGAN Chase & Co reported a lower-than-expected quarterly profit on Wednesday as dealmaking slowed and the lender started building loan loss reserves in the face of decades-high inflation and the Ukraine crisis.
Investment banking revenue for big banks stalled after the Russian invasion of Ukraine in late February. In the first quarter, the total value of pending and completed deals fell to its lowest since the second quarter of 2020, according to Refinitiv data.
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