JP Morgan Chase sets aside funds to cover feared loan losses
by Edward Helmore in New York from on (#61DY4)
Largest US bank saw net income fall 28% from April to June and is concerned about economy and geopolitical tensions
JP Morgan Chase, the largest US bank, saw its net income fall 28% over the months of April to June as it boosted reserves to cover possible customer loan defaults amid concern over the economy and geopolitical tensions.
The investment bank's profits for the second quarter came in at $8.65bn (7.3bn), or $2.76 per share, far less than $11.95bn, or $3.78 per share, over the same period a year ago. Shares in the bank dropped 4.3% on Thursday, hitting a fresh 52-week low.
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