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Stock impact report

JPMorgan's profit plummets 69% [CNNMoney.com]

JP Morgan Chase & Co. (JPM) 
Last jp morgan chase & co. earnings: 4/14 06:43 am Check Earnings Report
Company Research Source: CNNMoney.com
JPMorgan's profit plummets 69% because of coronavirus New York (CNN Business) As the coronavirus pandemic crushes the global economy, JPMorgan set aside a stunning $6.8 billion worth of reserves to insulate itself from loan defaults. That helped send JPMorgan's profit plummeting 69% in the first quarter. America's largest bank by assets said its net income fell to $2.9 billion in the first three months of the year, compared to $9.2 billion in the same period last year. Net revenue dipped slightly to $29.1 billion from $29.9 billion year-over-year. JPMorgan ( JPM ) CEO Jamie Dimon described the first quarter as an unprecedented challenge in the earnings release . However, Dimon noted that absent the loan reserve, the bank had a fairly decent first quarter, and it remains in a strong financial position. "The company entered this crisis in a position of strength, and we remain well capitalized and highly liquid," said Dimon. The bank has $1 trillion of liquidit Show less Read more
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