JPMorgan Chase set aside $902 million in reserves in case of bad loans, citing risks from high inflation and the Ukraine war
NEW YORK: JPMorgan Chase said the US economy remains on solid footing in the short term, but warned of heightened longer-term risks due to inflation and the Ukraine war as it reported lower quarterly profits.
Executives from the giant bank said households and businesses generally remained in good shape amid a tightening labor market.
But higher consumer prices, the Ukraine war and the shifts in Federal Reserve policy have together slightly raised the recession risk, which led the bank to set aside $902 million in additional reserves as a buffer against possible bad loans.
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