JPMorgan Chase & Co’s Jamie Dimon struck a cautious note on the global economy as America’s largest bank reported a worse-than-expected 28 percent fall in quarterly profit and suspended share buybacks in the face of growing risks of a recession.
The chief executive also stressed the need to build capital reserves due to increasing requirements from regulators, while flagging a number of concerns including the war in Ukraine, high inflation and the “never-before-seen” quantitative tightening as threats to global economic growth.
Closer to home, however, the economy continues to grow and the job market and consumer spending remain healthy, Dimon said, even as the bank braced for potential loan losses by setting aside more money….