JPMorgan Reports 42% Drop in Q1 Profit
JPMorgan kicked off the US bank earnings season reporting a 42% drop in its Q1 2022 net profits to $8.3bn. Net revenues fell 5% to $31.6bn. The drop in profits came after $1.5bn in provisions were made for credit losses were. The bank took a $902mn charge on credit...
Nigeria Claiming $1.17bn from JP Morgan in Oilfield Deal Lawsuit
Nigeria is claiming $1.17bn from JP Morgan in a lawsuit that began hearing in a London high court on Wednesday. The lawsuit is related to a 2011 oilfield deal where majors Shell and Eni bought the offshore OPL 245 oilfield. Nigeria alleged that JP Morgan was...
JPMorgan and Citi Report Soft Earnings; Wells Fargo Tops Estimates
JPMorgan reported its Q4 earnings with net income of $10.4bn, down 14% YoY and net revenues of $30.3bn, up 1%. Fixed-income trading revenue fell 16% to $3.3bn vs. a 13.5% decline expected. Total trading revenue fell 11% vs. a 9% expected fall. Equities trading revenue...
