JP Morgan suspended Share Buybacks 

JP Morgan Chase & Co. temporarily suspended share buybacks and reported second-quarter results that fell short of analysts’ estimates, driving the stock lower

The buyback pause is needed to quickly meet higher capital requirements and “allow us maximum flexibility to best serve our customers, 

clients and community through a broad range of economic environments,” Chief Executive Officer Jamie Dimon said in a statement Thursday. 

The results offer the first look at how Wall Street fared in a tumultuous three months characterized by changing outlooks on prospects for the economy.

Dimon warned of an economic “hurricane” last month, citing the challenges the Federal Reserve faces as it tries to rein in inflation

JP Morgan added $428 million to the pile of money it set aside for potentially sour loans, reflecting “a modest deterioration in the economic outlook.”

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That marks a reversal from last year, when the firm’s results were padded by a $3 billion reserve release

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Dimon said that while the US economy continues to grow -- with consumer spending and the job market both healthy -- geopolitical tension, high inflation, uncertainty over rate hikes

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The impact of Russia’s invasion of Ukraine “are very likely to have negative consequences on the global economy sometime down the road,” he said

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“We are prepared for whatever happens and will continue to serve clients even in the toughest of times.”