The outlook followed JPMorgan’s first quarterly earnings miss since the second quarter of 2022. Adjusted earnings were $5.75 a share against $5.90 expected, while managed revenue rose 8% to $50.9 billion but missed estimates of $51.26 billion. Fixed income trading revenue fell 4% to about $5.4 billion, while equities trading revenue rose 49% to about $5 billion. Results included $658 million in net investment securities losses, reducing earnings by 18 cents a share.
JPMorgan reduced share repurchases, reporting $664 million in net buybacks as it prioritized investment in its businesses and support for clients. CEO Jamie Dimon said deficits, persistent inflation, elevated asset prices, rising rates and geopolitical conditions remained risks. “These forces may be manageable, but we remain prepared for a wide range of outcomes,” he said. Consumer spending remained resilient, with debit and credit spending up 10% from a year earlier.