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JPMorgan Results Marred by $524 Million Loss Tied to Russia

  • Fixed-income trading revenue crushes estimates by $1 billion
  • Dimon sees inflation, war creating ‘significant’ challenges
Bloomberg business news
JPMorgan Results Include $524M Loss Tied to Ukraine War
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JPMorgan Chase & Co.’s first-quarter results were marred by a $524 million loss tied to market fallout from Russia’s invasion of Ukraine. 

The loss was driven by “funding spread widening” and valuation adjustments for commodities as well as derivatives linked to Russia, the company said Wednesday in a statement. About $120 million of the loss was tied to “extreme price movements” in nickel, Chief Financial Officer Jeremy Barnum said on a conference call.