Jamie Dimon battens down the hatches for a recession
CNN
JPMorgan Chase kicked off the second quarter earnings season with bad news: The bank temporarily suspended share buybacks and fell short of analysts' expectations for earnings and revenue growth.
Profit declined 28% from a year earlier to $8.65 billion and the bank reported earnings of $2.76 per share versus the $2.88 expected by analysts. Managed revenue clocked in at $31.6 billion, missing the $31.95 billion expected, according to Refinitiv data.
Large market swings hurt dealmaking this quarter, the bank reported. Investment-banking fees fell by 54%, more than the 47% predicted by analysts.
When Kenyan President William Ruto touched down in Beijing seven months ago, he was welcomed on the tarmac with a red carpet and cordons of Chinese troops standing at attention. Among the goals of his three-day state visit in October: Securing another $1 billion in loans from China to help complete infrastructure projects.