JPMorgan Chase, Morgan Stanley see income decline in Q2

By Ovunc Kutlu

ANKARA (AA) - JPMorgan Chase and Morgan Stanley saw their income decline in the second quarter, according to financial result statements released Thursday.

JPMorgan Chase posted a net income of $8.6 billion in the April-June period, down almost 28% from $11.9 billion during the same period last year.

Revenues rose to $30.7 billion from $30.5 billion, year-on-year.

Chairman and CEO Jamie Dimon said the global economy is dealing with two conflicting factors and operating on different timetables.

"The US economy continues to grow and both the job market and consumer spending, and their ability to spend, remain healthy. But geopolitical tension, high inflation, waning consumer confidence, the uncertainty about how high rates have to go and the never-before-seen quantitative tightening and their effects on global liquidity, combined with the war in Ukraine and its harmful effect on global energy and food prices are very likely to have negative consequences on the global economy sometime down the road," he said in the statement.

JPMorgan Chase stock price was down 4.5% to $106.82 at 10.10 a.m. EDT on the New York Stock Exchange (NYSE).

Morgan Stanley saw net income of $2.5 billion in the April-June period -- a decline of 28% from $3.5 billion during the same period in 2021.

It had revenues of $13.1 billion in the second quarter -- down 11% from $14.7 billion last year.

The company's stock price was down 2% to $73.45 on the NYSE at 10.15 a.m. EDT.