With $3 trillion in assets under management, JPMorgan Chase & Co. (JPM) is a leading global services firm with operations worldwide. The company’s shares have tanked 25.6% over the past year and 27.1% year-to-date to close yesterday’s trading session at $115.41.
Following the Federal Reserve's decision to raise its target interest rate by three-quarters of a percentage point, JPM upped its prime lending rate by 75 basis points to 4.75%. Banks normally flourish in a high-interest rate environment because they make money on the difference between what they earn from lending and what they pay out on deposits and other funds.
