JP Morgan Chase, the largest US bank, saw its net income fall 28% over the months of April to June as it boosted reserves to cover possible customer loan defaults amid concern over the economy and geopolitical tensions.
The investment bank’s profits for the second quarter came in at $8.65bn (£7.3bn), or $2.76 per share, far less than $11.95bn, or $3.78 per share, over the same period a year ago. Shares in the bank dropped 4.3% on Thursday, hitting a fresh 52-week low.
