Two of the nation's largest banks, JPMorgan Chase & Co (NYSE:JPM) and Morgan Stanley (NYSE:MS), reported quarterly earnings Thursday that failed to meet analyst expectations, and more seriously, profits were down in both firms.
What Happened — JPMorgan Chase: “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,” said JPMorgan CEO Jamie Dimon.
