JPMorgan 2Q profit drops; CEO warns of economic challenges

NEW YORK (AP) — Profits at JPMorgan Chase fell by 28% in the second quarter, as the bank tries to navigate an economy that’s showing strength in many areas but losing steam as interest rates continue to rise. The nation’s largest bank by assets said Thursday that profits fell to $2.76 per share from $3.78 per share in the same period a year ago. Last year’s profits were boosted by a one-time release of loan-loss reserves. Executives said the economy still looks to be in good shape, but the question is where it’s heading given all the risks around rate increases and other moves by the Federal Reserve to combat high inflation.