The biggest US bank made more money than last year. It still fell short of Wall Street targets.
Net income rose to $15.3 billion, up 6% from a year ago. Earnings per share hit $5.57.
Analysts expected $5.90 per share. Revenue hit $50.9 billion, below the $51.22 billion forecast.
Expenses rose 12% to $27.3 billion. Revenue rose only 8%. That gap squeezed profit.
Fixed-income trading brought in $5.4 billion. It missed estimates by about $550 million.
Markets revenue climbed 15%. Investment banking fees rose 14%. Net interest income rose 13%.
CEO Jamie Dimon said risks are shifting under the surface. He named deficits, inflation, and geopolitics.
Dimon warned pain would worsen if rates rise another percentage point.
Goldman Sachs blew past estimates the same morning. Citigroup beat too. Wells Fargo was mixed.
JPMorgan bought back $1.06 billion in stock. That is down from $6.7 billion last quarter.
Bank of America and Morgan Stanley report Wednesday. US inflation data lands this week.
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