JPMorgan suspends buybacks, warns on global economy as profit slumps. JPMorgan Chase & Co's Jamie Dimon struck a cautious note on the global economy as America's largest bank reported a worse-than-expected 28% fall in quarterly profit and suspended share buybacks in the face of growing risks of a recession.

The chief executive also stressed the need to build capital reserves due to increasing requirements from regulators, while flagging a number of concerns including the war in Ukraine, high inflation and the "never-before-seen" quantitative tightening as threats to global economic growth. 

JPMorgan's shares slid nearly 5% as the bank recorded $1.1 billion in provision for credit losses, including a $428 million boost in loss provisions. Last year, the bank had released $3 billion from its reserves.

It posted a profit of $8.6 billion, or $2.76 per share, missing the average analyst estimate of $2.88 per share, according to Refinitiv.

Other large U.S. banks including Citigroup and Wells Fargo will report results this week, while Goldman Sachs and Bank of America will round out big bank earnings season next week.