JPMorgan net income falls as bank sets aside more money to cover potential bad loans

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JPMorgan net income falls as bank sets aside more money to cover potential bad loans
Jamie DimonNet Interest IncomeWall Street Analysts
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NEW YORK (AP) — JPMorgan on Friday reported that its net income fell 2% in the third quarter as the bank had to set aside more money to cover bad loans.

NEW YORK — JPMorgan on Friday reported that its net income fell 2% in the third quarter as the bank had to set aside more money to cover bad loans.

“There is significant human suffering, and the outcome of these situations could have far-reaching effects on both short-term economic outcomes and more importantly on the course of history," Dimon said in a statement. The country’s biggest banks have benefitted from higher interest rates for the last two years, but those rates are causing consumers and businesses to slow down spending due to higher financing costs.

Federal Reserve Chair Jerome Powell said that remains the most likely outcome if the economy continues to show strength, as expected.Comedian and writer John Mulaney will host a live variety talk show on Netflix, the streaming company announced in a post on X.The number of civil servants pocketing annual pensions worth more than £100,000 has risen five-fold following a series of inflation-busting rises.

A powerful solar eruption created striking auroras in the night sky around the planet on Oct. 10 and 11. See photos.

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