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JPMorgan Chase sees 42% drop in Q1 profit

April 13, 2022

Double-digit percentage-point declines littered the first-quarter earnings report for the nation’s largest bank Wednesday. Rising interest rates sent home loan originations down 37% and auto loan originations down 25%. That contributed to a 57% drop in profit in JPMorgan’s consumer bank.

A 29% increase in credit-card spending and a 15% jump in credit-card loans represented bright spots in consumer banking. Deposits, meanwhile, saw an 18% uptick.

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