Just when you thought it was safe, the fucking banks collapse and your world view turned upside down.
JPMorgan Chase earnings fell 28% after building reserves for bad loans, bank suspends buybacks
JPMorgan earnings fell short of analyst expectations as the bank built reserves for bad loans by $428 million.
Chairman and CEO Jamie Dimon warned geopolitical tension, high inflation and waning consumer confidence could hurt the economy “sometime down the road.”
Banks down 3%, only couched by the fact that Jamie Dimon had great things to say about the financial state of the consumer.
Morgan Stanley also missed today based off investment banking revs down 55% YOY.
Morgan Stanley took a $101 million provision for credit losses, up from $73 million a year ago
Cisco was downgraded today too based off slowing of enterprise business. These macro headwinds are having a deleterious effect on oil. It’s 100% over now — smooth and swift decapitation ahead.
If you enjoy the content at iBankCoin, please follow us on Twitter
All while Biden handler Schanzer talking about the “dawn of a new blah, blah…” as he takes his drooling pet to the mid-east this week in order to get Arab nations on board for something …something to do with “the threat” from Iran. Do we really need yet another war?
7/14: It’s 100% over now — smooth and swift decapitation ahead.
7/18: The Fly Wins Again!
inb4