JPMorgan net income falls, misses estimates

JPMorgan Chase & Co. JPM, -0.94% shares fell 3.5% in premarket trades on Thursday

after the megabank missed its profit target in the face of geopolitical tension, high inflation and weaker consumer confidence. 

The bank also said it's temporarily suspending share buybacks as part of an effort to build capital on its balance sheet to meet stress test requirements. 

JPMorgan said its profit fell to $8.65 billion, or $2.76 a share, from $11.95 billion, or $3.78 a share, in the year-ago quarter. 

Reported revenue rose to $30.72 billion from $30.48 billion. 

Managed revenue increased to $31.6 billion from $31.4 billion. 

Analysts expected JPMorgan Chase to report second-quarter earnings of $2.89 a share on revenue of $31.81 billion

JPMorgan Chase shares are down 29.3% so far in 2022 as of Wednesday's close. 

By comparison, the Dow Jones Industrial Average DJIA, -0.67% has fallen 15.3% and the S&P 500 SPX, -0.45% has lost 20.2%.