JPMorgan Chase announced a profit cut for the second quarter of 2021 on Friday, as higher costs for workers' compensation offset the benefit of an improving economy, reducing the reserves the bank maintains in case of loan defaults.
Earnings came in at $10.4 billion, down 14% compared to the same quarter last year.
The financial results included a $1.8 billion release of reserves from funds the U.S. bank had maintained during the pandemic for bad loan cases.
(CNA)
CNA - French News Agency
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