The bank, the biggest in the United States, reported a large profit in its latest quarter, but said it was girding for a downturn later in the year.
Category: Company Reports
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JPMorgan Sets Aside Money for Bad Debts as ‘Mild Recession’ Looms
The New York Times – Business: -
Tesla Cuts Prices Sharply as It Moves to Bolster Demand
The New York Times – Business:The price reductions in the United States will make more of the company’s electric vehicles eligible for a federal tax credit.
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Rising Interest Rates Lift Profits at Bank of America and Wells Fargo
The New York Times – Business:Both banks increased their reserves as protection against deteriorating economic conditions, but signaled optimism about consumer resilience.
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Virgin Orbit Offers More Details on Rocket Failure
The New York Times – Business:More than 110 miles above earth, the rocket’s second-stage engine prematurely shut down before entering orbit, causing the loss of nine satellites.
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Investors Look to Corporate Reports With Low Expectations
The New York Times – Business:As companies prepare to publish their latest financial results, Wall Street forecasters expect profits to fall for the first time since the early days of the pandemic.
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Wall Street Braces for a Weak Earnings Season
The New York Times – Business:Analysts have begun trimming their profit forecasts, with pronounced downgrades for growth at energy and financial firms.
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Walgreens Executive Says Shoplifting Threat Was Overstated
The New York Times – Business:In a call with investors on Thursday, the chief financial officer of Walgreens, James Kehoe, said “maybe we cried too much last year” over theft.
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Southwest’s Meltdown Could Cost It Up to $800 Million
The New York Times – Travel:The airline has not said how much it might have to spend to reimburse customers and upgrade its technology systems.
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Ford Sales Dipped in 2022, but Electric Vehicle Deliveries Surged
The New York Times – Business:The company’s production was limited by a global chip shortage but it made big gains in the fastest-growing segment of the auto market.
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Salesforce to Lay Off 10 Percent of Staff and Cut Office Space
The New York Times – Business:The software company plans to cut around 8,000 jobs as business slows for tech companies. “We hired too many people leading into this economic downturn,” Salesforce’s chief executive said.
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Auto Sales Likely Fell in 2022 Because of Supply Chain Chaos
The New York Times – Business:Automakers have been hampered by the supply of semiconductors and higher interest rates.