New York  — JPMorgan Chase was hit by the US Federal Reserve’s about-face on interest rates in the second quarter, warning that lending income will fall in the second half.

On Tuesday, the largest US bank cut its full-year outlook for net interest income (NII)— revenue from customers’ loan payments minus what the bank pays depositors — by $500m. NII accounted for about half the New York-based company’s revenue last year and has countered a slump in trading, which fell for a fourth straight period in the second quarter...

Subscribe now to unlock this article.

Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).

There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.

Cancel anytime.

Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.

Speech Bubbles

Please read our Comment Policy before commenting.