JPMorgan Chase & Co.’s first-quarter results were marred by a $524 million loss tied to market fallout from Russia’s invasion of Ukraine.
The loss was driven by “funding spread widening” and valuation adjustments for commodities as well as derivatives linked to Russia, the company said Wednesday in a statement. About $120 million of the loss was tied to “extreme price movements” in nickel, Chief Financial Officer Jeremy Barnum said on a conference call.
JPMorgan is one of the biggest players in global commodities, which have been rocked in recent weeks by the war. In one example, the bank was involved in the nickel short squeeze that hit the
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