The US's largest bank, JP Morgan, has been dealt a $524m (£402m) blow from losses linked to assets it owns in Russia, it announced yesterday. The firm headed by Jamie Dimon said losses had been driven by "markdowns of derivatives" tied to Russian counterparties. The Wall Street investment bank has been part of the western effort to ostracise Moscow from the global business community in response to its brutal invasion of Ukraine. Profits at the investment banking giant dipped around 20 per cent in the first three months of the year to $8.3bn (£6.4bn). Dimon said lending strengthened while "credit losses are still at historically low levels".

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