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JPMorgan Profit Falls On Investment Loss and Recession Planning

JPMorgan Chase & Co.’s third-quarter profit dropped 17% as the bank built up its defenses for a potential recession and took a nearly $1 billion loss on securities it held.

The nation’s biggest bank’s revenue rose 10% to $32.72 billion thanks to higher interest rates, strong Wall Street trading performance and continued consumer spending. Analysts had expected $32.12 billion, according to FactSet.