(Bloomberg) -- JPMorgan Chase & Co. temporarily suspended share buybacks and reported second-quarter results that fell short of analysts’ estimates.

Chief Executive Officer Jamie Dimon said the buyback pause was needed to quickly meet higher capital requirements and “allow us maximum flexibility to best serve our customers, clients and community through a broad range of economic environments.”

The results offer the first look at how Wall Street fared in a tumultuous three months characterized by changing outlooks on prospects for the economy. Dimon warned of an economic “hurricane” last month, citing the challenges the Federal Reserve faces as it tries to rein in inflation. 

Trading revenue increased 15%, the New York-based company said in a statement Thursday, while analysts had expected a 17% increase. Investment-banking declined 54%, more than the 47% drop analysts predicted.

Shares of JPMorgan, which fell 29% this year through Wednesday, declined 4.4% at 6:52 a.m. in early New York trading.

Net income fell 28% to $8.6 billion, or $2.76 a share. Analysts were predicting $8.9 billion.

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