JP Morgan takes $524m XVA loss on nickel, Russia trades

Margin calls, markdowns and rising funding costs result in biggest XVA loss since early 2020

Derivatives valuation adjustments (XVAs) burned a $524 million hole in JP Morgan’s first-quarter earnings as surging nickel prices and sanctions against Russian banks hit several of its counterparties.

The loss in the “credit adjustments and other” reporting line was 84% wider than in Q4 2021. It was the largest XVA loss reported by the bank since the $950 million hit at the outbreak of the Covid-19 pandemic in Q1 of 2020.

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