(Reuters) -JPMorgan Chase & Co reported a fall in first-quarter earnings on Wednesday, hurt by a slowdown in dealmaking brought on by the Ukraine conflict and a decline in trading revenue.

The Russian invasion of Ukraine in February caused a halt to investment banking revenue at big banks. According to data from Refinitiv, the value of all pending and closed deals was $900 billion in the first quarter. This is the lowest figure since the second quarter 2020.

According to the lender, its board also approved $30 billion in share buyback plans.

This quarter saw a loss of $8.28Billion or $2.63 per share by the U.S. largest lender. That compares to $14.3Billion or $4.50 per per share a year prior.

According to Refinitiv, analysts had an average expectation of earning $2.69 per shares. Refinitiv did not indicate if these numbers are comparable to the estimates.

Inflation is high at the moment, and big U.S. banks report results. The Federal Reserve could increase its interest rate this year.

Although this is a good thing for large lenders such as JPMorgan (NYSE : ), it can slow down an economy that’s still recovering from the pandemic.

The net reported revenue decreased to $30.72 Billion from $32.27 Billion a year ago.

Additional large U.S. banks include Citigroup (NYSE:), Wells Fargo (NYSE-:) and Goldman Sachs NYSE: will release results Thursday while Bank of America (NYSE) will publish results Monday.

The banks enjoyed exceptionally good dealmaking and trading in the quarter that ended in the previous year, as well as the release of loan loss funds and money set aside.