JPMorgan Chase on Wednesday posted record annual profit as its dealmakers and traders reaped a windfall from rebounding markets in the fourth quarter, reports Reuters.
The banking giant was buoyed by a strong economy and interest rate cuts that boosted stock sales and bond offerings. The bullish environment also prompted more mergers and acquisitions after years of tepid activity.
Profit for 2024 rose to $58.5 billion from $49.6 billion a year earlier.
"The US economy has been resilient," CEO Jamie Dimon said, citing low unemployment and healthy consumer spending.
"Businesses are more optimistic about the economy, and they are encouraged by expectations for a more pro-growth agenda and improved collaboration between government and business," Dimon said. Still, he cited risks: government spending, inflation, and geopolitical conditions.
Fourth-quarter earnings were $14 billion, or $4.81 per share, for the three months ended Dec. 31, the largest US bank said on Wednesday. That compares with $9.3 billion, or $3.04 per share, a year earlier.
Meanwhile, global stocks edged up on Wednesday in cautious trading ahead of US consumer price data that could shift the country's monetary policy outlook, while investors waited to see if the earnings of big US banks would match sky-high expectations.
© 2025 - All Rights with The Financial Express
