JPMorgan posts record annual profit as dealmakers, traders ride market rebound

JPMorgan Chase on Wednesday (Jan 15) posted record annual profit as its dealmakers and traders reaped a windfall from rebounding markets in the fourth quarter.

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 US$58.5 billion from US$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 US$14 billion, or US$4.81 per share, for the three months ended Dec 31, the largest US bank said on Wednesday. That compares with US$9.3 billion, or US$3.04 per share, a year earlier.

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JPMorgan’s investment banking revenue rose 46 per cent to US$2.6 billion. REUTERS