JPMorgan Chase’s Tallied Record Profit Last Year

JPMorgan Chase closed out a bumper year that yielded a record $48.3 billion in profit in 2021, while reporting lower quarterly earnings despite the performance of investment bankers who raised money for companies and arranged corporate deals.

The bank, the country’s largest by assets, reported flat revenue compared with the final quarter of 2020, although profit fell 14 percent to $10.4 billion in the three months ending in December. Even so, its earnings of $3.33 a share surpassed analysts’ expectations.

Much of the decline was a result of the bank raising pay and spending more on technology, the company said in its earnings statement.

“The consumer is in really good shape” despite potential challenges from the Omicron variant and inflation, Jamie Dimon, JPMorgan’s chief executive, told analysts on a conference call. “Businesses, equally, are in very good shape.”

The company’s investment bankers capped a blockbuster year with a 37 percent jump in fees, while

Keep reading this article on The New York Times Business.

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