JPMorgan records another record year of profits

On By Littum

Last year, JPMorgan Chase (JPM) made more profits than ever before, as it earned $14 billion in the last quarter of 2024.

Its full-year profit rose to $58 billion, an all-time record for JPMorgan and the largest ever in U.S. banking history. Its profit in the fourth quarter was up 50% from the same period last year.

Those results were supported by an increase in JPMorgan’s Wall Street activity as dealmaking makes a comeback in the industry after a two-year drought. JPMorgan’s investment banking revenue was up 46% year over year.

Trading revenue also rose 21% in the fourth quarter as JPMorgan and other major Wall Street giants benefited from the volatility surrounding last November’s US presidential election.

JPMorgan’s stock rose 1% in premarket trading.

NYSE – Delayed quote USD

At the end: 14 January at 4:00:02 PM EST

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“The U.S. economy has been resilient,” CEO Jamie Dimon said in a press release, citing low unemployment and healthy spending.

“Businesses are more optimistic about the economy, encouraged by expectations of a more pro-growth agenda and improved cooperation between government and business,” Dimon said.

JPMorgan Chase CEO and Chairman Jamie Dimon gestures as he speaks during the U.S. Senate Banking, Housing and Urban Affairs Committee oversight hearing on Wall Street firms on Capitol Hill in Washington, U.S., December 6, 2023. REUTERS/Evelyn Hockstein
JPMorgan Chase CEO and Chairman Jamie Dimon. REUTERS/Evelyn Hockstein · REUTERS / Reuters

He also mentioned some risks, including inflation and geopolitical conditions.

Strong Wall Street results helped other major banks in the fourth quarter, including Goldman Sachs ( GS ) and Wells Fargo ( WFC ).

Goldman’s fourth-quarter earnings rose 105% to $4.1 billion, and its full-year profit rose 68% to $14.2 billion. Its investment banking fees in the fourth quarter rose 24 percent.

“We are very pleased with our strong results for the quarter and the year,” Goldman CEO David Solomon said in a statement.

Wells Fargo’s investment banking fees rose 59% in the fourth quarter compared to a year earlier, and fourth-quarter earnings rose to $5.08 billion, compared to $3.45 billion a year earlier.

This is a breaking story. More updates to come.

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