JPMorgan Chase reported a stronger-than-expected fourth-quarter profit, beating analysts’ estimates as investment banking fees surged 46%. The bank’s net interest income rose to $23.35 billion, above the consensus estimate of $22.93 billion.
CEO Jamie Dimon attributed the better results to the US economy’s “resilience,” citing low unemployment and healthy consumer spending. However, Dimon also warned of two significant risks: inflationary spending requirements and geopolitical tensions.
JPMorgan’s investment banking revenue jumped 49% compared to the same period last year. The bank’s shares gained 1.5% intraday, reaching $251.09, after a strong start to the fourth-quarter earnings season. Other major banks, including Goldman Sachs, Citigroup, and Wells Fargo, also reported better-than-expected earnings.
The bank’s board is reviewing candidates for Dimon’s potential successor, but no decision has been made yet. JPMorgan has seen significant growth in its asset management and investment banking segments over the past year.
Source: https://www.investopedia.com/jpmorgan-chase-q4-fy2024-earnings-8773552