JPMorgan Chase Achieves Record $49 Billion Annual Profit Despite 4Q Revenue Miss
JPMorgan Chase reported a record annual net income of $49.6 billion, surpassing its rivals Bank of America and Wells Fargo. Despite a challenging period for the banking industry, JPMorgan's profits were boosted by better loan margins and the acquisition of First Republic. However, its quarterly profits dipped 15% due to a one-time hit of roughly $3 billion to pay for a special assessment charged by the Federal Deposit Insurance Corporation. Other big banks also faced challenges, with Bank of America's fourth quarter profits falling roughly 56% and Wells Fargo's quarterly profits being up 9% largely due to operating losses from legal and regulatory costs in the year-ago period.
