Top U.S. bank JP Morgan Chase on Friday reported $49.6 billion in profits for 2023, a record for the bank, despite a sector crisis that shut down multiple smaller institutions.
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Top U.S. bank JP Morgan Chase on Friday reported $49.6 billion in profits for 2023, a record for the bank, despite a sector crisis that shut down multiple smaller institutions.
Profits for the year were up for the bank despite net income bringing in only $9.3 billion in the fourth quarter, falling 15%, while the company brought in $39.9 billion in net revenue, up 12% for the quarter, according to JP Morgan’s fourth quarter earnings report. JP Morgan’s record profits come after a year of crisis for the sector, starting with a bank run in March at Silicon Valley Bank (SVB), which then spread to First Republic Bank and Signature Bank, prompting the Federal Deposit Insurance Corporation (FDIC) to step in and seize the banks, ultimately selling First Republic’s assets to JP Morgan.
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Federal regulators took ownership of the First Republic Bank and sold it to JPMorgan Chase on Monday, marking the second-largest bank failure in U.S. history.
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JPMorgan Chase CEO Jamie Dimon said in his annual shareholder letter Tuesday that the current fallout from the bank failures of Silicon Valley Bank (SVB) and Signature Bank would likely continue for years.
“As I write this letter, the current crisis is not yet over, and even when it is behind us, there will be repercussions from it for years to come,” wrote Dimon. However, in comparison to 2008, Dimon said the 2023 crisis “involves far fewer financial players and fewer issues that need to be resolved.”
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Recession worries are rising among economists as inflation continues at high levels.
A top Moody’s economist has predicted a recession could hit within the next two years, but others are saying it could happen sooner.
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JPMorgan Chase chief executive Jamie Dimon told President Joe Biden he needs to produce a “Marshall Plan” to increase domestic energy production, Axios reported.
Dimon met with Biden on Monday, urging him to make plans for the government to increase domestic gas and other energy sources to offset soaring prices resulting from Russia’s invasion of Ukraine, Axios reported. Dimon reportedly informed the president and his top economic advisors that additional domestic energy production is necessary for securing both American and European energy security.
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JPMorgan Chase chief executive Jamie Dimon apologized Wednesday for saying that the bank will last longer than the Chinese Communist Party, multiple sources reported.
Dimon said that he regrets the joke he made Tuesday morning while speaking at an event at Boston College, according to The Wall Street Journal.
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