JPMorgan Reports Record Annual Profit Despite Quarterly Dip

Bank plans to ramp up investments in 2024, warns of persistent inflation and higher rates

JPMorgan Chase reported its best-ever annual profit and forecast higher-than-expected interest income for 2024, even as its quarterly profit fell.
The bank benefited from its acquisition of failed First Republic Bank in May, which brought in billions of dollars of loans and bolstered its net interest income.
CEO Jamie Dimon warned that inflation could be more persistent than expected and rates higher for longer.
The bank is ramping up investments in hiring, along with technology, branches and marketing, especially in its consumer and community banking line of business.
JPMorgan and several major banks are taking a hit to their quarterly profits as they are required to pay a bulk of the US$16 billion to replenish the Federal Deposit Insurance Corporation’s deposit insurance fund.