JPMorgan Posts File Annual Revenue Regardless of Quarterly Slip

JPMorgan Chase’s fourth-quarter revenue slipped, but it surely was nonetheless sufficient to push the financial institution to a record-breaking consequence for the complete yr.

All through 2023, the nation’s largest financial institution benefited from larger rates of interest, which elevated margins in its lending enterprise. When different banks suffered in a disaster of confidence beginning in March, depositors rushed to JPMorgan’s vaults, and the chaos additionally resulted in a profitable acquisition for the financial institution. In complete, it earned $49.55 billion for 2023, up 32% from 2022.