JPMorgan Chase Reports Record Profits
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JPMorgan Chase & Co., the third-biggest bank in America, said earnings rose 48% to a record in the fourth quarter on gains from investment banking and trading, capping its most profitable year ever.
Profit from continuing operations climbed to $3.91 billion, or $1.09 a share, from $2.64 billion, or 74 cents, a year earlier, the New York-based company said yesterday in a statement. Excluding a tax benefit, which added 10 cents a share, JPMorgan’s results beat the 95-cent average estimate of 13 analysts surveyed by Bloomberg.
Record demand for mergers advice and a yearlong stock-market rally pushed earnings at JPMorgan’s investment bank up 51% in the quarter.
