JPMorgan posts record profits for 2023 despite drop in fourth quarter

JPMorgan Chase posted a record annual profit — nearly $50 billion — despite taking a $3 billion hit in the fourth quarter to replenish a government deposit insurance fund, the Wall Street giant said Friday. The nation’s largest lender hauled in $49.6 billion last year to post an impressive 31% improvement from its bottom line in 2022, blowing past economists’ expectations. Shares of the bank climbed 2.3% before the opening bell. CEO Jamie Dimon reiterated his view that the economy remained resilient but warned that inflation could be more persistent than expected and rates could be higher for longer. “It is important to note that…