JPMorgan Chase & Co. posted its highest-ever quarterly profit after releasing $2.9 billion in funds it had set aside to cover soured loans.
The bank’s profit jumped 42% to $12.14 billion, or $3.79 per share, far past the $2.62 per share forecast by analysts polled by FactSet. A year earlier, JPMorgan had reported a quarterly profit of $8.52 billion, or $2.57 a share. The nation’s biggest bank reported revenue of $29.22 billion for the quarter, up 3% from a year earlier and topping analysts’ expectations for $28.67 billion.
For the full year, through an economic spiral and an uneven recovery, JPMorgan posted record revenue of $119.54 billion, up 4% from 2019. The growth was powered by the Wall Street operation, which churned out stocks and bonds for clients eager to raise capital and trade securities amid an unsettled economy and
Too Big to fail is getting bigger. Housing? Markets? Banks?
Are banks profiting on the PPP loans?
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What challenges? The Fed injected $4.5T into Wall Street, most of which it will not see again. That's about $1k per month for every person in the US. Instead of temporary paper profits it could have generated real money flow, well being, and profits if sent to every household.
They will still layoff employees
Dimon was complaining about virtual productivity in September but here we are.
simple math everyone is paying a lot of overdraft fees
So how did JP Morgan clear a 42% profit
But will they pay a dime in taxes? When debt is at an all time high? Didn’t these profits come directly from the debt?
That's a lot of overdraft fees charged to people with no money.
horrible
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