JPMorgan Posts Record Annual Profit Despite Quarterly Slip

JPMorgan Chase’s fourth-quarter profit slipped, but it was still enough to push the bank to a record-breaking result for the full year.

Throughout 2023, the nation’s biggest bank benefited from higher interest rates, which increased margins in its lending business. When other banks suffered in a crisis of confidence starting in March, depositors rushed to JPMorgan’s vaults, and the chaos also resulted in a lucrative acquisition for the bank. In total, it earned $49.55 billion for 2023, up 32% from 2022.