JPMorgan’s Record Profit Comes With Warning That Risk Isn’t Gone
- Net income surges 42% on trading gain, reserve releases
- Vaccine, stimulus led to lowering credit reserve, Dimon says
This article is for subscribers only.
JPMorgan Chase & Co. made more money in the fourth quarter than it ever has, as it signaled more optimism about borrowers being able to repay their loans and the pandemic-fueled trading surge continued.
The biggest U.S. bank posted a jump in trading and investment-banking fees that helped its Wall Street unit close out its most profitable year ever. The bank also released loan-loss reserves for the second quarter in a row, a sign that defaults won’t take as big a toll as previously expected.