JPMorgan Reports Record Q4 Profits

JPMorgan Chase reported a remarkable 50% surge in net income for Q4, reaching over $14 billion, significantly surpassing Wall Street expectations. The bank's earnings per share climbed to $4.81, while total revenue increased by 10% to $43.7 billion. For the full year, JPMorgan achieved a record profit of $58.5 billion, marking an 18% increase from the previous year. Wells Fargo also performed well, nearly doubling its Q4 net income to $5.1 billion, despite facing regulatory challenges. Both banks benefited from strong investment banking and consumer banking activities, with JPMorgan noting a notable rise in both investment banking fees and new checking accounts. CEO Jamie Dimon expressed optimism about the overall strength of the U.S. economy, despite a slight decline in interest income due to lower rates.