JPMorgan Chase & Co.
JPM,
said Friday its fourth-quarter net income fell to $9.3 billion, or $3.04 a share, from $11 billion, or $3.57 a share, in the year-ago quarter. Excluding one-time items, fourth-quarter profit totaled $3.97 a share, well ahead of the FactSet consensus estimate of $3.35 a share. Reported revenue rose to $38.57 billion from $34.55 billion. Managed revenue totaled $39.9 billion in the fourth quarter. Analysts estimated $39.73 billion in revenue. JPMorgan Chief Executive Jamie Dimon said, “The U.S. economy continues to be resilient, with consumers still spending, and markets currently expect a soft landing. It is important to note that the economy is being fueled by large amounts of government deficit spending and past stimulus.” The bank paid a $2.9 billion special assessment to the FDIC related to the failure of Silicon Valley Bank and other banks in 2023. JPMorgan Chase’s stock was down by 2.9% in premarket trades. Prior to Friday’s trades, JPMorgan Chase’s stock had risen 1.3% in 2024, compared to a 0.2% increase by the S&P 500
SPX,
