JPMorgan Made Less Money Last Year, Facing Pressure on Multiple Fronts
The New York Times • • general
Key Points:
- JPMorgan Chase reported a $57 billion profit for last year, a decline from the record $59 billion in the previous year, influenced by factors such as increased provisions for credit card losses, weakness in a segment of its investment bank, and lower interest rates.
- CEO Jamie Dimon earned $770 million during the period, benefiting from the rise in the bank's share price despite the overall profit dip.
- The Federal Reserve's three interest rate cuts last year reduced JPMorgan's average deposit rate from 2.7% to 2.2%, negatively impacting the bank's profit margin between loan and deposit rates.
- Lower interest rates, while challenging for JPMorgan's lending business, supported growth in acquisitions and initial public offerings, benefiting its
