JPMorgan Chase & Co. made more annual profit than any lender in the history of US banking.
Its $9.3 billion of net income in the fourth quarter of 2023 means the biggest US bank made $49.6 billion for the year, up 32% from 2022 and topping a record $48.3 billion from 2021.
JPMorgan is so vast and makes so much money that it can be hard to put either into context. But consider that the six biggest US banks didn’t have a $100 billion year until 2018. JPMorgan came close to making half that in 2023.
“There is nobody in the banking business that I’ve seen that compares,” Lee Raymond, the longtime oil executive who served on the bank’s board for decades, said late last year. “It’s really hard to see where anybody has done what JPMorgan has been able to do.”
This article was provided by Bloomberg News.