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Biggest stateside bank sees windfall profits amid struggling economy
By newseditors // 2024-01-15
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America’s largest lender and banking institution recorded windfall profits for 2023 despite a dismal macroeconomic outlook and high-interest rates. (Article by Vince Quill republished from WLTReport.com) JP Morgan Chase Co. saw a record $49.6 billion in profits for 2023 amid an ongoing banking crisis, record high inflation, and troubling macroeconomic trends. The financial giant’s record profits represent a whopping 31% year-over-year increase from 2022. Normally, during a period of high interest rates, the increased interest and banking fees are canceled out by the fact that fewer people are taking out loans and making purchases. That being said, nothing about the economy is normal anymore. We are living through a time of historic change and a looming collapse of the currency. People can only peddle bad debts on a good name for so long before the entire thing comes crashing down. The national debt has hit a record high of $34 trillion and a record number of Americans now have high levels of consumer debt. Here are the latest reports and relevant data on JP Morgan’s windfall profits for 2023: The New York Post provided more detailed financial information for JP Morgan:
Profit for the fourth quarter was $9.31 billion, or $3.04 per share, for the three months ended Dec. 31, the bank said on Friday. That compares with $11.01 billion, or $3.57 per share, a year earlier. Its fourth-quarter profit, however, slipped to $9.31 billion, or $3.04 per share — a drop from $11.01 billion, or $3.57 per share, from a year earlier — because it had to cough up $2.9 billion in fees to cover $18 billion in losses to the Federal Deposit Insurance Corporation’s insurance fund from the failures of Silicon Valley Bank and Signature Bank.
CNBC’s Carl Quintanilla provided this statement from JP Morgan: “This is the first Fed tightening cycle where we saw corporate profits increase and net interest expense decrease. This suggests that profitability will hold up better than in previous cycles and may mean increases in unemployment are more gradual.” Daily Caller quoted JP Morgan CEO Jamie Dimon:
“2023 was a good example of the power of our investment philosophy and fortress principles, as well as the value of being there for clients — as we always are — in both good times and bad times. The result was continued growth broadly across the Firm. 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.”
Read more at: WLTReport.com
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