JPMorgan 4Q earnings fall 14%, but 2021 profit sets record
ABC News
JPMorgan Chase says fourth-quarter profits fell 14% from a year earlier, due to a weaker performance from its trading desk and higher compensation expenses for employees
NEW YORK -- JPMorgan Chase says fourth-quarter profits fell 14% from a year earlier, due to a weaker performance from its trading desk and higher compensation expenses for employees.
Even with the weaker quarter, JPMorgan had a record annual profit, nearly $50 billion. The total is significantly more than what the bank brought in during 2019, before the pandemic.
The bank, like others in the financial industry, also continues to deal with the impact of near-zero interest rates. Low rates have kept JPMorgan's revenue mostly flat for the past year.
The New York-based financial giant on Friday reported a profit of $10.4 billion, or $3.33 per share for the last three months of 2021. That's down from a profit of $12.14 billion, or $3.79 a share, in the same period a year ago. While JPMorgan's profits fell, the results were still better than what analysts had forecast, with the average per-share profit on FactSet being $3.01.
