A view of the exterior of the JP Morgan Chase corporate headquarters in New York City, New York, US. Picture: REUTERS/MIKE SEGAR
Loan growth, the bank’s core business, was also up 6% on a rebounding economy, while net interest income from lending and investments in treasury securities was up 3%. However, soaring inflation, a potential Omicron-induced economic slowdown and trading revenues returning to normal levels are set to challenge the banking industry's growth in the coming months.
The trading shortfall in the fourth quarter was cushioned by yet another strong showing at its investment bank as global mergers and acquisitions activity shattered all-time records in 2021 and pushed investment banking fees to their highest level in the first half of the year. Revenue remained nearly flat at $30.3bn. The bank’s earnings were also buoyed by reserve releases of $1.8bn.During the quarter, JPMorgan took down more funds that it had set side during the height of the pandemic in anticipation of an expected wave of loan defaults.
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