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JPMorgan Chase reports mixed results as Dimon defends Fed chief
Summary
JPMorgan Chase reported $13.0 billion in fourth-quarter profit, down 7% from a year earlier, while revenues rose 7% to $45.8 billion; CEO Jamie Dimon defended Federal Reserve Chair Jerome Powell and cited geopolitical and inflation risks.
Content
JPMorgan Chase reported lower fourth-quarter profit alongside stronger revenue growth, and its leadership framed the results against broader economic and policy concerns. The bank recorded charges tied to taking on the Apple credit card and noted some weakness in investment banking. CEO Jamie Dimon said the U.S. outlook is "pretty positive" while defending Federal Reserve Chair Jerome Powell and warning of geopolitical and inflation risks. Executives also highlighted higher expenses and planned capital spending increases.
Reported details:
- JPMorgan Chase posted fourth-quarter profit of $13.0 billion, a 7% decline from the year-ago period.
- Revenues rose 7% to $45.8 billion in the quarter.
- The bank recorded a $2.1 billion hit linked to assuming the Apple credit card and established a $2.2 billion reserve for that portfolio.
- Net interest income increased, while investment banking revenue and fees fell and some deals were pushed into 2026.
- Expenses grew about 5%, citing more front-office staff and higher occupancy costs, and shares fell roughly 3.5% in midday trading.
- CEO Jamie Dimon defended Fed independence and praised Chair Jerome Powell, calling the U.S. outlook "pretty positive" but noting risks from complex geopolitics and sticky inflation; CFO Jeremy Barnum said a proposed cap on credit card interest could reduce the supply of credit and that impacts were uncertain.
Summary:
The quarter combined lower earnings with higher revenues and specific charges tied to the Apple credit card, while management noted mixed performance in investment banking and rising costs. Leadership framed the U.S. economy as resilient but cautioned about geopolitical and inflation risks and defended Federal Reserve independence. Undetermined at this time.
