JPMorgan Chase reports mixed results as Dimon defends Fed chief

JPMorgan Chase reported fourth-quarter profit of $13.0 billion, down 7% after a $2.1 billion charge tied to assuming the Apple credit card, while revenue rose 7% to $45.8 billion.

JPMorgan Chase reported lower fourth-quarter profits while its chief executive defended Federal Reserve independence. The bank posted $13.0 billion in profit, down 7% from a year earlier after a $2.1 billion charge tied to assuming the Apple credit card business. Revenues rose about seven percent to $45.8 billion, and net interest income improved. Executives flagged weaker investment banking performance and noted some deals were delayed into 2026. Key details: - $13.0 billion fourth-quarter profit, down 7% year-on-year after a $2.1 billion charge tied to assuming the Apple credit card business. - Revenues rose 7% to $45.8 billion and net interest income increased. - Expenses grew 5%, with management citing more front office staff and higher occupancy costs. - Investment banking revenue and fees fell, and some transactions were pushed into 2026. - The bank plans to increase capital spending by more than $9 billion, including technology investment, which drew analyst questions. - Shares were notably lower at midday after the report. Summary: The report shows mixed performance across lending, markets and advisory businesses, and management offered public support for Federal Reserve Chair Jerome Powell amid political scrutiny. Undetermined at this time.