JPMorgan Chase profit falls as markets revenue dips 11%

JPMorgan Chase & Co. said Friday its fourth-quarter profit fell to $10.4 billion, or $3.33 a share, from $12.14 billion, or $3.79 a share in the year-ago quarter. Managed revenue rose 1% to $30.3 billion, with reported revenue of $29.3 billion. The megabank was expected to earn $3.01 a share and generate revenue of $29.78 billion, according to a survey of analysts by FactSet. Total Markets revenue of $5.3 billion fell 11%, including a drop of 16% in fixed income markets and a 2% dip in equity markets. “The economy continues to do quite well despite headwinds related to the Omicron variant, inflation and supply chain bottlenecks,” CEO Jamie Dimon said. “Credit continues to be healthy with exceptionally low net charge-offs, and we remain optimistic on U.S. economic growth as business sentiment is upbeat and consumers are benefiting from job and wage growth.” The stock fell about 1% in premarket trades. JPMorgan shares have risen 6.2% so far this year, compared to a drop of 2.3% by the S&P 500 and a dip of 0.6% by the Dow Jones Industrial Average.

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