JPMorgan Chase Reports 4th Quarter Earnings

NEW YORK — JPMorgan Chase, the nation’s largest bank, reported revenues of $23.4 billion in the fourth quarter, up 2% from last year, and net income of $6.7 billion.

The corporate and investment banking division of the company generated $8.4 billion in revenues, an increase of 20% from a year ago. The company has assets of $2.49 trillion worldwide, a 6% increase. Average core loans were up 12% in the quarter.

For all of 2016, JPMorgan Chase had revenues of $95.6 billion, up 2% from 2015, and net income for the year of $24.7 billion.

The company’s total employee headcount at the end of 2016 was 243,355, up 4% from last year.

Jamie Dimon, Chairman and CEO of the company, commented on the results: “Our results this quarter were a strong end to another record year, reflecting our intense client focus and solid performance across our businesses. In the Consumer business, we had double digit growth in deposits and core loan balances, our credit card sales volume was a record, and for the year we had over $1 trillion of merchant processing volume. We saw continued momentum from the third quarter in CIB with strong Markets results across products. Asset Management and Commercial Banking both grew loans and deposits nicely in a competitive environment.”

Dimon added: “The U.S. economy may be building momentum. Looking ahead there is opportunity for good, rational and thoughtful policy decisions to be implemented, which would spur growth, create jobs for Americans across the income spectrum and help communities, and we are wellpositioned to play our part. Business plays a critical positive role in society, and in collaboration with nonprofits, governments and educational institutions, it can help strengthen our economy and our country. I am extremely proud of our Firm – we earn our stripes