JPMorgan's net income soared 50 per cent to more than USD 14 billion in the fourth quarter as the bank's profit and revenue easily beat Wall Street forecasts, and other major banks reported banner earnings for the year. Earnings per share rose to USD 4.81 from USD 3.04 a year ago. The result beat Wall Street profit projections of USD 4.09 a share, according to the data firm FactSet. Total managed revenue hit USD 43.7 billion, up 10 per cent, from USD 39.9 billion a year ago. Wall Street was expecting revenue of USD 41.9 billion. JPMorgan posted a record USD 54 billion profit for the year, or USD 18.22 per share, adjusted for one-time expenses. Yet interest income fell 3 per cent to USD 23.5 billion, driven lower by lower interest rates. JPMorgan CEO Jamie Dimon said the bank got a boost from investment banking business, where fees rose 49 per cent and markets revenue jumped 21 per cent. The bank's consumer banking business also thrived, with clients opening nearly 2 million check
Private equity has grown over the past few years, with an increasing number of firms turning to private credit as the main source of financing their deals
The US bank will pitch the products to clients in Asia-Pacific and Europe, in addition to providing support for the offerings developed from the Gujarat International Finance Tec-City, or GIFT City
Dimon, 68, has been the subject of repeated speculation in recent weeks as a candidate for Treasury secretary by both Republicans and Democrats
The South Asian nation surprised investors by imposing restrictions on sales of new securities with those tenors this week, just a month after it was included in JPMorgan's flagship gauge
Investors' eagerness for short-term bonds are driven by lower supply of treasury bills
An old interview where JPMorgan Chase CEO Jamie Dimon talks on the importance of working smart to maintain a balance between professional and personal life is going viral again
Indian government bonds enter JP Morgan's GBI-EM Index, expected to attract $30 billion in inflows
Singh, popularly known as PD, had received regulatory approval in January 2023 for a three-year term as CEO of JPMorgan Chase Bank India
The New York-based lender already employs about 55,000 people, about a fifth of its global workforce, across five Indian cities
The Commodity Futures Trading Commission (CFTC) said Thursday the bank would pay $100 million to settle a multiyear probe into the JPMorgan's trade monitoring
The board is 'spending significant time on developing operating committee members who are well-known to shareholders as strong potential CEO candidates,' it said in a proxy statement
Raghavan, who is expected to start at the bank in summer, will also join the firm's executive management team and report directly to Fraser, Citigroup said in an internal memo Monday
Bank said it expects full-year net interest income (NII) of $90 billion. That was higher than estimates of $86.2 billion, according to LSEG data. In the quarter, NII rose 19% to a record of $24.2 bn
RBI has done well, but new external challenges can emerge
The sale is not related to leadership succession, a company spokesman said. Dimon is not currently planning to sell more stock, but could consider doing so in the future, the spokesman added
Joins Morgan Stanley, CLSA, Nomura on hiking India exposure
Shares of the bank fell 0.7% in premarket trading
"Given the interest in India as a market, at some point people will look at both organic and inorganic way to come into the market," Khullar said
"The muted reaction currently is due to weak global risk appetite," Sambor, who said inflows could rise if India becomes a part of other global indices