JP Morgan posts highest annual profit of any US bank in history, raking in £27.5bn
JP Morgan has posted the highest annual profit of any US bank in history.
Spurred on in the fourth quarter by a rebound in trading activity, especially in fixed-income assets such as bonds, the bank raked in profits of £27.5billion.
The bumper 2019 meant JP Morgan investment bankers – thousands of whom are based in London – pocketed an average salary of about £145,000 – up slightly from 2018.
JP Morgan investment bankers – thousands of whom are based in London – pocketed an average salary of about £145,000 – up slightly from 2018
Chief executive Jamie Dimon said: ‘While we face a continued high level of complex geopolitical issues, global growth stabilised, albeit at a lower level, and resolution of some trade issues helped support client and market activity towards the end of the year.
The US consumer continues to be in a strong position and we see the benefits of this across our consumer businesses.’
Shares in JP Morgan, which have jumped 39 per cent over the past year, edged up nearly 2 per cent yesterday.
Chief financial officer Jennifer Piepszak said: ‘We certainly don’t think this is as good as it can be. We continue to see opportunities.’
JP Morgan rival Citigroup also benefited from a rise in bond trading, and its shares climbed by 1.5 per cent yesterday.