JPMorgan Chase Posts Biggest Profit in U.S Banking History
JPMorgan Chase’s dealmakers and traders received a windfall from recovering markets, resulting in a record profit.
The biggest bank in the United States also predicted that its net interest income—the difference between what it earns on loans and pays out on deposits—would surpass analysts’ projections this year despite repeated cautions that high NII growth was unsustainable.
JPMorgan reported a $54 billion profit in 2024, or $18.22 per share after accounting for one-time costs.
JPMorgan revealed that a decline in interest rates caused its interest income to drop 3% to $232.5 billion. According to Jamie Dimon, the bank’s investment banking division, where fees increased by 49% and market revenue increased by 21%, gave it a boost.
The bank’s consumer banking division also prospered with almost 2 million checking accounts opened by customers.
President-elect Donald Trump’s return to the White House could help the financial sector because his administration is anticipated to enlist regulators who may relax merger approvals and capital rules.
“We have always stated that regulations should be crafted to efficiently strike a balance between fostering economic expansion and preserving a stable banking system,” Dimon stated. “This has nothing to do with loosening regulations but rather about establishing guidelines that are fair, transparent, comprehensive, and founded on thorough data analysis. “.
Jennifer Piepszak, one of the front-runners for the position of CEO, has withdrawn from consideration for the time being, but Dimon said this has no bearing on the bank’s succession plan.
Piepszak is going to take over as the chief operating officer. She will take over for Daniel Pinto, a senior lieutenant under Dimon who has worked for the investment bank for forty years and is set to retire at the end of 2026.
“It does not affect the timeline. That’s more of a natural progression,” Dimon told reporters during a call after the company’s earnings. Dimon, the powerful CEO with a tenure of 19 years that is far longer than his peers, discussed his intentions to retire.
‘it makes sense to continue serving as CEO for at least four to five years since I will be 69 in March’. About his previous timeline of less than five years, he continued, “I just thought it makes a lot of sense because I have a couple of health issues.”.
According to JPMorgan Chief Financial Officer Jeremy Barnum, loan growth has been muted despite industry and market optimism, and the credit card business is predicted to grow, however, it will do so at a slower rate than it did the previous year.
JPMorgan anticipates a flat headcount in 2025 despite its rapid workforce expansion. Its workforce is the largest of its peers, with over 317,000 workers.

