Last year, JPMorgan Chase ( JPM ) was more profitable than ever, as it earned $14 billion in the last quarter of 2024.
Its full-year profit rose to $58 billion, an all-time record for JPMorgan and the highest in American banking history. Its fourth-quarter profits were up 50% from the beginning of last year.
The results were supported by growth in JPMorgan’s Wall Street operations as deals rebounded in the industry after a two-year drought. JPMorgan’s investment banking revenue rose 49% year over year.
Trading revenue also rose 21% in the fourth quarter as JPMorgan and other big Wall Street giants benefited from volatility surrounding last November’s US presidential election.
CEO Jamie Dimon touched on the succession when he spoke Wednesday morning. He told analysts that a few more years as CEO was “the key,” and he told reporters that the leadership change announced Tuesday “doesn’t change the timeline.”
On Tuesday, the bank promoted Jennifer Piepszak to COO, replacing Daniel Pinto, but said Piepszak did not want to succeed Dimo as CEO — raising new questions about Dimo’s latest replacement.
Dimon, 68, said last year that his resignation was “not five years away.”
Strong Wall Street results helped other big banks including Goldman Sachs ( GS ), Citigroup ( C ) and Wells Fargo ( WFC ) in the fourth quarter.
Goldman’s fourth-quarter earnings rose 105% to $4.1 billion, and full-year profit rose 68% to $14.2 billion. Investment banking fees rose 24% in the fourth quarter.
“We are very pleased with our strong results for the quarter and year,” Goldman CEO David Solomon said in a statement.
Wells Fargo’s investment banking fees rose 59% in the fourth quarter from a year ago, and fourth-quarter earnings rose to $5.08 billion, compared to $3.45 billion a year earlier.
Many bankers expect the deal boom to continue into 2025 as the GOP takes over Washington. Shares of the largest U.S. lenders rose after the election of Donald Trump on hopes that his administration would loosen some rules and be more lenient in approving corporate mergers.
The Trump administration is expected to repeal or revise a number of proposed capital rules that would reduce future industry profits.
“We have consistently said that regulation must be designed to effectively balance promoting economic growth and maintaining a safe and sound banking system,” Dimon said in a press release. “It’s not about weakening regulation … it’s more about making rulemaking transparent, fair and uniform in its approach.”
