J.P. Morgan Chase reported a new record net income of $58,5 billion for the full year 2024, up from $49,6 billion the previous year, the bank announced on Wednesday.

The business flourished across all segments, with revenues increasing by 12 percent to $177,6 billion. Both investment banking and asset management saw growth. Net interest income also rose, albeit less sharply than the previous year, increasing by 4 percent to $92,6 billion. CEO Jamie Dimon expects a further rise to approximately $94 billion in 2025.

The bank also benefited from a surge in mergers and acquisitions activity. In the fourth quarter, investment banking revenues nearly doubled to $2,6 billion. A robust US economy and interest rate cuts fueled equity and bond issuances.

Strong US Economy Supports Growth

A positive effect also came from the reclassification of its stake in Visa into other share categories, which boosted revenues by around $8 billion.

«The US economy has proven resilient,» said Dimon. «However, two significant risks remain. Current and future spending needs are likely to be inflationary, meaning that inflation could persist for some time. Additionally, the geopolitical environment remains the most dangerous and complex since World War II.»

Goldman Benefits from Increased Client Activity

Investment bank Goldman Sachs capitalized on strong developments in capital markets. The bank posted a net profit of $14,3 billion in 2024, a year-over-year increase of over two-thirds (+68 percent). In the previous year, the bank had recorded a substantial write-down following the decision to exit its unprofitable foray into retail banking.

Total revenues grew by 16 percent to $53,5 billion. Investment banking fee income rose by nearly a quarter to $7,7 billion. Trading in equities, bonds, currencies, and commodities also showed significant growth.

Citi Sees Progress in Bank Restructuring

Citigroup also rebounded from last year’s profit slump. Earnings recovered to $12,7 billion from $9,2 billion in 2023. Revenues grew by 3 percent to $81,1 billion. However, loan loss provisions were increased by about 10 percent to $10,1 billion.

«2024 was a pivotal year, and our results show that our strategy is working,» said CEO Jane Fraser. The bank is cutting jobs and aiming for greater efficiency. However, the target range for the return on tangible common equity (ROTCE) for 2026 was lowered by one percentage point to 10–11 percent. In 2024, the figure stood at 7,0 percent. Fraser cited higher investments and the bank's restructuring efforts as reasons for the adjustment.