New York, January 15, 2025 - JPMorgan Chase & Co. announced a record annual profit of $58.5 billion for the fiscal year ending December 2024, a significant increase from $49.6 billion in 2023. The fourth-quarter profit rose to $14 billion, or $4.81 per share, compared to $9.3 billion a year earlier.
Investment banking revenues surged by 46% to $2.6 billion, contributing to total revenues of $42.8 billion, which exceeded expectations. The bank's assets under management grew by 18% year-on-year, nearing $4 trillion.
Goldman Sachs also reported strong earnings, more than doubling its fourth-quarter profit to $4.11 billion, or $11.95 per share, surpassing expectations of $8.22. Total revenues reached $13.9 billion, bolstered by a 24% increase in investment banking fees.
Wells Fargo reported a fourth-quarter earnings per share of $1.43, exceeding consensus estimates, while Citigroup returned to profitability with a net income of $2.86 billion.
These results signal a robust performance from major Wall Street banks as the earnings season kicks off.