(NEW YORK) — America’s most highly valued bank, JPMorgan Chase, bounced back from last year’s embarrassing trading loss with a strong fourth quarter.
On Wednesday, it reported a quarterly profit of $5.7 billion — an increase of $2 billion, or 53 percent, from the previous year. The bank’s revenue also shot up in the fourth quarter, rising by 10 percent from 2011 to $24.4 billion.
“The firm’s results reflected strong underlying performance across virtually all our businesses for the fourth quarter and the full year, with strong lending and deposit growth,” JPMorgan Chase CEO Jamie Dimon said in a statement.
Dimon, meanwhile, had his compensation cut in half from $23 million to $11.5 million as a result of the bank’s more than $6 billion “London Whale” trading loss.
Copyright 2013 ABC News Radio
Seth Fiegerman, CNN
Natalia Hepworth, EastIdahoNews.com