Multinational investment bank JPMorgan Chase & Co. posted a double-digit decline in its fourth-quarter 2021 bottom line due to higher non-interest expenses, the firm announced in a filing.
- Fourth-quarter net income stood at $10.399 billion, 14% lower than the $12.136 billion recorded the previous year and down 11% from the $11.687 billion in the third quarter.
- Diluted earnings per share were recorded at $3.33, 12% lower than the $3.79 in the fourth quarter of 2020, and 11% lower than the $3.74 recorded in the third quarter of 2021.
- JPMorgan attributed the decline to higher non-interest expenses, which grew by 11% to $17.888 billion from $16.048 billion, mainly due to higher compensation during the period.
- Chairman and Chief Executive Jamie Dimon said the firm remains optimistic about the US economic growth, citing upbeat business sentiment and consumers benefitting from higher job and wage growth.
JPMorgan raised over $3 trillion in capital in 2021, with markets revenue down 11%. JPM is down 4.48% premarket.