JP Morgan Chase & Co has made history as the first US bank to surpass US$50 billion in annual profit. This accomplishment comes amidst a surge in profits across Wall Street's largest banks, fueled by anticipation of relaxed regulations under the new administration. Bank CEOs express optimism about an even more profitable future, expecting the president-elect to dismantle certain regulations and reject calls for increased capital reserves.
JP Morgan Chase & Co is the first bank in U.S. history to top US$50-billion in annual profit as lenders report blockbuster profits.Wall Street’s biggest banks are backing Donald Trump’s agenda to loosen regulatory requirements that lenders see as barriers, positioning the U.S. arms of Canadian institutions for a boon even as potential tariffs loom.clinching the title of the first bank in the country’s history to top US$50-billion in annual profit.
The lenders launched an opposition campaign, saying that the change would harm the economy and make the banking sector less competitive compared with global peers. Since the election, there has been a “a sentiment shift” among CEOs broadly, and proposals from the new administration have “people excited,” according to Goldman Sachs CEO David Solomon. The lender’s fourth-quarter profits more than doubled on better-than-expected investment banking revenue.
The heads of U.S. banks also cautioned that mounting geopolitical concerns could upend the excitement around business growth. Bank of America CEO Brian Moynihan pointed to looming threats of wars, trade clashes, and increased unemployment rates and household debt.
BANKING PROFITS REGULATION ECONOMY TARIFFS
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