Heading into a recession in 2020, the nation’s largest bank is armed with a strong balance sheet. JPMorgan Chase moved up one spot from last year, thanks to a 6% increase in net revenue to a record $118.7 billion, with $2.7 trillion in assets. The company posted $36.4 billion in net income—the ninth record result in the past 10 years. However, this year looks different. Since the coronavirus crisis began, CEO Jamie Dimon issued a warning to shareholders: Best-case scenario, he predicted, the pandemic will create “financial stress similar to the global financial crisis of 2008,” including a “meaningful” hit to profits.
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Latest news for JPMorgan Chase
- CommentaryHow one of the world’s biggest banks plans to tackle climate changeOctober 16, 2020 9:30 AM UTC
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- FinanceJP Morgan will pay record settlement to resolve ‘spoofing’ case against 15 tradersSeptember 30, 2020 9:18 AM UTC
- FinanceJPMorgan called senior traders back to the office—but consumer staff is working from home until 2021September 29, 2020 5:39 AM UTC