Money Makers Mentor

JP Morgan and Citibank post positive Q4 results after a tumultuous year

The ripples of the pandemic could be felt throughout the economy in 2020 and the banking sector was no exception. Despite experiencing the biggest financial crisis of the last decade, incumbent banks like JP Morgan and Citibank managed to keep their heads above the waters. While Banks of America and Wells Fargo’s earnings fell short of estimates.

JP Morgan released its Q4 earnings on Friday last week along with Citibank and Wells Fargo. Banks managed to stay profitable despite low-interest rates, uncertain credit conditions, and a sliding economy. 

“JPMorgan Chase reported strong results in the fourth quarter of 2020, concluding a challenging year where we generated record revenue,” Jamie Dimon, CEO of JP Morgan said. “Our credit reserves of over $30 billion continue to reflect…

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