Big Bank Earnings Indicate Gloomy Quarter Ahead

Big Banks report earnings, JPMorgan Chase takes hit from bank takeover fee

On Friday, four of Wall Street’s Big Banks released their earnings reports, revealing mixed results for the fourth quarter of 2021. JPMorgan Chase, the largest bank in the United States, reported lower profits due to a $2.9 billion fee related to the government’s takeover of some regional banks last year. The fee was unexpected and weighed on the bank’s bottom line. Despite this setback, JPMorgan Chase remains optimistic about its long-term prospects.