JPMorgan Chase & Co(JPM.N)reported a 14% fall in fourth-quarter earnings on Friday but sailed past analysts' estimates, helped by a stellar performance at its investment banking unit that offset a slowdown in its trading arm.
The country's largest lender, whose fortunes are often seen as a barometer of the health of the U.S. economy, posted a profit of $10.4 billion, or $3.33 per share, in the quarter ended Dec. 31, compared with $12.1 billion, or $3.79 per share, a year earlier.
Analysts on average had expected earnings of $3.01 per share, according to Refinitiv.
JPMorgan's trading shortfall was cushioned by yet another strong quarter for its investment bank as global mergers and acquisitions activity shattered all-time records in 2021.
Wall Street banking remained strong for most of the past year, as large, cash-flush financial sponsors and corporates embarked on a dealmaking spree, helping drive up investment banking fees to their highest-ever levels.
JPMorgan shares fell more than 1% in premarket trading.
