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By Orla McCaffrey JPMorgan Chase & Co. posted a nearly fivefold increase in quarterly profit thanks to booming markets and an economic recovery that allowed it to free up $5.2 billion in funds it had set aside to cover soured loans. The nation s largest bank reported a record quarterly profit of $14.3 billion, or $4.50 per share, well above the $3.10 per share forecast by analysts polled by FactSet. A year earlier, JPMorgan reported a quarterly profit of $2.87 billion, or $0.78 a share. The bank reported revenue of $32.27 billion, up 14% from a year earlier. After the coronavirus pandemic took hold in the U.S. early last year, JPMorgan and other big banks set aside billions of dollars in loan-loss reserves to prepare for a potential flood of consumer and business defaults. The rainy-day funds ate into quarterly profits for much of 2020. But big losses never materialized, and now banks are now cashing in on their diligenc
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By Orla McCaffrey The leader of America s biggest bank said the U.S. economy is emerging from the coronavirus pandemic into a boom that could last until 2023. In his annual letter to shareholders Wednesday, JPMorgan Chase & Co. Chief Executive Jamie Dimon said strong consumer savings, expanded vaccine distribution and the Biden administration s proposed $2.3 trillion infrastructure plan could lead to an economic Goldilocks moment fast, sustained growth alongside inflation and interest rates that drift slowly upward. Mr. Dimon s outlook is decidedly rosier than it was a year ago, when he warned shareholders to brace for a bad recession in which U.S. gross domestic product could fall by up to 35%. He wrote last year s letter just weeks after he was rushed into emergency surgery to repair a life-threatening heart injury, and the U.S. went dark to stop coronavirus from spreading.
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