Even as JPMorgan was setting a new high for annual banking profits, its wealth management business set an internal record last year for inflows of new client assets.
Jeremy Barnum, JPMorgan chief financial officer, said in an earnings call Friday that the banking giant's asset and wealth management unit brought in $489 billion in net new client assets in 2023. That hit a high mark for the company, even as the bank's total annual profit of $49.6 billion set a record for the entire industry.
Much of the bank's performance came from its net interest income — the difference between what it earns from loans and pays on deposits. That contributed $24.2 billion in the final three months of the year, a figure up 19% year over year.
At a time when many analysts are expecting the U.S. economy to avoid a recession, JPMorgan CEO Jamie Dimon sounded a cautionary note on Friday.
"It is important to note that the economy is being fueled by large amounts of government deficit spending and past stimulus," he said in an official statement. "There is also an ongoing need for increased spending due to the green economy, the restructuring of global supply chains, higher military spending and rising health care costs."
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For highlights from JPMorgan's 2023 fourth quarter and annual earnings, scroll down. For coverage of the firm's third quarter,
