Some analysts were saying that the bearish market we have been experiencing since the beginning of 2016 might be an indication of another recession. Thursday, we finally had some good news, as JPMorgan Chase (NYSE:JPM) released their Q4 earnings and reported an amazing quarterly profit of $5.4 billion. No, United States is not in a recession.
The major investment bank posted quarterly earnings 10% higher from a year ago. As a result shares jumped 2% Thursday morning. The bank revealed that lower costs, especially a significant reduction in legal expenses, helped the bank to surpass expectation.
If some investors remain concerned regarding the bank’s performance in 2016 because the market is quite unstable, Jamie Dimon, JPMorgan’s chairman and CEO said that the quieter markets in the fourth quarter actually benefited the bank’s trading and asset management revenues.
Dimon said that the "is getting safer and stronger each year… continuing to adjust our strategy to the new world and to meeting all requirements." About China and their recent economics straggles Dimon said, "They are making a transition to a consumer-driven economy. They obviously have issues.”
JPMorgan’s CEO remains optimistic about China’s economy in the long run, saying that after the challenges will be dealt with the economy still grow 5% to 6%.