The investment bank is raising its return on equity target following a record earnings year; Democrat lawmakers say JPMorgan's response on racial discrimination questions was inadequate.
The country's biggest bank is leaning more on fee income to offset rate pressures, expanding in selected U.S. cities and laying the groundwork for operations in China that CEO Jamie Dimon hopes will endure “for 100 years.”
Fueled by a rebound in trading, especially in fixed income, the company said profit jumped 21% in the fourth quarter, pushing annual earnings to a record $36.4 billion.
But some industry watchers are tempering expectations, saying that the language is too vague to know for sure if China is serious about introducing more foreign competition.
Federal Reserve Chairman Jerome Powell said Wednesday that he does not think revamping capital or liquidity requirements is necessary despite recent volatility in the repurchase markets.
The nation's largest bank is hiring former prisoners for entry-level jobs and funding a policy center whose mission will be to help adults with criminal histories reenter the workforce.
