JPMorgan Reports Record Quarterly Profit of $5.7B: Hot Trends
NEW YORK (TheStreet) -- Popular searches on the Internet include JPMorgan Chase (JPM) after the bank reported record profit of $5.7 billion in the fourth quarter, a 53% increase from a year earlier.
In a statement, CEO Jamie Dimon attributed the results to strong performance across virtually all of the bank's businesses, with strong lending and deposit growth. The bank reported strong revenue growth as well, with a 10% rise from the year before to $23.7 billion.
In light of the $6.2 billion trading loss in the third quarter that resulted from a bad derivatives bet, the bank slashed Dimon's compensation for the year to $11.5 million from $23 million.
Despite the trading loss, JPMorgan still reported earnings of $21.3 billion, compared to $19 billion in 2011. Earnings have been largely boosted by an increase in mortgage lending, thanks to lower interest rates brought down by federal programs.
Boeing (BA) is trending as the company's new 787 Dreamliner jets have been grounded in Japan for safety checks. The incident is the latest in a series of problems plaguing the Dreamliner, which is Boeing's most technologically advanced jet. Two Japanese airlines grounded all of their Boeing 787 aircraft for safety checks after All Nippon Airways said a cockpit message indicated a jet had battery problems mid-flight and a burning smell arose. Japan's transport ministry said ANA notified it that it would not be flying all 17 of its Dreamliner jets, while Japan Airlines said it was grounding all seven of its planes as well. Reports of battery fire and fuel leaks have already been plaguing the Dreamliner, which was recently launched after more than three years of delays. Boeing said it is aware of the problems and will be working with their customer and the appropriate regulatory agencies on the issue.
General Motors (GM) is another popular search. The company told analysts at the Detroit auto show that it anticipates only a modest increase in pretax profit this year.
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