JPMorgan Posts Record $49.55B Annual Profit Despite Dimon's Recession Warnings
• JPMorgan Chase reported record annual profit of $49.55B in 2023, highest ever for a US bank, despite dip in Q4 profits • Profits boosted by higher interest rates allowing banks to charge borrowers more; comes after CEO Jamie Dimon warned of impending recession • JPMorgan benefited from Silicon Valley Bank's downfall which drove customers to "too big to fail" banks • Dimon warns economic outlook resembles 1970s - high inflation, low growth, big government spending • Dimon skeptical of expected interest rate cuts, says recession still a possibility in 2023