JPMorgan Chase 4Q profits dip to $10.4 bn, but top estimates

File photo: CGTN

JPMorgan Chase reported a dip in fourth-quarter profits Friday as higher costs for employee compensation offset a benefit from an improving economy that has reduced reserves in case of defaults.

Earnings came in at $10.4 billion, down 14 percent from the year-ago period. The results included $1.8 billion in reserve releases from funds that were set aside earlier in the pandemic in case of bad loans.