Those reserve releases have decreased over the course of the year. JPMorgan released a net $1.3 billion in loans in the fourth quarter, compared with the $4.16 billion it released in the first quarter.
Trading was also weaker. The corporate and investment banks posted a division profit of $4.85 billion, down from $5.3 billion a year earlier. While the investment bankers were able to boost profits through deal-making and advisory services last quarter, trading revenues fell 17% from last year. The bank blamed a “challenging trading environment” in bonds as well as currency trading.
For the full year, JPMorgan earned a profit of $48.33 billion. That's up from the $29.1 billion the bank earned in 2020, which was impacted by the pandemic. It's also significantly better than what the $36.4 billion profit for 2019.