JP Morgan generated nearly $5 billion in profit last quarter

That anti-business Obama really shut down the banking industry. It’s no wonder they were up in arms and throwing money at Republicans to stop the attacks. How will they survive on such small profits? Oh the humanity!

Better-than-expected quarterly profits from J.P. Morgan Chase & Co. on Friday bode well for results from rivals next week.

J.P. Morgan reported fourth-quarter net income of $4.8 billion as investment-banking fees remained strong and provisions for bad loans fell. Read more about J.P. Morgan.

J.P. Morgan is the first major U.S. bank to report fourth-quarter results. The company is a big player in all of the major banking businesses, including investment banking and trading, retail banking, credit cards, mortgages, commercial lending, treasury and securities services and asset management.

So, how’s everyone else in the country doing? Surely everyone else has recovered as nicely as the banks, right?

An American in Paris, France. BA in History & Political Science from Ohio State. Provided consulting services to US software startups, launching new business overseas that have both IPO’d and sold to well-known global software companies. Currently launching a new cloud-based startup. Full bio here.

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