JPMorgan profit shrinks as it sets aside $3B for deposit insurance fund

JPMorgan Chase reported its best-ever annual profit and forecast higher-than-expected interest income for 2024 even as quarterly profit fell due to a $3 billion charge the bank took to replenish a government deposit insurance fund. The largest U.S. lender has benefited from its acquisition of failed First Republic Bank in May that brought in billions of dollars of loans and bolstered its net interest income (NII) - the difference between what banks make on loans and pay out on deposits.The bank said it expe ...