JPMorgan Chase Reports Strong Earnings

Photo Courtesy - Getty Images(NEW YORK) -- On Friday, JPMorgan Chase & Co. announced earnings of $4.8 billion in its fourth quarter of 2010, a 47 percent increase compared to the $3.3 billion the company reported for the fourth quarter of 2009.

"Solid performance in the quarter and for the year reflected good results across most of our businesses,” said CEO Jamie Dimon in a press release on Friday.

“Credit trends in our credit card and wholesale businesses continued to improve. In our mortgage business, while charge-offs and delinquencies have improved, credit costs still remain at abnormally high levels and continue to be a significant drag on our returns," Dimon said.

Dimon said the company weathered the “worst economic storm in recent history,” noting there are “signs of stability and growth returning to both the global capital markets and the U.S. economy.”

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