J.P. Morgan Chase has reported fourth-quarter net income came of $4.8 billion, or $1.12 a share. That compares with net income of $3.3 billion, or 74 cents a share, in the year-earlier period, an increase of 47%.
JPMorgan is run by Jamie Dimon, a frequent visitor to the White House and Treasury. He is also considered President Obama's "favorite banker". Dimon's right hand man, Bill Daley, has left JPMorgan to run the White House, as the President's chief of staff.