Last year, JPMorgan Chase (JPM) generated more profit than ever before as the company earned $14 billion in the final quarter of 2024.

Full-year profits rose to $58 billion, a record for JPMorgan and the highest ever in American banking history. Fourth-quarter profit rose 50% compared to the same period last year.

Those results were boosted by a surge in JPMorgan’s Wall Street trading as dealmaking makes a comeback across the industry after a two-year drought. JPMorgan’s investment banking revenues rose 46% from a year ago.

Trading revenues also rose 21% in the fourth quarter as JPMorgan and other Wall Street giants benefited from volatility surrounding the US presidential election last November.

JPMorgan shares rose 1% in premarket trading.

“The U.S. economy has proven resilient,” CEO Jamie Dimon said in a press release, citing low unemployment and healthy consumer spending.

“Businesses are more optimistic about the economy, encouraged by expectations of a more pro-growth agenda and improved collaboration between government and business,” Dimon said.

He also mentioned some risks, including inflation and geopolitical conditions.

Strong Wall Street results helped other big banks in the fourth quarter, including Goldman Sachs (GS) and Wells Fargo (WFC).

Goldman’s fourth-quarter profit rose 105% to $4.1 billion and full-year profit rose 68% to $14.2 billion. Investment banking fees rose 24% in the fourth quarter.

“We are very pleased with our strong results for the quarter and the year,” Goldman CEO David Solomon said in a press release.

Wells Fargo’s investment banking fees rose 59% in the fourth quarter compared to a year ago, and profit jumped to $5.08 billion in the fourth quarter, compared to $3.45 billion a year earlier.

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