JPMorgan's profit shrinks as it refills deposit insurance fund

JPMorgan Chase's profit fell in the fourth quarter as the lender set aside nearly $3 billion to help refill a fund used to backstop failed banks that was drained after regional lenders collapsed last year.

Profit was $9.31 billion, or $3.04 per share, for the three months ended Dec. 31, the bank said on Friday. That compares with $11.01 billion, or $3.57 per share, a year earlier.