JPMorgan's profit shrinks as it replenishes bank failure 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.

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. JPMorgan and several major banks are required to pay a bulk of the $16 billion earmarked for depositors at failed Silicon Valley Bank and Signature Bank to replenish the Federal Deposit Insurance Corporation's deposit insurance fund (DIF).

The bank reported a 12% jump in revenue to $38.57 billion.