Tag: Federal Reserve

Biggest Bank in U.S. Records Most Profitable Year Ever Despite Sector Crisis

South Carolina Sun Staff

Top U.S. bank JP Morgan Chase on Friday reported $49.6 billion in profits for 2023, a record for the bank, despite a sector crisis that shut down multiple smaller institutions.

Profits for the year were up for the bank despite net income bringing in only $9.3 billion in the fourth quarter, falling 15%, while the company brought in $39.9 billion in net revenue, up 12% for the quarter, according to JP Morgan’s fourth quarter earnings report. JP Morgan’s record profits come after a year of crisis for the sector, starting with a bank run in March at Silicon Valley Bank (SVB), which then spread to First Republic Bank and Signature Bank, prompting the Federal Deposit Insurance Corporation (FDIC) to step in and seize the banks, ultimately selling First Republic’s assets to JP Morgan.

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Federal Reserve Employees Went Through DEI Training as Inflation Rose

South Carolina Sun Staff

New documents reveal that, as the nation suffered from the strain of historically high inflation, employees at the Federal Reserve spent more time going through diversity, equity, and inclusion (DEI) training than addressing the financial crisis.

According to the Washington Free Beacon, the newly-obtained documents reveal that there were four DEI training sessions held in the spring and summer of 2021. These lessons featured such teachings as “correct pronoun usage is a civil right” and acknowledging “White privilege,” as well as demanding the use of “inclusive language” such as “Latinx,” a word that is meant to erase the historically gendered language used in Hispanic languages.

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