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.
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The U.S.’ largest bank had another huge quarter as profits soared after reaching a deal with federal regulators to buy the failed First Republic Bank in May.
JPMorgan Chase reported that, for its third quarter of 2023, net income was up by $13.2 billion, or 35%, but excluding assets acquired from First Republic, it was only up 24%, according to the banking giant’s third quarter earnings report. First Republic was one of a few banks that failed earlier this year after a bank run that shook depositors, which resulted in JPMorgan acquiring the bank after federal regulators seized its assets and auctioned them in order to maintain funds for depositors.
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A new study reveals that nearly 75 percent of all U.S. hospitals were able to post positive operating income at the height of the Chinese Coronavirus pandemic, primarily due to relief funds provided by the government.
As Axios reports, the analysis by JAMA Health Forum shows that the average hospital’s operating margins – the difference between revenue and expenses – hit an all-time high in 2020 and 2021, the first two years of the pandemic. Many hospitals continue to post improving operating margins even after 2022 despite the rising inflation, which some have attributed to the massive profits in the first two years of COVID.
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Facebook knowingly chooses to prioritize its profits over the safety of its users, Frances Haugen, a whistleblower and former Facebook employee, said in an interview with “60 Minutes” on Sunday.
“The thing I saw at Facebook over and over again was there were conflicts of interest between what was good for the public and what was good for Facebook,” Haugen told Scott Pelley on “60 Minutes” Sunday night. “And Facebook, over and over again, chose to optimize for its own interests, like making more money.”
Haugen, a former Facebook product manager, leaked thousands of internal company documents to The Wall Street Journal last month which detail the inner workings of the company. The leaked documents showed that Facebook employs a separate content review system for high-profile accounts, the company has conducted research into the harms its Instagram platform has on teen users, and it stokes controversy by boosting inflammatory content.
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