The Microsoft of Banking just made history 😳; BlackRock is betting Big on Infrastructure with $12.5B GIP deal 🤯

FinTech is Eating the World, 12 January

Hey Everyone,

TGIF! Today’s issue is perfectly tailored to finish a brilliant week. We’re going to look at the Microsoft of Banking that just made history (a closer look at JPMorgan’s crazy performance in 2023 and what’s ahead in 2024 + some interesting bonus reads), and BlackRock that’s betting big on infrastructure (what $12.5B GIP deal means & what’s next + more bonus reads). Let’s just jump straight into the interesting stuff 🌶

The Microsoft of Banking just made history 😳

The news 🗞️ Banking giant JPMorgan Chase JPM 0.00%↑ just reported its fourth-quarter and full-year 2023 financial results.

The company posted record annual profits, with a net income of $49.6 billion and a return on tangible common equity (ROTCE) of 21%. This means that JPMorgan just made more annual profit than any US bank in history 🤯

Let’s take a closer look at the Microsoft of Banking and see why 2024 could be even better.