The bank said profit rose 50% to $14 billion in the fourth quarter as noninterest expenses fell 7% from a year earlier.

Big bank profits surged in the fourth quarter and Wall Street roared back to life, with net income rising 50% at JPMorgan Chase and more than doubling at Goldman Sachs.

The largest banks, including JPMorgan Chase, Wells Fargo and Goldman Sachs, reported bumper profits on Wednesday.

JPMorgan, Wells Fargo, Goldman Sachs and Citi are kicking off earnings season on Wednesday with their December-quarter results.

JPMorgan Chase is out with its fourth-quarter results and it's a blowout report. Here are the highlights: Profit was up 50%. That amounted to $4.81 a share, well above what analysts polled by FactSet expected at $4.