Client redemptions largely came from index and cash strategies, which saw $11 billion and $10 billion, respectively, in net outflows in the fourth quarter.
Dimon concluded: “In 2018 we accelerated investments in products, services and technology to help our employees, customers and communities.
In the three months to the end of December, profit rose to $4.2bn, or $1.61 a share, from $3.7bn, or $1.28 a share, a year earlier.
In the third quarter, Baupost’s largest U.S. stock position was Twenty-First Century Fox, according to regulatory filings.
This compares with net income for the 2018 second quarter of $47.5 million, or $0.36 per diluted common share and $44.6 million, or $0.33 per diluted common share, for the 2017 third quarter.
Digital-only banks, fintechs and big tech companies are quietly gaining customers, while incumbents struggle to make strategic investments in their digital future