JPMorgan Chase Q4 profit decreases due to one-time charge for Apple credit card transactions.

JPMorgan Chase announced a decrease in fourth-quarter profits, citing a one-time charge related to its agreement with Goldman Sachs to take over as a partner for the Apple credit card. The financial report released by JPMorgan Chase on Tuesday showed that net profits dropped to $13 billion for the three months ending on December 31st, with earnings per share of $4.63, compared to $14 billion and $4.81 per share in the same period last year. Earlier this month, JPMorgan Chase reached an agreement with Apple to become the new issuer of the Apple credit card. This deal will solidify JPMorgan Chase's position in the credit card market and further enrich CEO Damon's strategic achievements list as he has transformed the bank into a leading player in retail and investment banking. JPMorgan Chase stated that it will set aside $2.2 billion in credit loss reserves for the credit card portfolio in the fourth quarter. Excluding one-time charges, JPMorgan Chase's profits for the quarter actually increased to $14.7 billion, with earnings per share of $5.23, mainly driven by strong performance in trading operations.