JPMorgan’s net income soared 50% to more than $14 billion in the fourth quarter as the bank’s profit and revenue easily beat Wall Street forecasts, and other major banks reported banner earnings for the year.

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.

JPMorgan Chase on Wednesday posted record quarterly and annual earnings and revenue, reinforcing the company’s status as the biggest and most profitable bank in U.S. history.

JPMorgan Chase (JPM) shares rose in premarket trading Wednesday after the banking giant reported fourth-quarter results that came in above analysts' expectations. The world's biggest bank by market capitalization reported profit of $14.

Activity on Wall Street helped buoy the bank’s fourth-quarter earnings

The $4 trillion-asset bank posted its highest-ever annual profit but also said its CEO succession plan is still in the works.