AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Policy quality-scores-3: six equally weighted categories. The overall score requires full coverage. Missing inputs are not zero. Qualitative grades are sourced interpretations, not probabilities. 6/6 · 29/10/2026
Moat63
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
structural advantage · 3/4 · Persistent investment-banking leadership, substantial payments share, asset flows and branch referrals demonstrate an established franchise. Current investment-banking share and customer activity support continuing relevance. Brand and relationship attribution is inferential; scale alone does not establish superior costs or network effects.
durability · 3/4 · Seventeen consecutive years leading global investment-banking fees and a top-two five-year client-flow ranking demonstrate persistence. The 2026 year-to-date investment-banking ranking supports continuity. Historical ranking methodology is incompletely supplied, and the evidence does not establish exceptional durability throughout the bank.
customer dependency · 2/4 · Branch referrals, transaction-volume growth, new accounts and rising mobile engagement indicate valuable ongoing relationships indirectly. Active mobile customers means users logging in within 90 days. These measures demonstrate use and demand, but do not establish exclusivity, essential dependence or substantial switching costs.
erosion resilience · 2/4 · Continuing customer activity, fee leadership and earnings growth argue against realized franchise erosion. Narrower private-bank spreads, weaker fund rankings and faster expense growth show meaningful pressures. Disintermediation remains a prospective risk rather than proof of current competitive collapse.
Pricing power56
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
realized pricing · 2/4 · Higher annual-fee revenue partly offset weaker first-half card income, and third-quarter Card Services revenue benefited from higher net yield as well as balances. Private-bank loan spreads narrowed. Fee growth elsewhere explicitly reflected volume and new accounts. These are mixed outcomes; annual-fee revenue does not isolate fee-rate increases.
retention · 3/4 · Long-term asset flows, a strong five-year flow ranking, higher transaction volumes, deposit growth and mobile engagement demonstrate sustained demand indirectly. Mobile activity uses a 90-day login definition. Acquisition and market effects remain mixed with existing-customer behavior, so no retention rate or response to repricing is inferred.
margin resilience · 2/4 · CCB first-half earnings rose despite its overhead ratio worsening from 53% to 55%. Consolidated third-quarter earnings increased year over year, but expenses rose 12% against 8% reported revenue growth. Narrower private-bank spreads further qualify resilience. These outcomes do not isolate pricing from credit, markets or investment spending.
contractual freedom · 2/4 · Market-making disclosures demonstrate discretion over bid and offer prices. Interchange settlement proceedings illustrate external constraints affecting card economics, although the disclosed settlement concerns Visa and Mastercard and had only preliminary approval. Broad unilateral customer repricing rights are absent, limiting extrapolation across the franchise.
Predictability97
Financial-sector stability over 5 consecutive reported annual periods: equal weights for nondeclining revenue frequency, revenue-growth volatility (5–40pp), positive consolidated earnings frequency, and net-income/revenue margin volatility (3–20pp). Uses reported accounting scope; not industrial FCF or a growth forecast.
- Nondeclining revenue years (%)
- 100.00
- Revenue growth volatility (pp)
- 7.70
- positiveEarningsShare
- 100.00
- netMarginStdDev
- 3.60
- observedAnnualPeriods
- 5.00
Financial strength69
Qualitative bank assessment: equal-weight average of four current evidence-backed grades (0–4), scaled to 100. Policy financial-industry-1; not an industrial ratio score or credit rating.
capital adequacy · 3/4 · June consolidated CET1 ratios were 14.2% against 11.5% requirements; binding Advanced total capital was 16.3% against 15.0%, giving 1.3 percentage points of headroom. September estimates declined to 13.9% Standardized CET1 and 16.2% Advanced total capital. September requirements are absent, so June headroom is not carried forward.
liquidity funding · 3/4 · Estimated September cash and marketable securities of $1.5 trillion and average deposit growth of 8% year over year support strong funding capacity. The resource measure omits applicable regulatory haircuts and includes bank securities unavailable to non-bank affiliates. It is not unrestricted parent liquidity; funding concentration and stress-outflow coverage remain incomplete.
asset liability risk · 2/4 · Third-quarter net charge-offs fell $389 million year over year to $2.2 billion, but wholesale exposures drove a $539 million reserve build. The CET1 rollforward records $7.893 billion of third-quarter unrealized securities losses. Deposit repricing remains behavior-sensitive, and incomplete interest-rate sensitivity definitions limit a stronger asset/liability assessment.
earnings resilience · 3/4 · Consolidated net income was $57.048 billion in 2025 and $52.954 billion for the first nine months of 2026, up 20% year over year. Third-quarter earnings remained $15.305 billion despite higher expenses. Investment gains and incomplete normalization limit through-cycle conclusions, but realized earnings support a strong assessment.
Capital allocation63
Qualitative bank assessment: equal-weight average of four current evidence-backed grades (0–4), scaled to 100. Policy financial-industry-1; not an industrial ratio score or credit rating.
capital efficiency · 3/4 · Consolidated ROE was 17% in 2025 and 20% for the first nine months of 2026; third-quarter ROE was 17%. Corresponding ROTCE measures were 20%, 24% and 20%. ROTCE is non-GAAP and uses average tangible common equity. Investment gains qualify the evidence of sustainable capital productivity.
distributions and buffers · 3/4 · Nine-month common-equity earnings of $52.065 billion exceeded $12.533 billion of declared common dividends and $14.846 billion of net treasury purchases in the capital rollforward. CET1 capital grew, and third-quarter gross repurchases fell to $1.057 billion. Declining capital ratios and absent September requirements qualify otherwise strong distribution discipline.
dilution and cost · 2/4 · Period-end common shares fell to 2,655.6 million from 2,722.2 million a year earlier, while employee-plan treasury issuances totaled 11.7 million year to date. Repurchases outweighed issuance, but their average price rose. Preferred financing and continuing compensation costs qualify the favorable net share reduction; full financing-cost effects are absent.
investment discipline · 2/4 · Technology, marketing and employee investment accompanied customer activity and earnings growth, but expenses rose faster than third-quarter revenue and CCB's first-half overhead ratio worsened. The Apple Card forward commitment remains uncompleted; revised regulatory modeling does not demonstrate acquisition returns. Investment economics are therefore mixed and incompletely established.
Management75
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 3/4 · Nine-month common-equity earnings exceeded declared common dividends and net treasury purchases, while CET1 capital increased. Actual third-quarter repurchases fell sharply as capital ratios compressed. This demonstrates adaptive capital management; securities-related capital losses and missing investment-level returns prevent an exceptional assessment.
incentive alignment · 3/4 · Actual Operating Committee awards include substantial deferred equity with performance, holding and recovery provisions. Approved June retention awards add three-year cliff vesting, a 12% average ROTCE condition and additional holding requirements. These establish meaningful alignment, but future vesting and enforcement remain unproven; the special awards also add compensation commitments.
execution · 3/4 · Eight consecutive record managed-revenue years, persistent investment-banking leadership and higher nine-month consolidated earnings demonstrate strong execution through operating outcomes. Investment gains and favorable business conditions limit management attribution. Rising expenses and weaker fund rankings show that execution is not uniformly superior.
governance · 3/4 · Independent principal committees, executive sessions, shareholder rights and actual committee meeting activity establish substantive oversight arrangements. The July amendment assigns Lead Independent Director appointment to non-management directors. Combined Chair and CEO roles concentrate authority, and documented procedures do not establish that every control operated effectively.
Evidence
•#1 in global IB fees for 17 consecutive years, with 8.4% wallet share5 in 2025
2026 proxy, filed 2026-04-06; 2025 global investment-banking fee leadership · Filed 06/04/2026
•#1 in USD payments volume with 30.2% USD SWIFT market share5
2026 proxy, filed 2026-04-06; USD payments and SWIFT share · Filed 06/04/2026
•Long-term AUM flows of $209B; top 2 rank in Client Asset Flows6 over a 5-year period
2026 proxy, filed 2026-04-06; long-term AUM flows and five-year client-flow ranking · Filed 06/04/2026
Borrowers are frequently referred to a mortgage banker by a banker in a Chase branch, real estate brokers, home builders or other third parties.
June 2026 Form 10-Q, filed 2026-08-06; mortgage referral channels · Filed 06/08/2026
RWA3 $2.2T
Cash and marketable securities4 $1.5T
Average loans $1.6T
Firmwide Metrics
n
Reported revenue of $50.2 billion and managed revenue2 of $50.9 billion
n
Expense of $27.3 billion; reported overhead ratio of 54% and managed overhead ratio2 of 54%
n
Credit costs of $2.7 billion with $2.2 billion of net charge-offs and a $539 million net reserve build
n
Average loans up 10% YoY and 2% QoQ; average deposits up 8% YoY and 2% QoQ
CCB
ROE 36%
n
Average deposits up 4% YoY, flat QoQ; client investment assets up 15% YoY
n
Average loans up 2% YoY and 1% QoQ; Card Services net charge-off rate of 2.91%
n
Debit and credit card sales volume5 up 10% YoY
n
Active mobile customers6 up 7% YoY
CIB
ROE 18%
n
Investment Banking fees up 14% YoY, down 8% QoQ; #1 ranking for Global Investment Banking fees with 9.2% wallet share YTD7
n
Markets revenue up 15% YoY, with Fixed Income Markets down 4% and Equity Markets up 49%
n
Average Banking & Payments loans up 11% YoY, flat QoQ; average client deposits8 up 10% YoY, up 1% QoQ
AWM
ROE 45%
n
AUM9 of $5.2 trillion, up 13% YoY
n
Average loans up 20% YoY and 6% QoQ; average deposits up 5% YoY, down 3% QoQ
Third-quarter release, filed 2026-10-13; firmwide and segment operating metrics · Filed 13/10/2026
7.According to Dealogic as of October 1, 2026.
Third-quarter release, filed 2026-10-13; Dealogic ranking measurement date · Filed 13/10/2026
5.Excludes Commercial Card.
6.Users of all mobile platforms who have logged in within the past 90 days.
Third-quarter release, filed 2026-10-13; card-volume exclusion and active-mobile definition · Filed 13/10/2026
8.Client deposits and other third-party liabilities (“client deposits”) pertain to the Payments and Securities Services businesses.
Third-quarter release, filed 2026-10-13; CIB client-deposit scope · Filed 13/10/2026
In evaluating market data for OC members, the CMDC benchmarks against our primary financial services peer group, which consists of large financial services companies with which the Firm directly competes for both talent and business.
2026 proxy, filed 2026-04-06; peer group competes for talent and business · Filed 06/04/2026
The following companies comprise our primary financial services peer group, which remains unchanged from last year: •American Express •Bank of America •Citigroup •Goldman Sachs •Morgan Stanley •Wells Fargo Given the diversity of the Firm’s businesses, the CMDC may also periodically reference the pay plans and practices of other financial services companies as well as leading large, global firms across multiple industries.
2026 proxy, filed 2026-04-06; named financial-services peer group · Filed 06/04/2026
Revenue from Global Private Bank was $6.8 billion, up 12%, reflecting: •higher noninterest revenue, predominantly driven by higher management fees due to strong net inflows and higher average market levels, as well as higher brokerage commissions, and •higher net interest income driven by higher average loans, largely offset by narrower spreads on loans.
June 2026 Form 10-Q, filed 2026-08-06; Global Private Bank revenue, inflows and loan spreads · Filed 06/08/2026
36 Selected metrics As of or for the three months ended June 30, As of or for the six months ended June 30, (in millions, except ranking data, ratios and employees) 2026 2025 Change 2026 2025 Change % of JPM mutual fund assets and ETFs rated as 4- or 5-star(a) 58 % 68 % 58 % 68 % % of JPM mutual fund assets and ETFs ranked in 1st or 2nd quartile:(b) 1 year 45 47 45 47 3 years 61 79 61 79 5 years 70 79 70 79 Selected balance sheet data (period-end)(c) Total assets $ 323,243 $ 268,966 20 % $ 323,243 $ 268,966 20 % Loans 293,386 245,526 19 293,386 245,526 19 Deposits 253,218 242,356 4 253,218 242,356 4 Equity 16,000 16,000 — 16,000 16,000 — Selected balance sheet data (average)(c) Total assets $ 308,845 $ 261,128 18 $ 300,001 $ 257,271 17 Loans 284,281 240,585 18 276,178 237,279 16 Deposits 260,092 248,375 5 256,916 246,253 4 Equity 16,000 16,000 — 16,000 16,000 — Employees 29,773 28,770 (d) 3 29,773 28,770 (d) 3 Number of Global Private Bank client advisors 4,119 3,756 10 4,119 3,756 10 Credit data and quality statistics(c) Net charge-offs/(recoveries) $ 2 $ (1) NM $ 3 $ — NM Nonaccrual loans 1,041 1,035 1 1,041 1,035 1 Allowance for credit losses: Allowance for loan losses $ 530 $ 552 (4) $ 530 $ 552 (4) Allowance for lending-related commitments 35 58 (40) 35 58 (40) Total allowance for credit losses $ 565 $ 610 (7) % $ 565 $ 610 (7) % Net charge-off/(recovery) rate — % — % — % — % Allowance for loan losses to period-end loans 0.18 0.22 0.18 0.22 Allowance for loan losses to nonaccrual loans 51 53 51 53 Nonaccrual loans to period-end loans 0.35 0.42 0.35 0.42 (a)Represents the Morningstar Rating for all domiciled funds except for Japan domiciled funds which use Nomura.
June 2026 Form 10-Q, filed 2026-08-06; AWM fund rankings and selected metrics · Filed 06/08/2026
Noninterest expense was $27.3 billion, up 12%, predominantly driven by higher compensation, including higher revenue-related compensation and growth in the number of front office employees, as well as higher brokerage expense and distribution fees, higher marketing expense and higher technology expense.
Third-quarter release, filed 2026-10-13; firmwide expense growth and investment drivers · Filed 13/10/2026
Furthermore, both financial institutions and their non-banking competitors face the risk of disruption to payments processing and other products and services from the use of new technologies that may not require intermediation, such as tokenized securities or other products that leverage distributed ledger technology.
2025 Form 10-K, filed 2026-02-13; prospective technology disintermediation risk · Filed 13/02/2026
New technologies have required and could require JPMorganChase to increase expenditures to modify its products to attract and retain clients and customers or to match products and services offered by its competitors, including technology companies.
2025 Form 10-K, filed 2026-02-13; technology-related expenditure requirements · Filed 13/02/2026
Noninterest revenue was $10.0 billion, up 16%, driven by: •higher auto operating lease income as a result of growth in volume, and •in BWM, higher asset management fees, reflecting higher average market levels and net inflows, as well as higher deposit-related fees as a result of higher transaction volume and new accounts, partially offset by •lower card income, driven by an increase in amortization related to new account origination costs and lower net interchange, predominantly offset by higher annual fees.
June 2026 Form 10-Q, filed 2026-08-06; first-half CCB revenue drivers and annual fees · Filed 06/08/2026
Card Services & Auto net revenue was $8.3 billion, up 15%, predominantly driven by higher Card Services net interest income on higher balances and higher net yield, as well as higher auto operating lease income.
Third-quarter release, filed 2026-10-13; Card Services balances and net yield · Filed 13/10/2026
Comparisons noted in the sections below are for the third quarter of 2026 versus the prior-year third quarter, unless otherwise specified.
Third-quarter release, filed 2026-10-13; year-over-year comparison convention · Filed 13/10/2026
Lending- and deposit-related fees increased, reflecting: •in CIB, higher deposit-related fees, primarily cash management fees, and higher lending-related fees, primarily loan commitment fees, both as a result of higher volume, and •in CCB, higher deposit-related fees as a result of higher transaction volume and new accounts.
June 2026 Form 10-Q, filed 2026-08-06; volume-driven lending and deposit fee growth · Filed 06/08/2026
Selected income statement data Three months ended June 30, Six months ended June 30, (in millions, except ratios) 2026 2025 Change 2026 2025 Change Revenue Lending- and deposit-related fees $ 971 $ 888 9 % $ 1,918 $ 1,727 11 % Asset management fees 1,379 1,110 24 2,682 2,203 22 Mortgage fees and related income 325 347 (6) 628 610 3 Card income 691 687 1 1,283 1,340 (4) All other income(a) 1,814 1,420 28 3,499 2,743 28 Noninterest revenue 5,180 4,452 16 10,010 8,623 16 Net interest income 15,092 14,395 5 29,830 28,537 5 Total net revenue 20,272 18,847 8 39,840 37,160 7 Provision for credit losses 2,156 2,082 4 4,206 4,711 (11) Noninterest expense Compensation expense 4,682 4,260 (e) 10 9,304 8,635 (e) 8 Noncompensation expense(b)(c) 6,426 5,598 (e) 15 12,783 11,080 (e) 15 Total noninterest expense 11,108 9,858 13 22,087 19,715 12 Income before income tax expense 7,008 6,907 1 13,547 12,734 6 Income tax expense 1,697 1,738 (2) 3,260 3,140 4 Net income $ 5,311 $ 5,169 3 $ 10,287 $ 9,594 7 Revenue by business Banking & Wealth Management $ 11,229 $ 10,698 5 $ 21,806 $ 20,952 4 Home Lending 1,285 1,250 3 2,517 2,457 2 Card Services & Auto 7,758 6,899 12 15,517 13,751 13 Mortgage fees and related income details: Production revenue 147 151 (3) 325 261 25 Net mortgage servicing revenue(d) 178 196 (9) 303 349 (13) Mortgage fees and related income $ 325 $ 347 (6) % $ 628 $ 610 3 % Financial ratios Return on equity 34 % 36 % 33 % 34 % Overhead ratio 55 52 55 53 (a)Primarily includes operating lease income and commissions and other fees.
June 2026 Form 10-Q, filed 2026-08-06; CCB income, expenses, ROE and overhead ratios · Filed 06/08/2026
Principal transactions revenue: Principal transactions revenue is driven by many factors, including the bid-offer spread, which is the difference between the price at which the Firm is willing to buy a financial or other instrument and the price at which the Firm is willing to sell that instrument.
June 2026 Form 10-Q, filed 2026-08-06; market-making bid and offer pricing · Filed 06/08/2026
In June 2024, the District Court for the Eastern District of New York denied preliminary approval of a settlement of the injunctive class action in which Visa and Mastercard agreed to certain changes to their respective network rules and system-wide reductions in interchange rates for U.S.-based merchants.
June 2026 Form 10-Q, filed 2026-08-06; Visa and Mastercard interchange settlement context · Filed 06/08/2026
In June 2026, the District Court granted preliminary approval of a superseding and amended class settlement between those parties, and has set a hearing on final approval of that settlement in November 2026.
June 2026 Form 10-Q, filed 2026-08-06; preliminary settlement approval and pending final hearing · Filed 06/08/2026
Per the Firm’s mix, the OC members were awarded 60% of their incentive compensation in long-term equity (with 30% in PSUs and 30% in RSUs), and the remaining 40% paid in cash.
2026 proxy, filed 2026-04-06; actual Operating Committee incentive awards · Filed 06/04/2026
Our PSU program spans a 5-year time horizon PSU goal is set at beginning of performance period Performance Year 3-Year Post-Grant Performance Period (cliff-vest) + 2-Year Additional Hold on Fully Vested Awards 2025 2026 2027 2028 2029 2030 Award is determined Payout is calculated based on average ROTCE over the 3-year performance period = Ultimate number of units earned Awards subject to reduction/cancellation/clawback based on risk, control & conduct features (including protection-based vesting) 1Average ROTCE is calculated over the three-year post-grant performance period using unadjusted reported data as set forth in public financial disclosures.
2026 proxy, filed 2026-04-06; PSU performance, holding and recovery provisions · Filed 06/04/2026
All employees are prohibited from hedging or pledging unvested RSUs and PSUs, and unexercised SARs or stock options.
2026 proxy, filed 2026-04-06; employee anti-hedging and anti-pledging restrictions · Filed 06/04/2026
In addition, the independent members of the Compensation & Management Development Committee (“CMDC”) approved one-time Retention and Continuity equity based awards (the “Awards”) on June 24, 2026 to the following Operating Committee members: Doug Petno, Co-President and CEO of the Commercial & Investment Bank, and Troy Rohrbaugh, Co-President and CEO of Consumer & Community Banking, in the amount of $30 million each; Mary Erdoes, CEO of Asset & Wealth Management, and Jennifer Piepszak, Chief Operating Officer, in the amount of $20 million each.2
Form 8-K, filed 2026-06-25; approved retention awards and recipient amounts · Filed 25/06/2026
The Awards 100% cliff-vest after three years and are subject to an additional Vesting Performance Condition that requires the Firm to achieve a three-year average return on tangible common equity3 (“ROTCE”) of 12% for calendar years 2026, 2027 and 2028.
Form 8-K, filed 2026-06-25; retention-award vesting and three-year ROTCE condition · Filed 25/06/2026
Net shares are subject to a two-year hold and are also subject to the Firm’s stock ownership guideline and retention requirements applicable to the Firm’s Operating Committee members.
Form 8-K, filed 2026-06-25; retention-award holding and ownership requirements · Filed 25/06/2026
Vesting is subject to continuous employment with the Firm, with certain limited exceptions, but does not allow for vesting for retirement, job elimination or government service.
Form 8-K, filed 2026-06-25; retention-award employment and vesting restrictions · Filed 25/06/2026
The Firm delivered managed revenue2 of $185.6 billion, which was a record for the eighth-consecutive year, and net income of $57.0 billion, or $20.02 per share, with ROTCE2 of 20%.
2026 proxy, filed 2026-04-06; eight-year managed-revenue record and 2025 results · Filed 06/04/2026
•100% principal standing committee independence
2026 proxy, filed 2026-04-06; principal standing committee independence · Filed 06/04/2026
•Annual Board and committee assessment
•Robust shareholder rights:
—Proxy access
—Right to call a special meeting
—Right to act by written consent
•Majority voting for all director elections
2026 proxy, filed 2026-04-06; shareholder rights and director voting arrangements · Filed 06/04/2026
Executive sessions of independent directors at each regular Board meeting without the presence of the CEO
2026 proxy, filed 2026-04-06; independent-director executive sessions · Filed 06/04/2026
Based on consideration of the factors described on page 22, our Board has determined that combining the roles of Chair and CEO is the most effective leadership structure for the Board at this time.
2026 proxy, filed 2026-04-06; combined Chair and CEO structure · Filed 06/04/2026
2026 Proxy Statement 23 Table of Contents Corporate governance | Director nominees Director nominees Board governance Board oversight Engagement Key oversight responsibilities of the principal standing committees of the Board Board of directors Audit Oversees: 15 meetings in 2025 •The independent registered public accounting firm’s qualifications and independence •The performance of the internal audit function and the independent public accounting firm •Management’s responsibilities to ensure that there is an effective system of controls reasonably designed to: —Safeguard the assets and income of the Firm —Ensure integrity of financial statements —Maintain compliance with the Firm’s ethical standards, policies, plans and procedures, and with laws and regulations •Internal control framework •Reputational risks and conduct risks within its scope of responsibility CMDC Oversees: 6 meetings in 2025 •Development of and succession for key executives •Compensation principles and practices •Compensation and qualified benefit programs •Operating Committee performance assessments and compensation •Culture and significant employee conduct issues and any related actions •Reputational risks and conduct risks within its scope of responsibility Governance Oversees: 7 meetings in 2025 •Review of the qualifications of proposed nominees for Board membership •Corporate governance practices applicable to the Firm •The framework for the Board’s self-assessment •Shareholder engagement •Board and committee composition •Reputational risks and conduct risks within its scope of responsibility Risk Oversees: 7 meetings in 2025 •Management’s responsibility to implement an effective global risk management framework reasonably designed to identify, assess and manage the Firm’s risks, including: —Strategic risk —Market risk —Credit and investment risk —Operational risk •Applicable primary risk management policies •Risk appetite results and breaches •The Firm’s capital and liquidity planning and analysis •Reputational risks and conduct risks within its scope of responsibility PRC Oversees: 4 meetings in 2025 •Community investing and fair lending practices •Significant policies and practices regarding political contributions, major lobbying priorities and principal trade association memberships related to Firm public policy objectives •Sustainability •Consumer practices, including consumer experience, consumer complaint resolution and consumer issues related to disclosures, fees or the introduction of major new products •Reputational risks and conduct risks within its scope of responsibility For more information about committee responsibilities, see committee Charters available at: jpmorganchase.com/about/ governance/committees.
2026 proxy, filed 2026-04-06; committee responsibilities and actual 2025 meeting counts · Filed 06/04/2026
(the “Corporation”) has adopted an amendment to Section 2.03 of the Corporation’s By-laws, effective July 21, 2026 (as so amended, the "By-laws"), to provide that a Lead Independent Director, if any, shall be appointed by the non-management directors.
Form 8-K, filed 2026-07-23; adopted Lead Independent Director appointment by-law amendment · Filed 23/07/2026
Standardized
Advanced
(in millions, except ratios)
June 30, 2026
December 31, 2025
Capital ratio requirements(a)
June 30, 2026
December 31, 2025
Capital ratio requirements(a)
Risk-based capital metrics:
CET1 capital
$
302,619
$
288,469
$
302,619
$
288,469
Tier 1 capital
322,720
307,630
322,720
307,630
Total capital
362,723
343,843
346,248
328,962
(b)
Risk-weighted assets
2,132,428
1,981,692
2,123,862
2,045,249
(b)
CET1 capital ratio
14.2
%
14.6
%
11.5
%
14.2
%
14.1
%
11.5
%
Tier 1 capital ratio
15.1
15.5
13.0
15.2
15.0
13.0
Total capital ratio
17.0
17.4
15.0
16.3
16.1
15.0
June 2026 Form 10-Q, filed 2026-08-06; consolidated capital ratios and corresponding requirements · Filed 06/08/2026
As of June 30, 2026, the Advanced Total Capital ratio became the most binding constraint for the Firm’s Basel III risk-based ratios.
June 2026 Form 10-Q, filed 2026-08-06; binding Advanced Total Capital constraint · Filed 06/08/2026
JPMORGAN CHASE & CO.
CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS
(in millions, except ratio data)
Sep 30, 2026
Change
NINE MONTHS ENDED SEPTEMBER 30,
Sep 30,
Jun 30,
Mar 31,
Dec 31,
Sep 30,
Jun 30,
Sep 30,
2026 Change
2026
2026
2026
2025
2025
2026
2025
2026
2025
2025
CAPITAL
Risk-based capital metrics
Standardized
CET1 capital
$
304,142
(b)
$
302,619
$
291,152
$
288,469
$
287,297
1
%
6
%
Tier 1 capital
324,243
(b)
322,720
310,317
307,630
306,599
—
6
Total capital
367,075
(b)
362,723
349,931
343,843
343,215
1
7
Risk-weighted assets
2,183,531
(b)
2,132,428
2,039,324
1,981,692
1,935,868
2
13
CET1 capital ratio
13.9
%
(b)
14.2
%
14.3
%
14.6
%
14.8
%
Tier 1 capital ratio
14.8
(b)
15.1
15.2
15.5
15.8
Total capital ratio
16.8
(b)
17.0
17.2
17.4
17.7
Advanced
CET1 capital
$
304,142
(b)
$
302,619
$
291,152
$
288,469
$
287,297
1
6
Tier 1 capital
324,243
(b)
322,720
310,317
307,630
306,599
—
6
Total capital
350,267
(b)
346,248
334,355
328,962
328,356
1
7
Risk-weighted assets
2,164,332
(b)
2,123,862
2,061,341
(c)
2,045,249
1,932,404
2
12
CET1 capital ratio
14.1
%
(b)
14.2
%
14.1
%
14.1
%
14.9
%
Tier 1 capital ratio
15.0
(b)
15.2
15.1
15.0
15.9
Total capital ratio
16.2
(b)
16.3
16.2
16.1
17.0
Leverage-based capital metrics
Adjusted average assets (a)
$
4,965,490
(b)
$
4,921,814
$
4,702,980
$
4,472,394
$
4,464,441
1
11
Tier 1 leverage ratio
6.5
%
(b)
6.6
%
6.6
%
6.9
%
6.9
%
Total leverage exposure
$
5,934,748
(b)
$
5,844,422
$
5,576,930
$
5,302,001
$
5,272,950
2
13
SLR
5.5
%
(b)
5.5
%
5.6
%
5.8
%
5.8
%
Total Loss-Absorbing Capacity (“TLAC”)
Eligible external TLAC
$
598,651
(b)
$
590,505
$
572,047
$
563,743
$
567,557
1
5
MEMO: CET1 CAPITAL ROLLFORWARD
Standardized/Advanced CET1 capital, beginning balance
$
302,619
$
291,152
$
288,469
$
287,297
$
283,854
4
7
$
288,469
$
275,513
5
%
Net income applicable to common equity
15,000
20,847
16,218
12,745
14,111
(28)
6
52,065
43,204
21
Dividends declared on common stock
(4,433)
(4,033)
(4,067)
(4,091)
(4,134)
(10)
(7)
(12,533)
(11,969)
(5)
Net purchase of treasury stock
(1,004)
(6,717)
(7,125)
(8,265)
(8,343)
85
88
(14,846)
(22,308)
33
Changes in additional paid-in capital
334
472
(1,027)
249
289
(29)
16
(221)
(46)
(380)
Changes related to AOCI applicable to capital:
Third-quarter supplement, filed 2026-10-13; consolidated capital ratios and capital rollforward · Filed 13/10/2026
(b)Estimated.
(c)As of March 31, 2026, reflects the updated impact to the amount of risk-weighted assets (“RWA”) resulting from the completion of the necessary modeling steps for the Apple Card transaction of approximately $30 billion, as compared to the impact of approximately $110 billion as of December 31, 2025.
Third-quarter supplement, filed 2026-10-13; estimated capital designation and Apple Card RWA modeling · Filed 13/10/2026
Unrealized gains/(losses) on investment securities
(7,893)
320
(2,401)
1,295
1,509
NM
NM
(9,974)
2,274
NM
Translation adjustments, net of hedges
(29)
(21)
(167)
(6)
(12)
(38)
(142)
(217)
1,345
NM
Fair value hedges
24
(9)
41
7
37
NM
(35)
56
57
(2)
Defined benefit pension and other postretirement employee benefit plans
179
37
4
619
4
384
NM
220
(40)
NM
Changes related to other CET1 capital adjustments
(655)
(b)
571
1,207
(1,381)
(18)
NM
NM
1,123
(b)
(733)
NM
Change in Standardized/Advanced CET1 capital
1,523
(b)
11,467
2,683
1,172
3,443
(87)
(56)
15,673
(b)
11,784
33
Standardized/Advanced CET1 capital, ending balance
$
304,142
(b)
$
302,619
$
291,152
$
288,469
$
287,297
1
6
$
304,142
(b)
$
287,297
6
Third-quarter supplement, filed 2026-10-13; securities-related capital changes and CET1 accumulation · Filed 13/10/2026
4.Estimated. Cash and marketable securities include end-of-period eligible high-quality liquid assets (“HQLA”), excluding regulatory prescribed haircuts under the liquidity coverage ratio (“LCR”) rule where applicable, for both the Firm and the excess HQLA-eligible securities included as part of the excess liquidity at JPMorgan Chase Bank, N.A., which are not transferable to non-bank affiliates and thus excluded from the Firm’s LCR.
Third-quarter release, filed 2026-10-13; estimated cash and marketable-securities definition and transfer restrictions · Filed 13/10/2026
Also include other end-of-period unencumbered marketable securities, such as equity and debt securities.
Third-quarter release, filed 2026-10-13; additional unencumbered marketable-securities scope · Filed 13/10/2026
Does not include borrowing capacity at Federal Home Loan Banks and the discount window at the Federal Reserve Bank.
Third-quarter release, filed 2026-10-13; excluded borrowing capacity · Filed 13/10/2026
Net charge-offs were $2.2 billion, down $389 million, driven by Wholesale.
Third-quarter release, filed 2026-10-13; realized firmwide net charge-offs · Filed 13/10/2026
The net reserve build was $539 million, primarily in Wholesale.
Third-quarter release, filed 2026-10-13; wholesale-led reserve build · Filed 13/10/2026
Actual deposit rates paid may differ from the modeled assumptions, primarily due to customer behavior and competition for deposits.
June 2026 Form 10-Q, filed 2026-08-06; deposit repricing model uncertainty · Filed 06/08/2026
JPMORGAN CHASE & CO.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(in millions, except per share and ratio data)
QUARTERLY TRENDS
NINE MONTHS ENDED SEPTEMBER 30,
3Q26 Change
2026 Change
SELECTED INCOME STATEMENT DATA
3Q26
2Q26
1Q26
4Q25
3Q25
2Q26
3Q25
2026
2025
2025
Reported Basis
Total net revenue
$
50,172
$
57,347
(f)
$
49,836
$
45,798
$
46,427
(13)
%
8
%
$
157,355
(f)
$
136,649
15
%
Total noninterest expense
27,295
27,316
26,850
23,983
24,281
—
12
81,461
71,657
14
Pre-provision profit (a)
22,877
30,031
22,986
21,815
22,146
(24)
3
75,894
64,992
17
Provision for credit losses
2,743
2,515
2,507
4,655
(g)
3,403
9
(19)
7,765
9,557
(19)
NET INCOME
15,305
21,155
16,494
13,025
14,393
(28)
6
52,954
44,023
20
Managed Basis (b)
Total net revenue
50,907
58,022
(f)
50,536
46,767
47,120
(12)
8
159,465
(f)
138,814
15
Total noninterest expense
27,295
27,316
26,850
23,983
24,281
—
12
81,461
71,657
14
Pre-provision profit (a)
23,612
30,706
23,686
22,784
22,839
(23)
3
78,004
67,157
16
Provision for credit losses
2,743
2,515
2,507
4,655
(g)
3,403
9
(19)
7,765
9,557
(19)
NET INCOME
15,305
21,155
16,494
13,025
14,393
(28)
6
52,954
44,023
20
EARNINGS PER SHARE DATA
Net income: Basic
$
5.58
$
7.71
$
5.95
$
4.64
$
5.08
(28)
10
$
19.24
$
15.41
25
Diluted
5.57
7.70
5.94
4.63
5.07
(28)
10
19.20
15.38
25
Average shares: Basic
2,678.6
2,689.9
2,716.2
2,735.3
2,762.4
—
(3)
2,694.9
2,790.2
(3)
Diluted
2,683.0
2,694.2
2,720.2
2,740.5
2,767.6
—
(3)
2,699.1
2,795.2
(3)
MARKET AND PER COMMON SHARE DATA
Market capitalization
$
878,555
$
870,104
$
788,205
$
868,793
$
858,683
1
2
$
878,555
$
858,683
2
Common shares at period-end
2,655.6
2,658.2
2,679.5
2,696.2
2,722.2
—
(2)
2,655.6
2,722.2
(2)
Book value per share
$
132.30
$
133.01
$
128.38
$
126.99
$
124.96
(1)
6
$
132.30
$
124.96
6
Tangible book value per share (“TBVPS”) (a)
112.64
113.35
108.87
107.56
105.70
(1)
7
112.64
105.70
7
Cash dividends declared per share
1.65
1.50
1.50
1.50
1.50
10
10
4.65
4.30
8
FINANCIAL RATIOS (c)
Return on common equity (“ROE”)
17
%
24
%
19
%
15
%
17
%
20
%
17
%
Return on tangible common equity (“ROTCE”) (a)
20
29
23
18
20
24
21
Return on assets
1.21
1.70
1.41
1.14
1.26
1.44
1.34
CAPITAL RATIOS
Common equity Tier 1 (“CET1”) capital ratio - Standardized (d)
13.9
%
(e)
14.2
%
14.3
%
14.6
%
14.8
%
13.9
%
(e)
14.8
%
Tier 1 capital ratio - Standardized (d)
14.8
(e)
15.1
15.2
15.5
15.8
14.8
(e)
15.8
Third-quarter supplement, filed 2026-10-13; consolidated quarterly and nine-month financial highlights · Filed 13/10/2026
2
59
NM
42
73
95
(23)
Corporate
(30)
(10)
(1)
4
(3)
(200)
NM
(41)
3
NM
PROVISION FOR CREDIT LOSSES
$
2,743
$
2,515
$
2,507
$
4,655
$
3,403
9
(19)
$
7,765
$
9,557
(19)
NET INCOME/(LOSS)
Consumer & Community Banking
$
5,670
$
5,311
$
4,976
$
3,642
$
5,009
7
13
$
15,957
$
14,603
9
Commercial & Investment Bank
8,247
9,678
9,044
7,268
6,901
(15)
20
26,969
20,493
32
Asset & Wealth Management
1,843
1,957
1,775
1,808
1,658
(6)
11
5,575
4,714
18
Corporate
(455)
4,209
699
307
825
NM
NM
4,453
4,213
6
TOTAL NET INCOME
$
15,305
$
21,155
$
16,494
$
13,025
$
14,393
(28)
6
$
52,954
$
44,023
20
(a)Included a $4.6 billion net gain related to Visa Class C common stock in Corporate and $1.0 billion of gains on certain equity investments, consisting of $763 million in Corporate and $263 million in CIB.
Third-quarter supplement, filed 2026-10-13; segment earnings and disclosed investment-gain qualification · Filed 13/10/2026
Financial performance of JPMorganChase
Year ended December 31,
(in millions, except per share data and ratios)
2025
2024
Change
Selected income statement data
Noninterest revenue
$
87,004
$
84,973
2%
Net interest income
95,443
92,583
3
Total net revenue
182,447
177,556
3
Total noninterest expense
95,640
91,797
4
Pre-provision profit
86,807
85,759
1
Provision for credit losses
14,212
10,678
33
Net income
57,048
58,471
(2)
Diluted earnings per share
20.02
19.75
1
Selected ratios and metrics
Return on common equity
17
%
18
%
Return on tangible common equity
20
22
Book value per share
$
126.99
$
116.07
9
Tangible book value per share
107.56
97.3
11
Capital ratios - Standardized(a)(b)
CET1 capital
14.6
%
15.7
%
Tier 1 capital
15.5
16.8
Total capital
17.4
18.5
Memo:
NII excluding Markets(c)
$
92,591
$
92,419
—
NIR excluding Markets(c)
57,208
58,167
(2)
Markets(d)
35,782
30,007
19
Total net revenue - managed basis
$
185,581
$
180,593
3%
2025 Form 10-K, filed 2026-02-13; consolidated 2025 financial performance · Filed 13/02/2026
b.Tangible common equity (“TCE”), return on tangible common equity (“ROTCE”) and tangible book value per share (“TBVPS”) are each non-GAAP financial measures.
Third-quarter release, filed 2026-10-13; non-GAAP designation for tangible-equity measures · Filed 13/10/2026
ROTCE measures the Firm’s net income applicable to common equity as a percentage of average TCE.
Third-quarter release, filed 2026-10-13; ROTCE numerator and average-TCE denominator · Filed 13/10/2026
Total shares of common stock repurchased
3.1
21.7
27.5
26.7
28.0
(86)
(89)
52.3
87.7
(40)
Average price paid per share of common stock
$
342.33
$
308.21
$
302.75
$
309.81
$
297.10
11
15
$
307.36
$
266.44
15
Aggregate repurchases of common stock
1,057
6,703
8,328
8,262
8,315
(84)
(87)
16,088
23,378
(31)
EMPLOYEE ISSUANCE
Shares issued from treasury stock related to employee
Third-quarter supplement, filed 2026-10-13; actual repurchase shares, prices and amounts · Filed 13/10/2026
stock-based compensation awards and employee stock
purchase plans
0.5
0.4
10.8
0.7
0.4
25
25
11.7
12.3
(5)
Net impact of employee issuances on stockholders’ equity (b)
$
393
$
518
$
221
$
322
$
339
(24)
16
$
1,132
$
1,234
(8)
(a)The Firm’s Board of Directors authorized a new common share repurchase program of up to $50 billion, effective July 1, 2026, which replaced the previous program that commenced in the third quarter of 2025 and authorized repurchases of up to $50 billion.
Third-quarter supplement, filed 2026-10-13; employee share issuances, equity impact and repurchase authorization · Filed 13/10/2026
(b)The net impact of employee issuances on stockholders’ equity is driven by the cost of equity compensation awards that is recognized over the applicable vesting periods.
Third-quarter supplement, filed 2026-10-13; employee-issuance equity-impact definition · Filed 13/10/2026
The cost is partially offset by tax impacts related to the distribution of shares.
Third-quarter supplement, filed 2026-10-13; tax offset to employee-issuance equity impact · Filed 13/10/2026
(the “Company”) issued 300,000 shares (the “Shares”) of the Company’s 6.100% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series PP, par value of $1.00 per share and with a liquidation preference of $10,000 per share (the “Series PP Preferred Stock”), which Shares were deposited against delivery of depositary receipts (the “Depositary Receipts”) evidencing 3,000,000 depositary shares (the “Depositary Shares”), each representing a one-tenth interest in a Share, issued by Computershare Inc., as depositary.
Form 8-K, filed 2026-05-07; issued preferred-stock amount, preference and stated rate · Filed 07/05/2026
The Firm entered into a forward purchase commitment on December 30, 2025 to acquire the Apple credit card portfolio (the “Apple Card transaction”), with an expected closing date approximately 24 months thereafter.
Third-quarter supplement, filed 2026-10-13; Apple Card forward purchase commitment and expected closing · Filed 13/10/2026
