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olivLaw · US equity research

JPMorgan Chase & Co. JPM

National Commercial Banks · SIC 6021 · Vertical: National Commercial Banks (SIC 6021)

352.11USD+4.18% · 1 dayClose 04 Nov 2026

JPMorgan Chase & Co. (JPM) is a large US financial firm with $4.4 trillion in assets at December 31, 2025. In the third quarter of 2026 it reported net income of $15.3 billion, or $5.57 per diluted share, and reported revenue of $50.2 billion. Results were affected by $658 million of net investment securities losses.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, JPMorgan Chase & Co. (JPM) stock was 352.11 USD (+4.18% on the day), with market capitalisation 935.1 bn USD, P/E 14.7 on diluted EPS of 23.96 USD over the last 12 months, dividend yield 1.75%, beta 0.95, 52-week range 282.84–365.18 USD. Latest reported quarter (Q3 2026): net income of 15.3 bn USD (+6.3% YoY), diluted EPS 5.57 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
935.1 bn USD
shares as of 30 Sept 2026
P/E (TTM)
14.7
Diluted EPS TTM 23.96 · TTM to 30 Sept 2026
E/P (TTM)
6.81%
TTM to 30 Sept 2026
Dividend yield
1.75%
DPS 12m 6.15
Beta (2y)
0.95
Volatility (1y) 22%
52-week range
282.84365.18

Price history

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Technical reading

RSI (14)
63.2
strong (55–70)
Bollinger (20, 2)
327.23 – 346.09
above the upper band · %B 1.32 · band width 5.6%
SMA 50 / 200
342.61 / 323.48
uptrend (price > SMA50 > SMA200)
MACD (12, 26, 9)
0.79 / -1.04
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+5.9%−1.1%+7.0 pp—
3 months−2.0%−0.5%−1.5 pp—
6 months+11.8%+4.4%+7.4 pp—
Year to date+9.3%+12.3%−3.0 pp—
1 year+13.9%+13.5%+0.3 pp+20.7%
3 years+146.2%+76.4%+69.8 pp+73.9%
5 years+109.5%+63.7%+45.9 pp—
Max drawdown (1y)
−15.5%
06 Jan 2026 → 27 Mar 2026
Max drawdown (5y)
−39.7%
08 Nov 2021 → 11 Oct 2022
Compound annual growth (5y)
+15.9%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q3 2026 · 30 Sept 2026

Revenue
unavailable USD
unavailable YoY
Net income
15.3 bn USD
+6.3% YoY
Diluted EPS
5.57
+9.9% YoY
net / operating
unavailable / unavailable

Quarterly statements · USD

Fiscal yearQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Depreciation & amortisation2.0 bn2.0 bn2.2 bn ≈2.3 bn ≈2.3 bn2.4 bn2.3 bn ≈2.9 bn ≈
Pre-tax income17.4 bn18.4 bn18.3 bn18.7 bn17.2 bn20.5 bn27.5 bn20.1 bn
Income tax3.4 bn3.8 bn3.3 bn4.4 bn4.1 bn4.0 bn6.4 bn4.8 bn
Net income14.0 bn14.6 bn15.0 bn14.4 bn13.0 bn16.5 bn21.2 bn15.3 bn
Diluted EPS4.93 ≈5.075.245.074.75 ≈5.947.705.57
Operating cash flow147.8 bn-251.8 bn29.5 bn ≈-45.2 bn ≈119.7 bn-211.8 bn-25.3 bn ≈33.2 bn ≈
Dividends paid3.9 bn3.8 bn4.2 bn ≈4.2 bn ≈4.4 bn4.4 bn4.3 bn ≈4.3 bn ≈
Share repurchases4.3 bn7.5 bn7.5 bn ≈8.3 bn ≈8.3 bn8.3 bn6.8 bn ≈1.1 bn ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 89 percentile of its own 44-quarter history (min 8.6, median 11.8, max 16.6; quarters with earnings only).

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue108.8 bn115.7 bn120.0 bn121.6 bn128.7 bn158.1 bn177.6 bn182.4 bn
Revenue YoY+8.0%+6.4%+3.7%+1.4%+5.8%+22.9%+12.3%+2.8%
Net income32.5 bn36.4 bn29.1 bn48.3 bn37.7 bn49.6 bn58.5 bn57.0 bn
Net income YoY+32.9%+12.2%−20.0%+65.9%−22.1%+31.5%+18.0%−2.4%
Diluted EPS9.0010.728.8815.3612.0916.2319.7520.02
Diluted EPS YoY+42.6%+19.1%−17.2%+73.0%−21.3%+34.2%+21.7%+1.4%
net %29.9%31.5%24.3%39.7%29.3%31.3%32.9%31.3%
Free cash flowunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
343.3 bn USD
Financial debt
64.8 bn USD
Net debt
-278.6 bn USD
Equity
362.4 bn USD
Total assets
4,424.9 bn USD
Debt / equity
0.18x
Current ratio
unavailable
ROE
16.1%
ROA
1.4%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (USD)

Income statement · USD

Net interest income
2023
89.3 bn
2024
92.6 bn
2025
95.4 bn

SEC (XBRL)· 13 Feb 2026verified

Net fee income
2023
68.8 bn
2024
85.0 bn
2025
87.0 bn

SEC (XBRL)· 13 Feb 2026verified

Non-interest expense
2023
87.2 bn
2024
91.8 bn
2025
95.6 bn

SEC (XBRL)· 13 Feb 2026verified

Pre-tax income
2023
61.6 bn
2024
75.1 bn
2025
72.6 bn

SEC (XBRL)· 13 Feb 2026verified

Net income
2023
49.6 bn
2024
58.5 bn
2025
57.0 bn

SEC (XBRL)· 13 Feb 2026verified

Diluted EPS
2023
16.23
2024
19.75
2025
20.02

SEC (XBRL)· 13 Feb 2026verified

Dividend per share
2023
4.10
2024
4.80
2025
5.80

SEC (XBRL)· 13 Feb 2026verified

Balance sheet · USD

Cash
2023
624.2 bn
2024
469.3 bn
2025
343.3 bn

SEC (XBRL)· 13 Feb 2026verified

Loans
2023
1,301.3 bn
2024
1,323.6 bn
2025
1,467.7 bn

SEC (XBRL)· 13 Feb 2026verified

Total assets
2023
3,875.4 bn
2024
4,002.8 bn
2025
4,424.9 bn

SEC (XBRL)· 13 Feb 2026verified

Deposits
2023
2,400.7 bn
2024
2,406.0 bn
2025
2,559.3 bn

SEC (XBRL)· 13 Feb 2026verified

Short-term debt
2023
44.7 bn
2024
52.9 bn
2025
64.8 bn

SEC (XBRL)· 13 Feb 2026verified

Total liabilities
2023
3,547.5 bn
2024
3,658.1 bn
2025
4,062.5 bn

SEC (XBRL)· 13 Feb 2026verified

Equity
2023
327.9 bn †
2024
344.8 bn †
2025
362.4 bn †

SEC (XBRL)· 13 Feb 2026verified

Cash flow · USD

Dividends paid
2023
13.5 bn
2024
14.8 bn
2025
16.6 bn

SEC (XBRL)· 13 Feb 2026verified

Share repurchases
2023
9.8 bn
2024
18.8 bn
2025
31.6 bn

SEC (XBRL)· 13 Feb 2026verified

Computed indicators

Growth

Revenue growth (YoY)
2.8%
computed by olivLawFY 2025
Revenue CAGR 3Y
12.3%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
8.7%
computed by olivLawFY 2020 → FY 2025
Net income growth (YoY)
-2.4%
computed by olivLawFY 2025
Net income CAGR 3Y
14.8%
computed by olivLawFY 2022 → FY 2025
Net income CAGR 5Y
14.4%
computed by olivLawFY 2020 → FY 2025
EPS growth (YoY)
1.4%
computed by olivLawFY 2025
EPS CAGR 3Y
18.3%
computed by olivLawFY 2022 → FY 2025
EPS CAGR 5Y
17.7%
computed by olivLawFY 2020 → FY 2025

Profitability

Net margin
36.2%
computed by olivLawFY 2025

Returns

ROE
18.0%
computed by olivLawFY 2025 · balance sheet at 30 Sept 2026
ROA
1.4%
computed by olivLawFY 2025 · balance sheet at 30 Sept 2026
Payout ratio (EPS)
25.7%
computed by olivLawFY 2025

Market and valuation

Market capitalisation
935.1 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
Market cap / net income TTM
14.2x
computed by olivLawTTM to 30 Sept 2026
P/E (TTM)
14.7x
computed by olivLawTTM to 30 Sept 2026
Earnings yield
6.8%
computed by olivLawTTM to 30 Sept 2026
P/B
2.5x
computed by olivLawbalance sheet at 30 Sept 2026
P/S
5.1x
computed by olivLawFY 2025 · balance sheet at 30 Sept 2026
Dividend yield
1.7%
computed by olivLawFY 2025
Shareholder yield (distributions)
4.5%
computed by olivLawFY 2025 · balance sheet at 30 Sept 2026

Banking

Net interest margin
2.1%
computed by olivLawFY 2025 · balance sheet at 30 Sept 2026
Cost-to-income
51.9%
computed by olivLawFY 2025
Loan-to-deposit
56.0%
computed by olivLawbalance sheet at 30 Sept 2026
NPL ratio
unavailable
input data missing
CET1 ratio
unavailable
input data missing
Cost of risk
unavailable
input data missing

32 indicators that do not apply to the sector.

Valuation

olivLaw classification

Neutral profile

Score: 56 / 100

A scoring methodology on indicators and valuation, not investment advice.

Closing price

352.11 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 935.1 bn USD

Key indicators

Market capitalisation
935.1 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
P/E (TTM)
14.7x
computed by olivLawTTM to 30 Sept 2026
P/B
2.5x
computed by olivLawbalance sheet at 30 Sept 2026
ROE
18.0%
computed by olivLawFY 2025 · balance sheet at 30 Sept 2026
Net margin
36.2%
computed by olivLawFY 2025
Revenue growth (YoY)
2.8%
computed by olivLawFY 2025
Dividend yield
1.7%
computed by olivLawFY 2025

Coverage and freshness

16/20 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Sept 2026
Latest balance sheet date: 30 Sept 2026
Share count (cover of the latest filing), as of: 30 Sept 2026
Source: SEC (XBRL)published 03 Nov 2026
verified 2491derived 232

Score by group

  • Valuation11
  • Returns15
  • Quality68
  • Balance sheet100
  • Growth100

Estimated value range

Low
165.26
USD per share
Mid
172.21
USD per share
High
196.89
USD per share
Price: 352.11 USD
The price is above the range
Potential to the central value: -51.1% (value / price − 1)
Margin of safety: -104.5% (1 − price / value)
Agreement between methods: low · 5 methods used · 4 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 76.22 – 375.03 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • Residual income165.26 – 172.89 (Mid 169.01)
  • Justified P/B278.87 – 375.03 (Mid 319.88)
  • Dividend discount (DDM)76.22 – 102.50 (Mid 87.43)
  • Peers: P/E257.22 – 292.14 (Mid 279.86)
    30 companies used · median multiple 11.7x · quartiles 10.7x – 12.2x
    ASRV, BAC, CAC, CASH, CFBK, CFR, CHCO, COF, DCBG, FHN, FULT, FUNC, HAFC, HBAN, KEY, LCNB, MRBK, NBTB, NKSH, ONB, PNC, RF, SFST, SHBI, TBBK, USB, WAFD, WFC, WSFS, ZION
  • Peers: P/B143.81 – 196.89 (Mid 172.21)
    34 companies used · median multiple 1.2x · quartiles 1.0x – 1.4x
    ASRV, BAC, BANC, C, CAC, CARE, CASH, CFBK, COF, DCBG, FHN, FULT, FUNC, HAFC, HBAN, KEY, LCNB, MRBK, NBHC, NBTB, NKSH, ONB, PNC, PRK, RF, SFST, SHBI, SNUS-PH, UBS, USB, WAFD, WFC, WSFS, ZION
Multiple comparisons use the SIC vertical: National Commercial Banks (SIC 6021)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Neutral profile · Score 56/100

FactorValueScoreWeight used
ROE · Quality18.0%92 (vs peers)19%
ROA · Quality1.4%69 (on a fixed band)7%
Cost-to-income · Quality51.9%52 (on a fixed band)12%
Net interest margin · Quality2.1%25 (on a fixed band)7%
EPS CAGR 3Y · Growth18.3%100 (on a fixed band)10%
Revenue CAGR 3Y · Growth12.3%100 (on a fixed band)7%
NPL ratio · Balance sheetunavailableunavailable—
Cost of risk · Balance sheetunavailableunavailable—
Loan-to-deposit · Balance sheet56.0%100 (on a fixed band)5%
P/B · Valuation2.5x5 (vs peers)12%
P/E (TTM) · Valuation14.7x17 (vs peers)12%
Dividend yield · Returns1.7%15 (vs peers)10%

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial100/100 · 1/3 factors with a value
  • Growth100/100 · 2/2 factors with a value
  • Quality68/100 · 4/4 factors with a value
  • Returns15/100 · 1/1 factors with a value
  • Valuation11/100 · 2/2 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

JPMORGAN CHASE & CO (JPM). Latest full fiscal year: 2025; data up to 2026-09-30.

Figures computed from the financial statements: net interest income 95.4 bn USD in 2025; YoY growth 2.8%; net margin 36.2%; ROE 18.0%.

The estimated value range is 165.26–196.89 USD per share (median of 5 methods, agreement: low); assumptions are illustrative. Against the central value of 172.21 USD, the price of 352.11 USD leaves a potential of -51.1% (value / price − 1) and a margin of safety of -104.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

olivLaw score 56/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance. Not investment advice.

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • ROE: 18.0%
  • EPS CAGR 3Y: 18.3%
  • Revenue CAGR 3Y: 12.3%
  • Loan-to-deposit: 56.0%

What contradicts it

  • Net interest margin: 2.1%
  • P/B: 2.5x
  • P/E (TTM): 14.7x
  • Dividend yield: 1.7%
  • The price is above the estimated value range
  • The valuation methods diverge

Not assessed (insufficient data or a ratio without meaning): NPL ratio, Cost of risk.

Versus the vertical median

National Commercial Banks (SIC 6021) · same industry (4-digit SIC) · compared with 39 companies

The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.

Multiples and returns vs the median

P/E
14.7x
vertical median 11.9x
above median (+23.7%)
EV/EBITDA
—
vertical median —
P/S
5.1x
vertical median 14.0x
below median (−63.4%)
P/B
2.5x
vertical median 1.2x
above median (+102.2%)
ROE
18.0%
vertical median 11.3%
above median (+60.1%)
Net margin
36.2%
vertical median 110.1%
below median (−67.2%)
EBIT margin
—
vertical median —
Revenue YoY
2.8%
vertical median 7.1%
below median (−61.0%)
Net debt/EBITDA
—
vertical median —
Dividend yield
1.7%
vertical median 2.7%
below median (−35.8%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
JPMJpmorgan Chase & Co935.1 bn14.718.0%36.2%+2.8%+14% / +146%
BACBofA Finance LLC356.3 bn12.210.8%26.8%+6.8%−4% / +69%
WFCWells Fargo & Company262.5 bn12.212.9%—−1.6%+2% / +96%
CCitigroup Inc218.2 bn17.86.8%16.8%+5.6%+20% / +171%
UBSUBS Group AG169.3 bn21.58.9%—+7.0%+31% / +79%
COFCapital One Financial Corp124.1 bn12.19.7%17.2%+36.6%−6% / +85%
USBUs Bancorp \de\95.1 bn12.012.7%27.5%+4.4%+24% / +60%
PNCPNC Financial Services Group, Inc.92.6 bn12.213.1%31.1%+7.2%+22% / +74%
HBANHuntington Bancshares Incorporated32.4 bn12.99.1%133.3%+6.4%−1% / +43%
RFRegions Financial Corporation24.7 bn11.711.9%—+23.8%+14% / +74%
KEYKeyCorp22.8 bn11.611.2%26.6%+62.7%+17% / +74%
FHNFirst Horizon Corp11.2 bn11.311.6%29.9%+7.2%+6% / +86%
SNUS-PHSantander Holdings USA, Inc.11.0 bn6.210.8%—unavailableunavailable / unavailable
CFRCullen/Frost Bankers, Inc.9.9 bn14.816.3%29.5%+8.3%+29% / +62%
ONBOld National Bancorp9.8 bn10.511.5%—+6.1%+19% / +74%
ZIONZions Bancorporation, National Association9.7 bn8.516.4%168.7%+3.6%+25% / +87%
FULTFulton Financial Corp4.6 bn11.611.1%137.0%−6.5%+34% / +71%
WSFSWsfs Financial Corporation4.1 bn12.812.4%—+50.2%+45% / +110%
PRKPark National Corporation3.3 bn16.411.0%25.8%+2.9%+19% / +65%
BANCBanc Of California, Inc.2.9 bn—-0.7%-1.4%−3.8%+1% / +61%
NBTBNbt Bancorp Inc2.8 bn13.311.4%117.1%+10.4%+30% / +52%
WAFDWaFd, Inc.2.2 bn9.48.5%810.8%+7.8%−5% / +13%
CHCOCity Holding Company2.0 bn15.716.6%176.6%+3.2%+19% / +50%
TBBKThe Bancorp, Inc.1.9 bn8.929.6%164.3%+20.8%−26% / +21%
NBHCNational Bank Holdings Corp1.7 bn30.33.6%110.1%+2.9%+3% / +16%

1- and 3-year price returns: for JPM from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
232.80
Total return -32% · Per year -32%
410.13
Total return 19% · Per year 19%
615.80
Total return 77% · Per year 77%
3 years
262.93
Total return -20% · Per year -7%
517.57
Total return 54% · Per year 15%
847.84
Total return 149% · Per year 36%
5 years
296.96
Total return -7% · Per year -1%
653.16
Total return 99% · Per year 15%
1,167.31
Total return 249% · Per year 28%
What moves the 3-year price the most
  • Exit P/E± 129.39
  • Net margin± 90.57
  • Annual revenue growth± 69.15
  • Annual dilution± 7.61

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 13 Oct 2026; since then the company filed 10-Q (03 Nov 2026).

In brief

JPMorgan Chase & Co. (JPM) is a large US financial firm with $4.4 trillion in assets at December 31, 2025 1. In the third quarter of 2026 it reported net income of $15.3 billion, or $5.57 per diluted share, and reported revenue of $50.2 billion 2. Results were affected by $658 million of net investment securities losses 2.

SWOT

Strengths

  • Leading positions in investment banking and U.S. retail deposits, with a broad base of institutional and individual clients 12.
  • Strong capitalization, with high CET1 ratios and a robust capital base 2.
  • Diversification across three main segments, which can cushion the effect of weakness in any single business line 1.

Weaknesses

  • Operating and compliance costs are high, particularly for a bank under extensive supervision 1.
  • Losses on investment securities weighed on results in the third quarter of 2026 2.
  • Reliance on market conditions can make trading revenue volatile 2.

Opportunities

  • Growth in assets under management and client net inflows could support fee revenue 2.
  • Attracting new retail accounts and expanding card products could strengthen the deposit base 2.
  • Financing and investment banking activity could benefit from a favourable deal environment, if it persists 2.

Threats

  • Regulatory or capital changes, including new Basel III requirements, could raise costs or limit activity 1.
  • Competition from fintech and less regulated firms could erode traditional segments 1.
  • Worsening economic or geopolitical conditions could increase credit losses and reduce demand 2.

Risks

  • Regulatory riskhigh

    The group is under extensive supervision, and regulatory changes could require operational changes or added costs 1.

  • Legal riskhigh

    Ongoing proceedings and investigations could lead to penalties or settlements that exceed established reserves 1.

  • Market and interest rate riskmedium

    Changes in interest rates and market volatility could affect revenue, investments and trading positions 12.

  • Credit riskmedium

    Deterioration in the situation of clients or counterparties could increase credit losses 2.

  • Operational and cyber riskmedium

    A successful cyber attack or system failure could affect operations and reputation 1.

Investment thesis

What would need to be true (bull case)

  • If trading, investment banking and asset management revenue keeps growing, quarterly results could remain solid 2.
  • High capital and a leading retail deposit franchise could provide flexibility for shareholder distributions 2.
  • Diversification across several segments could cushion a decline in any single business line 1.

What would break the thesis

  • If client activity keeps moderating, trading revenue could decline 2.
  • Inflation and fiscal deficit pressures could weigh on demand and on credit quality 2.
  • Regulatory and compliance costs could rise and limit operational flexibility 1.

What to watch

  • Quarterly results on revenue and net interest marginQ4 2026
  • Stress test results and the final stress capital buffer requirement2026
  • Progress of the revised risk-based capital proposal2027
  • Next annual 10-K and credit loss provision trendsnext 10-K

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 13 Oct 2026; since then the company filed 10-Q (03 Nov 2026).

The business

JPMorgan Chase & Co. is a financial holding company incorporated under Delaware law in 1968, based in the United States with operations worldwide 1. It operates in investment banking, consumer and small business financial services, commercial banking, transaction processing and asset management under the J.P. Morgan and Chase brands 1. Stockholders' equity was $362.4 billion at December 31, 2025 1.

For reporting, the group has three main segments: Consumer & Community Banking (CCB), Commercial & Investment Bank (CIB) and Asset & Wealth Management (AWM), with Corporate activities reported separately 1. In the third quarter of 2026, CCB had net revenue of $21.2 billion, CIB $22.7 billion, and AWM managed $5.2 trillion of assets 2.

Market context

The group operates in highly competitive markets where rivals include other banks, brokerages, investment banks, hedge funds, card companies and fintech firms 1. Its strong U.S. retail deposit franchise, ranked first for the sixth consecutive year, points to a strong domestic position 2.

The regulatory environment remains strict, and Basel III capital requirements may be revised, which could affect the bank's capacity to distribute capital 1. The standardized CET1 ratio was 13.9% in the third quarter of 2026 2.

Trends

  • Interest rate increasesmixed

    Higher rates can support interest and deposit income but may add pressure on clients and funding costs, as management noted 2.

  • Market activitymixed

    Markets revenue rose in the third quarter of 2026, though client activity moderated during the quarter, which could bring volatility 2.

  • Fiscal pressure and inflationheadwind

    Large fiscal deficits and sticky inflation could change economic conditions and affect client demand 2.

  • Growth in asset managementtailwind

    Large client net inflows and rising assets under management could support fee revenue if the trend continues 2.

Competitive position

The group states it operates in highly competitive environments, competing on product quality, transaction execution, innovation, reputation and price 1. New entrants, including internet-only firms and fintech companies, could erode traditional banking segments 1.

Less regulated firms may face lower compliance costs, which could give them an advantage in certain products 1. Competition varies by segment and geography 1.

  • US commercial and investment banks

    Direct competitors in commercial and investment banking, named generically in the source.

  • Brokerage firms and asset managers

    Competitors in asset management and brokerage services, named generically in the source.

  • Card companies and credit issuers

    Competitors in the card business, named generically in the source.

  • Fintech and internet-based firms

    New entrants that could disintermediate traditional banking services, named in the source.

News & filings

In the press

SEC filings

Sources

  1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / JPMorgan Chase & Co. · 13 Feb 2026
  2. [2] Form 8-K, results release (exhibit 99.1) · SEC / JPMorgan Chase & Co. · 13 Oct 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.