JPMorgan Chase (JPM)
Links U.S. consumer banking with global investment banking, payments, markets, and asset management.
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JPMorgan Chase puts a neighborhood bank, a credit-card lender and Wall Street's trading and deal machinery under one roof. Customer deposits fund much of the lending, while trading, payments and investment fees keep the company from depending on interest alone; wealth management is growing, but the consumer bank and institutional business still carry nearly everything.
Item facts: FY2025 · year ended Dec 31, 2025, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
9 in detail · 13 more below
Markets
Trading company and government debt, currencies, commodities and shares produced $35.78B in FY2025. Revenue rises when clients need more protection from price swings, financing and trading; a recent surge is too fresh to treat as permanent.
Competes with FICC and Equities (Goldman Sachs) · Institutional Securities (Morgan Stanley) · Market making (Jane Street)
In plain English
A pension fund may want to sell tradable debt, a company may need foreign currency, and an investment firm may borrow against shares. JPMorgan stands between buyers and sellers, quotes prices and supplies the money or investments needed to complete trades.
It earns the small gap between buying and selling prices, charges for arranging trades and collects interest on financing. Busy or unsettled markets can bring more customer activity, but quiet periods and limits on how much risk the bank can hold make this income uneven.
Investment Banking
Advice on takeovers and fundraising brought in $10.20B in FY2025. The work pays well when transactions close, but revenue still depends on companies finding the right market window to act.
Competes with Investment Banking (Goldman Sachs) · Investment Banking (Citi)
In plain English
When a company wants to buy a rival, sell itself or raise a large sum, it hires JPMorgan to shape the transaction and find willing investors. The bank helps decide terms, prepares the sale and guides the parties toward a closing.
Payment comes as advice fees and as charges for selling new bonds or shares to investors. A long list of possible transactions is not money yet: deals can be delayed by interest rates, regulation or disagreement over value, so completed work arrives in bursts.
Securities Services
Safekeeping, recordkeeping and daily fund chores generated $5.60B in FY2025 while covering $41.2T of client assets. Scale and reliability matter; mistakes in this plumbing can be costly.
Competes with Asset Servicing (BNY) · Investment Services (State Street)
In plain English
The quiet machinery after an investment is bought: JPMorgan keeps the asset safe, records who owns it, moves cash when a purchase finishes and handles routine bookkeeping for funds. Large money managers, pension plans and insurers pay to avoid building all of that machinery themselves.
Charges are tiny beside the assets being handled, but they repeat across an enormous base and millions of movements. Some income also comes from client cash left with the bank. The service sticks when deeply connected to a customer's operations, provided it remains accurate and available.
Banking & Wealth Management
Checking, savings, small-business banking and everyday investing produced $42.86B in FY2025. Its $1.06T of average deposits both earn money and supply much of what the wider bank lends.
Competes with Consumer Banking (Bank of America) · Consumer Banking (Capital One) · Digital primary accounts (Chime)
In plain English
This is Chase as most people see it: checking and savings accounts, branches, phone banking, small-business services and help investing spare money. Customers want a dependable home for paychecks and bills; many stay because moving the account behind everyday life is inconvenient.
Those balances also fund the wider bank. JPMorgan pays depositors one rate, then earns more by lending or investing the money, much like a shop buying wholesale and selling retail. Account and investment fees add another stream. What matters most is how much cash customers keep and how much interest the bank must pay to hold it.
Card Services & Auto
Credit cards and auto finance delivered $28.20B in FY2025. Interest and purchase activity drive the upside; missed card payments, reward costs and weaker used-car values can take it back.
Competes with Credit Card (Capital One) · U.S. Personal Banking Cards (Citi)
In plain English
A card purchase can pay JPMorgan twice: the merchant gives up a small slice of the sale, and a customer who carries the balance pays interest. Annual fees add more. Auto loans and leases work similarly, with the vehicle helping secure what is owed.
The bank wins when people spend, borrow and repay as expected. Rewards are the price of attracting that activity, while unpaid balances are the danger. In FY2025, it wrote off $7.68B of card loans it no longer expected to collect, showing why fast balance growth is not automatically good growth.
Payments
Moving and managing money for companies and merchants produced $19.33B in FY2025, supported by $1.10T of average client deposits. Watch reliability, fraud and cheaper ways to move money.
Competes with Treasury and Trade Solutions (Citi) · Stripe Payments (Stripe) · PayPal and Braintree (PayPal)
In plain English
Behind a company's payroll, supplier bills and online checkout sits a network that must move the right money to the right place on time. JPMorgan gives businesses one control room for those movements, their spare cash and short-term funding needs.
It charges for transfers, checkout handling and trade services, and it earns interest by putting customers' operating cash to work. Connections to company software and other banks make the service hard to replace. But every outage or fraud loss hurts trust, while lower-cost payment routes can squeeze the fee collected on each movement.
Lending
Loans to companies, property owners and deal sponsors produced $7.60B in FY2025 on roughly $350B of average loans. Borrower health, funding cost and competition from private lenders set the outcome.
Competes with Corporate Lending (Citi) · Direct origination and private credit (Apollo)
In plain English
Big companies borrow to build, buy rivals, hold property or bridge the time between paying suppliers and collecting from customers. JPMorgan can keep the loan, bring in other lenders or help sell pieces of it to investors.
The borrower pays interest for using the money and fees for access, setup and the promise that funds will be available. The bank earns only if those payments cover its own funding and any loans that go bad. Private credit firms—investment managers lending outside banks—compete for the same borrowers and can take attractive deals.
Global Private Bank
Advice, investing, banking and safekeeping for wealthy clients generated $12.37B in FY2025 across $3.55T of client assets. Market values help fees, while trusted bankers help keep families from leaving.
Competes with Wealth Management (Morgan Stanley) · Private Bank (Bank of America)
In plain English
For a wealthy family, money is rarely just a savings account. There may be investments, businesses, property, loans, inheritances and tax or estate questions that all affect one another. JPMorgan assigns bankers and advisers to coordinate those pieces.
Clients pay charges tied to the investments managed or held for them, plus interest on loans and fees for trades and other services. The relationship can span generations, which makes trust and adviser continuity valuable. Rising markets lift the asset base that generates fees; falling markets or departing clients shrink it.
Asset Management
Investment funds and custom investment accounts generated $11.70B in FY2025. New client money helps, but industry growth has mostly come from rising markets, so falling prices and fee pressure remain important.
Competes with Active funds and iShares ETFs (BlackRock) · State Street Investment Management and SPDR ETFs (State Street)
In plain English
Here, customers hand over money for JPMorgan to invest under an agreed recipe: perhaps shares, tradable debt, cash-like holdings or harder-to-sell assets. Some buy a ready-made fund; large institutions may ask for a mix built around their own needs.
The usual charge is a small slice of the money being managed, collected year after year. That makes the business scale well, but it also means market gains can flatter growth even without many new customers. Results, fresh deposits and access through retirement plans and other distributors help retain and attract money; lower-priced rivals keep charges under pressure.
MarketsTrading company and government debt, currencies, commodities and shares produced $35.78B in FY2025. Revenue rises when clients need more protection from price swings, financing and trading; a recent surge is too fresh to treat as permanent.Trading company and government debt, currencies, commodities and shares produced $35.78B in FY2025. Revenue rises when clients need more protection from price swings, financing and trading; a recent surge is too fresh to treat as permanent.
In plain English
A pension fund may want to sell tradable debt, a company may need foreign currency, and an investment firm may borrow against shares. JPMorgan stands between buyers and sellers, quotes prices and supplies the money or investments needed to complete trades.
It earns the small gap between buying and selling prices, charges for arranging trades and collects interest on financing. Busy or unsettled markets can bring more customer activity, but quiet periods and limits on how much risk the bank can hold make this income uneven.
Competes with FICC and Equities (Goldman Sachs) · Institutional Securities (Morgan Stanley) · Market making (Jane Street)
Investment BankingAdvice on takeovers and fundraising brought in $10.20B in FY2025. The work pays well when transactions close, but revenue still depends on companies finding the right market window to act.Advice on takeovers and fundraising brought in $10.20B in FY2025. The work pays well when transactions close, but revenue still depends on companies finding the right market window to act.
In plain English
When a company wants to buy a rival, sell itself or raise a large sum, it hires JPMorgan to shape the transaction and find willing investors. The bank helps decide terms, prepares the sale and guides the parties toward a closing.
Payment comes as advice fees and as charges for selling new bonds or shares to investors. A long list of possible transactions is not money yet: deals can be delayed by interest rates, regulation or disagreement over value, so completed work arrives in bursts.
Competes with Investment Banking (Goldman Sachs) · Investment Banking (Citi)
Securities ServicesSafekeeping, recordkeeping and daily fund chores generated $5.60B in FY2025 while covering $41.2T of client assets. Scale and reliability matter; mistakes in this plumbing can be costly.Safekeeping, recordkeeping and daily fund chores generated $5.60B in FY2025 while covering $41.2T of client assets. Scale and reliability matter; mistakes in this plumbing can be costly.
In plain English
The quiet machinery after an investment is bought: JPMorgan keeps the asset safe, records who owns it, moves cash when a purchase finishes and handles routine bookkeeping for funds. Large money managers, pension plans and insurers pay to avoid building all of that machinery themselves.
Charges are tiny beside the assets being handled, but they repeat across an enormous base and millions of movements. Some income also comes from client cash left with the bank. The service sticks when deeply connected to a customer's operations, provided it remains accurate and available.
Competes with Asset Servicing (BNY) · Investment Services (State Street)
Banking & Wealth ManagementChecking, savings, small-business banking and everyday investing produced $42.86B in FY2025. Its $1.06T of average deposits both earn money and supply much of what the wider bank lends.Checking, savings, small-business banking and everyday investing produced $42.86B in FY2025. Its $1.06T of average deposits both earn money and supply much of what the wider bank lends.
In plain English
This is Chase as most people see it: checking and savings accounts, branches, phone banking, small-business services and help investing spare money. Customers want a dependable home for paychecks and bills; many stay because moving the account behind everyday life is inconvenient.
Those balances also fund the wider bank. JPMorgan pays depositors one rate, then earns more by lending or investing the money, much like a shop buying wholesale and selling retail. Account and investment fees add another stream. What matters most is how much cash customers keep and how much interest the bank must pay to hold it.
Competes with Consumer Banking (Bank of America) · Consumer Banking (Capital One) · Digital primary accounts (Chime)
Card Services & AutoCredit cards and auto finance delivered $28.20B in FY2025. Interest and purchase activity drive the upside; missed card payments, reward costs and weaker used-car values can take it back.Credit cards and auto finance delivered $28.20B in FY2025. Interest and purchase activity drive the upside; missed card payments, reward costs and weaker used-car values can take it back.
In plain English
A card purchase can pay JPMorgan twice: the merchant gives up a small slice of the sale, and a customer who carries the balance pays interest. Annual fees add more. Auto loans and leases work similarly, with the vehicle helping secure what is owed.
The bank wins when people spend, borrow and repay as expected. Rewards are the price of attracting that activity, while unpaid balances are the danger. In FY2025, it wrote off $7.68B of card loans it no longer expected to collect, showing why fast balance growth is not automatically good growth.
Competes with Credit Card (Capital One) · U.S. Personal Banking Cards (Citi)
PaymentsMoving and managing money for companies and merchants produced $19.33B in FY2025, supported by $1.10T of average client deposits. Watch reliability, fraud and cheaper ways to move money.Moving and managing money for companies and merchants produced $19.33B in FY2025, supported by $1.10T of average client deposits. Watch reliability, fraud and cheaper ways to move money.
In plain English
Behind a company's payroll, supplier bills and online checkout sits a network that must move the right money to the right place on time. JPMorgan gives businesses one control room for those movements, their spare cash and short-term funding needs.
It charges for transfers, checkout handling and trade services, and it earns interest by putting customers' operating cash to work. Connections to company software and other banks make the service hard to replace. But every outage or fraud loss hurts trust, while lower-cost payment routes can squeeze the fee collected on each movement.
Competes with Treasury and Trade Solutions (Citi) · Stripe Payments (Stripe) · PayPal and Braintree (PayPal)
LendingLoans to companies, property owners and deal sponsors produced $7.60B in FY2025 on roughly $350B of average loans. Borrower health, funding cost and competition from private lenders set the outcome.Loans to companies, property owners and deal sponsors produced $7.60B in FY2025 on roughly $350B of average loans. Borrower health, funding cost and competition from private lenders set the outcome.
In plain English
Big companies borrow to build, buy rivals, hold property or bridge the time between paying suppliers and collecting from customers. JPMorgan can keep the loan, bring in other lenders or help sell pieces of it to investors.
The borrower pays interest for using the money and fees for access, setup and the promise that funds will be available. The bank earns only if those payments cover its own funding and any loans that go bad. Private credit firms—investment managers lending outside banks—compete for the same borrowers and can take attractive deals.
Competes with Corporate Lending (Citi) · Direct origination and private credit (Apollo)
Global Private BankAdvice, investing, banking and safekeeping for wealthy clients generated $12.37B in FY2025 across $3.55T of client assets. Market values help fees, while trusted bankers help keep families from leaving.Advice, investing, banking and safekeeping for wealthy clients generated $12.37B in FY2025 across $3.55T of client assets. Market values help fees, while trusted bankers help keep families from leaving.
In plain English
For a wealthy family, money is rarely just a savings account. There may be investments, businesses, property, loans, inheritances and tax or estate questions that all affect one another. JPMorgan assigns bankers and advisers to coordinate those pieces.
Clients pay charges tied to the investments managed or held for them, plus interest on loans and fees for trades and other services. The relationship can span generations, which makes trust and adviser continuity valuable. Rising markets lift the asset base that generates fees; falling markets or departing clients shrink it.
Competes with Wealth Management (Morgan Stanley) · Private Bank (Bank of America)
Asset ManagementInvestment funds and custom investment accounts generated $11.70B in FY2025. New client money helps, but industry growth has mostly come from rising markets, so falling prices and fee pressure remain important.Investment funds and custom investment accounts generated $11.70B in FY2025. New client money helps, but industry growth has mostly come from rising markets, so falling prices and fee pressure remain important.
In plain English
Here, customers hand over money for JPMorgan to invest under an agreed recipe: perhaps shares, tradable debt, cash-like holdings or harder-to-sell assets. Some buy a ready-made fund; large institutions may ask for a mix built around their own needs.
The usual charge is a small slice of the money being managed, collected year after year. That makes the business scale well, but it also means market gains can flatter growth even without many new customers. Results, fresh deposits and access through retirement plans and other distributors help retain and attract money; lower-priced rivals keep charges under pressure.
Competes with Active funds and iShares ETFs (BlackRock) · State Street Investment Management and SPDR ETFs (State Street)
Named in filings, launches and programs
- Home LendingProduct lineMakes and services home loans; FY2025 revenue was $4.97B.
- Treasury and Chief Investment OfficeServiceKeeps the company's cash available, arranges funding and manages the risk that changing interest rates reshape earnings.
- Kinexys by J.P. MorganPlatform · RampingInside Payments, uses shared digital records for money movement, information exchange and services for assets recorded on those shared records.
- Apple Card issuer transitionCustomer program · AnnouncedPlans to take over more than $20B of card balances after an approval-dependent transition expected to take about two years.
- Chase SapphireBrandPremium consumer and business cards nested inside Card Services & Auto.
- Chase TravelPlatformTravel-booking service tied to Chase customers; bookings reached $13B in FY2025.
- Self-Directed InvestingServiceDo-it-yourself investing service with two million accounts holding customer money by FY2025.
- J.P. Morgan Active ETFsProduct line · RampingActively chosen investment funds that trade like shares, holding $250B for clients in FY2025.
- Private CreditServiceLoans made through the bank and investment business; the bank had roughly $50B tied up in them in April 2026.
- Chase for BusinessPlatform · RampingA digital hub for small-business customers, announced in June 2026.
- American Dream InitiativeCustomer program · RampingPlans to put more than $750B toward U.S. housing through 2035.
- J.P. Morgan Natural CapitalServiceThe September 2026 name for Campbell Global inside Asset Management.
- Coinbase partnershipCustomer program · AnnouncedConnects bank transfers and card funding with Coinbase and plans a rewards exchange; a full launch remains unconfirmed.
Home LendingProduct line
Makes and services home loans; FY2025 revenue was $4.97B.
Treasury and Chief Investment OfficeService
Keeps the company's cash available, arranges funding and manages the risk that changing interest rates reshape earnings.
Kinexys by J.P. MorganPlatform · Ramping
Inside Payments, uses shared digital records for money movement, information exchange and services for assets recorded on those shared records.
Apple Card issuer transitionCustomer program · Announced
Plans to take over more than $20B of card balances after an approval-dependent transition expected to take about two years.
Chase SapphireBrand
Premium consumer and business cards nested inside Card Services & Auto.
Chase TravelPlatform
Travel-booking service tied to Chase customers; bookings reached $13B in FY2025.
Self-Directed InvestingService
Do-it-yourself investing service with two million accounts holding customer money by FY2025.
J.P. Morgan Active ETFsProduct line · Ramping
Actively chosen investment funds that trade like shares, holding $250B for clients in FY2025.
Private CreditService
Loans made through the bank and investment business; the bank had roughly $50B tied up in them in April 2026.
Chase for BusinessPlatform · Ramping
A digital hub for small-business customers, announced in June 2026.
American Dream InitiativeCustomer program · Ramping
Plans to put more than $750B toward U.S. housing through 2035.
J.P. Morgan Natural CapitalService
The September 2026 name for Campbell Global inside Asset Management.
Coinbase partnershipCustomer program · Announced
Connects bank transfers and card funding with Coinbase and plans a rewards exchange; a full launch remains unconfirmed.