JP Morgan Continues to Fire on All Cylinders Across the Ecosystem

We view JPMorgan Chase’s strategy as an industry outlier in the best possible way, having meticulously constructed a comprehensive ecosystem that continues to distance itself from competitors, boasting the top market share in global investment banking fees, institutional trading revenue, domestic deposit market share, payment volume, domestic merchant acquiring, and credit card issuance. While each segment is a formidable competitor on a stand-alone basis, we view JPMorgan’s strategy as cogent, as we ultimately believe the whole is greater than the sum of its parts, allowing the firm to forge deeper consumer and commercial relationships more profitably than competing institutions can.