Company Reports

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.

JPMorgan Chase reported strong second-quarter 2026 earnings results on July 14, sending shares up a low-single-digit percentage on the back of managed net revenue growth and ex-notables earnings per share growth of 14.8% and 23.7%, respectively, from a year ago.

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.

On June 25, JP Morgan Chase announced the promotions of Doug Petno and Troy Rohrbaugh, co-CEOs of the commercial and investment bank segment, to co-presidents of the firm, effectively immediately, as part of ongoing succession planning for the eventual retirement of long-tenured CEO Jamie Dimon.

JPMorgan Chase reported first-quarter 2026 earnings results on April 14, with shares trading down less than 1%. We believe investor expectations were particularly high heading into the day, as we saw little to dislike about these results.

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.

We're transferring coverage of JPMorgan Chase, a global financial services firm, to a new analyst.

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.

The Federal Reserve released its long-awaited proposals for a few key regulatory measures, including its proposal for the adoption of global Basel III endgame (BSE) standards and revisions to the surplus capital that global systemically important banks, or G-SIBs, must carry.

Shares of US banks traded down by low-to-mid single digits on Feb. 23, mostly due to macro concerns stemming from tariff uncertainty, possible credit losses from an increase in the unemployment rate driven by artificial intelligence disruption, and private credit-related exposure.

JPMorgan reported fourth-quarter 2025 earnings results, with shares falling slightly during Jan. 13 trading on the back of an uptick in planned investments. Results were otherwise quite strong, particularly in equity trading and asset management.

JPMorgan is arguably the dominant bank franchise in the US. With leading positions in investment, commercial, and retail banking, as well as valuable credit card and asset- and wealth-management businesses, it is a force to be reckoned with. The bank's combination of scale, diversification, and sound risk management seems like a simple path for carving out a durable competitive advantage, but few others have been able to execute a similar strategy.

As reported by The Wall Street Journal, Goldman Sachs has agreed to a deal with JPMorgan to sell its beleaguered Apple Card franchise, with its $20 billion in gross balances, to the US' largest bank.

JPMorgan is arguably the dominant bank in the US. With leading positions in investment, commercial, and retail banking, as well as valuable credit card and asset- and wealth-management franchises, it is a force to be reckoned with. The bank's combination of scale, diversification, and sound risk management seems like a simple path for carving out a durable competitive advantage, but few others have been able to execute a similar strategy.

The Federal Reserve released a new proposal for the bank stress-test framework and 2026 stress-test scenarios on Oct. 24.

JPMorgan is arguably the dominant bank in the United States. With leading investment bank, commercial bank, credit card, retail bank, and asset- and wealth-management franchises, it is a force to be reckoned with. The bank's combination of scale, diversification, and sound risk management seems like a simple path to competitive advantage, but few others have been able to execute a similar strategy. Even the best-managed banks are not immune from the occasional stumble, but JPMorgan seems to put all the pieces together in a more cohesive and less error-prone way than its competitors. With the importance of scale and technology only increasing for the banks, we think it will be hard for competitors to catch up.

JPMorgan reported solid results on all fronts as third-quarter earnings came in at $5.07 per share, equating to a return on tangible equity of 20%. We expect earnings to remain resilient in the near term, but we caution investors about the demanding valuation.

JPMorgan reported strong second-quarter results as adjusted earnings came in at $4.96 per share, equating to a return on tangible equity of 20%. We expect earnings to remain elevated in the near term but continue to believe that the valuations look expensive from a long-term perspective.

JPMorgan Chase, arguably the highest-quality bank we cover, has gone from strength to strength in the past decade. Our valuation reassessment reflects the company's strengthened competitive position, prudent capital investments, and improved profitability potential.

JPMorgan is arguably the most dominant bank in the United States. With leading investment bank, commercial bank, credit card, retail bank, and asset- and wealth-management franchises, it is a force to be reckoned with. The bank's combination of scale, diversification, and sound risk management seems like a simple path to competitive advantage, but few others have been able to execute a similar strategy. Even the best-managed banks are not immune from the occasional stumble, but JPMorgan seems to put all the pieces together in a more cohesive and less error-prone way than its peers. With the importance of scale and technology only increasing for the banks, we think it will be hard for competitors to catch up.