Core Viewpoint - JPMorgan Chase is significantly increasing its spending on technology and artificial intelligence (AI) to remain competitive against both traditional banks and fintech companies, with a projected increase of approximately $9.7 billion in spending from 2025 to 2026 [2][4]. Group 1: Spending Strategy - CEO Jamie Dimon emphasized the importance of substantial spending to avoid being left behind in the competitive landscape, stating that the bank will not adhere to a strict expense target [2][3]. - The bank's annual technology budget is around $18 billion, which supports its initiatives in AI and other technologies [2]. - Dimon indicated that while AI spending is increasing, it is not the primary driver of overall expenditure growth, but it is expected to enhance future efficiency [4]. Group 2: AI Implementation and Training - JPMorgan is actively training tens of thousands of employees on how to effectively use AI tools in their daily tasks, indicating a strong commitment to integrating AI into its operations [5]. - The bank is launching an in-house AI platform, Proxy IQ, to replace external proxy advisors for shareholder voting, showcasing its focus on leveraging AI for operational improvements [4]. Group 3: Competitive Landscape - The competition for AI talent is intensifying, with banks, hedge funds, and Big Tech vying for specialists in the field, highlighting the strategic importance of AI in the financial sector [6]. - Experts predict that 2026 will be a pivotal year for AI in banking, as its adoption becomes more widespread and roles within the industry undergo significant changes [6].

Core Insights - JPMorgan's adjusted fourth-quarter 2025 earnings reached $5.23 per share, exceeding the Zacks Consensus Estimate of $5.01, driven by strong trading performance and higher net interest income (NII) [1][10] Group 1: Revenue Performance - Markets revenues increased by 17% to $8.2 billion, surpassing management's expectations of low-teens growth [2] - Fixed-income markets revenues rose 7% to $5.38 billion, while equity markets revenues surged 40% to $2.86 billion [2] - Total net revenues were reported at $45.79 billion, a 7% year-over-year increase, exceeding the Zacks Consensus Estimate of $45.69 billion [6] Group 2: Investment Banking Performance - Investment banking (IB) business underperformed expectations, with advisory fees declining 3% and debt and equity underwriting fees falling 16% and 2%, respectively [3] - Total IB fees in the Commercial & Investment Bank segment decreased by 5% year-over-year to $2.35 billion, contrary to management's projection of low single-digit growth [3] Group 3: Net Interest Income and Loan Growth - NII increased by 7% year-over-year to $25 billion, with management projecting NII to reach nearly $103 billion for the year, up 7.4% from $95.9 billion in 2025 [4][6] - Total loans saw an 11% year-over-year increase, contributing to the rise in NII [4] Group 4: Operating Expenses and Provisions - Operating expenses rose, with adjusted non-interest expenses expected to be $105 billion for the year, up from $96 billion in 2025 [5] - Provisions for credit losses surged 77% year-over-year to $4.66 billion, which included reserves for the Apple credit card portfolio [9][10] Group 5: Credit Quality and Asset Performance - Net charge-offs increased by 5% to $2.51 billion, while non-performing assets rose 11% to $10.36 billion as of December 31, 2025 [11] - The performance of business segments showed a rise in net income for CIB and Asset & Wealth Management, while CCB and Corporate segments experienced a decline [8] Group 6: Capital Position and Share Repurchases - Tier 1 capital ratio was estimated at 15.5%, down from 16.8% in the prior year, while the total capital ratio was 17.3%, compared to 18.5% a year ago [12] - The company repurchased 26.7 million shares for $7.9 billion during the reported quarter [13]

JPMorgan Chase & Co. (JPM) reported $45.8 billion in revenue for the quarter ended December 2025, representing a year-over-year increase of 7.1%. EPS of $5.23 for the same period compares to $4.81 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $45.69 billion, representing a surprise of +0.23%. The company has not delivered EPS surprise, with the consensus EPS estimate being $4.87.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wal ...

Market Overview - U.S. stocks traded lower, with the Dow Jones index falling more than 300 points, down 0.66% to 49,264.22, NASDAQ down 0.15% to 23,699.14, and S&P 500 down 0.24% to 6,960.41 [1] - Financial stocks dipped by 1.7% on Tuesday [2] - Energy shares gained by 1.4% [1] Company Earnings - JPMorgan Chase & Co reported better-than-expected earnings for Q4, with earnings of $5.23 per share, surpassing the analyst consensus estimate of $4.92 per share. Quarterly sales were $46.767 billion, exceeding the consensus estimate of $46.024 billion [3] Commodity Market - Oil traded up 2% to $60.69, while gold traded down 0.5% at $4,592.90. Silver rose 0.7% to $85.700, and copper increased by 0.4% to $6.0545 [5] International Markets - European shares were mostly lower, with the eurozone's STOXX 600 down 0.1%, Spain's IBEX 35 down 0.2%, London's FTSE 100 down 0.1%, Germany's DAX down 0.1%, and France's CAC 40 down 0.4% [6] - Asian markets closed mixed, with Japan's Nikkei up 3.10%, Hong Kong's Hang Seng Index up 0.90%, while China's Shanghai Composite fell 0.64% and India's BSE Sensex fell 0.30% [7] Stock Movements - Beyond Air Inc shares surged 153% to $2.22 after XTL Biopharmaceuticals agreed to acquire an 85% stake in its NeuroNOS subsidiary, with potential payments up to $32.5 million [9] - Ambitions Enterprise Management Co LLC shares increased by 105% to $10.80 following a year-over-year increase in H1 EPS results [9] - AlphaTON Capital Corp shares rose 81% to $1.65 [9] - Signing Day Sports Inc shares dropped 55% to $0.26 after announcing a $5.6 million public offering [9] - Rich Sparkle Holdings Ltd shares fell 27% to $68.16, and Mingteng International Corp Inc shares decreased by 29% to $0.054 [9] Economic Indicators - The NFIB Small Business Optimism Index surged to 99.5 in December, marking its highest level since August [8] - The annual inflation rate remained at 2.7% in December, unchanged from the previous month [10]

Core Insights - JPMorgan Chase & Co. experienced an unexpected decline in investment-banking fees in Q4 2025, generating $2.35 billion, a 5% decrease from the previous year, missing the firm's earlier guidance of low single-digit growth [1][4] - The decline in fees was attributed to delayed deal completions and overall performance not meeting expectations, as stated by CFO Jeremy Barnum [2] - Despite the drop in investment-banking fees, JPMorgan reported strong trading revenue of $8.24 billion in Q4, surpassing analyst estimates and contributing to record full-year revenue for the trading business [5] Investment Banking Performance - The investment-banking results were negatively impacted by a surprising 2% decline in debt-underwriting fees, while analysts had anticipated a 19% increase [5] - The firm had previously projected a modest growth in investment-banking fees, indicating a significant deviation from expectations [1] Overall Financial Performance - JPMorgan reported a net income of $57 billion for 2025, falling short of its record profit from 2024, which was the highest in American banking history [4] - The bank expects to earn approximately $103 billion in net interest income for the current year, exceeding analyst expectations, reflecting resilience in the U.S. economy [3]

Group 1 - The latest inflation report indicates that the core CPI in the U.S. rose by 2.6% year-on-year, which is lower than expected, failing to change market expectations regarding the Federal Reserve's pause on interest rate cuts [1][2][3] - The three major U.S. stock indices remained flat, with the S&P 500 hovering around 6,980 points, reflecting a temporary easing of price pressures that calmed investor sentiment [1][2] - The Federal Reserve has cut rates three times since September of the previous year, and the market predicts the next rate cut will not occur until mid-2026, with no cuts expected at the end of this month [1][2] Group 2 - Analysts from Principal Asset Management and eToro suggest that the lower-than-expected core CPI data is unlikely to alter the decision-making logic for the Federal Reserve's January meeting, given the low unemployment rate and higher-than-trend economic growth [3] - The inflation report, released after the government shutdown, provided much-needed macroeconomic information to the market, although its impact on stock investors is expected to be limited as attention shifts to the upcoming earnings season [3] - The earnings season for the banking sector has commenced, with major banks such as Bank of America, Wells Fargo, Citigroup, Goldman Sachs, and Morgan Stanley set to report their earnings on Wednesday and Thursday [2][3]

摩根大通(JPM.US)跌2.6%，报316.02美元。消息面上，摩根大通公布Q4调整后收入为467.7亿美元，略 超市场预期的463.5亿美元。期内，各项业务表现分化。股票销售交易收入同比暴增40%至28.6亿美元， FICC(固定收益、货币及大宗商品)业务收入同比增长7.5%至53.8亿美元。投行业务收入同比下降1.9%至 25.5亿美元，低于市场预期的26.5亿美元；其中，股票承销收入同比下降16%至4.16亿美元，远低于4.99 亿美元的市场预期。(格隆汇) ...

Key Takeaways JPMorgan Chase CEO Jamie Dimon in a statement Tuesday called the U.S. economy "resilient" but continued to warn of risk factors—including some he called underappreciated by markets. A number of major U.S. banks are set to report their latest quarterly financial results this week. The U.S. economy is "resilient," JPMorgan Chase CEO Jamie Dimon said Tuesday, but investors should remain wary of a range of possible "hazards" ahead. Dimon's comments came as the big U.S. bank turned in qua ...

Financial Data and Key Metrics Changes - The firm reported net income of $13 billion and EPS of $4.63 for Q4 2025, with an ROTCE of 18% [3] - Full year net income was $57.5 billion, EPS of $20.18, and revenue of $185 billion, with an ROTCE of 20% [4] - Revenue for Q4 increased by 7% year on year to $46.8 billion, driven by higher markets revenue and asset management fees [3] - Expenses for Q4 were $24 billion, up 5% year on year, primarily due to higher volume and revenue-related expenses [3] Business Line Data and Key Metrics Changes - Consumer & Community Banking (CCB) reported net income of $3.6 billion, with revenue of $19.4 billion, up 6% year on year [5] - Corporate & Investment Banking (CIB) net income was $7.3 billion, with revenue of $19.4 billion, up 10% year on year [6] - Asset and Wealth Management (AWM) reported net income of $1.8 billion, with revenue of $6.5 billion, up 13% year on year [7] Market Data and Key Metrics Changes - Markets fixed income revenue was up 7% year on year, while equities revenue increased by 40% [7] - The firm experienced net inflows of $105 billion for the quarter and $183 billion for the year in liquidity [8] - Long-term net inflows for AWM were $52 billion for the quarter and $209 billion for the full year, positive across all channels and asset classes [7] Company Strategy and Development Direction - The company is focused on making necessary investments to secure its position against both traditional and non-traditional competitors [13] - The integration of the Apple Card is expected to enhance modernization and user experience in the card business [41][50] - The firm anticipates strong client engagement and deal activity in 2026, supported by constructive market dynamics [6] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the macroeconomic environment for 2026, citing consumer resilience and potential deregulation benefits [56] - Concerns were raised about geopolitical risks and large deficits, which could impact the economy [56] - The firm expects NII ex-Markets to be about $95 billion for 2026, with modest expectations for consumer deposit growth [11][62] Other Important Information - The firm is closely monitoring leading indicators for signs of stress in consumer behavior, with current trends remaining consistent with historical norms [6] - The advanced RWA contribution from the Apple Card transaction was about $110 billion, expected to reduce to approximately $30 billion in the near term [5] Q&A Session Questions and Answers Question: On the stablecoin issue and its impact on banks - Jamie Dimon discussed the risks of a parallel banking system without appropriate regulation, emphasizing the importance of consumer benefits [20][22] Question: Regarding deposit growth despite new checking accounts - Dimon noted that while checking account growth was strong, yield-seeking flows and a lower savings rate impacted deposit growth [24][25] Question: On the credit card business and Apple Card acquisition - Jeremy Barnum highlighted the economic appeal of the Apple Card deal and its potential to enhance the firm's modernization agenda [40][41] Question: About potential caps on credit card APRs - Barnum explained that price controls could lead to reduced access to credit, particularly for subprime borrowers, negatively impacting the industry [42][43] Question: On technology spending and AI investments - Dimon indicated that technology spending would increase, driven by opportunities in various areas, including AI [88][89]

JPMorganChase (NYSE:JPM) Q4 2025 Earnings call January 13, 2026 08:30 AM ET Company ParticipantsJamie Dimon - Chairman and CEOMike Mayo - Managing Director and Head of U.S. Large-cap Bank ResearchJeremy Barnum - CFOGerard Cassidy - Managing DirectorEbrahim Poonawala - Head of North American Banks ResearchChristopher McGratty - Head of U.S. Bank ResearchKen Usdin - Managing DirectorBetsy Graseck - Managing DirectorConference Call ParticipantsJim Mitchell - Senior Equity AnalystErika Najarian - Managing Direc ...