Core Viewpoint - The banking industry is considering legal action against President Trump's proposal to impose a 10% cap on credit card interest rates, as it may lead to negative consequences for consumers and the economy [1][3]. Group 1: Industry Response - JPMorgan Chase's CFO Jeremy Barnum indicated that the industry might litigate against the proposed credit card price controls, stating that "everything's on the table" if the directives are not justified [1]. - Barnum emphasized the responsibility to shareholders in responding to potentially harmful regulations [1]. Group 2: Economic Implications - Industry insiders believe that implementing an interest rate limit would lead to fewer credit card accounts and reduced consumer spending, as companies may withdraw accounts rather than operate at a loss [2]. - The current average credit card interest rate is 19.7%, with higher rates for subprime borrowers and store-specific cards [2]. Group 3: Consequences of Regulation - Barnum argued that the proposed actions would likely have the opposite effect of what the administration intends, potentially reducing the supply of credit rather than lowering costs for consumers [3]. - The anticipated reduction in credit availability could negatively impact consumers, the broader economy, and the banking sector itself [3].

Core Viewpoint - JPMorgan Chase reported a decline in quarterly profit due to a $2.2 billion reserve related to its acquisition of a credit card partnership with Apple, despite a strong underlying performance in trading [1][3]. Financial Performance - Quarterly earnings fell to $13 billion, or $4.63 per share, down from $14 billion, or $4.81 per share, in the same quarter last year [1]. - Excluding the one-time reserve impact, quarterly profit increased to $14.7 billion, or $5.23 per share, driven by strong trading performance [3]. Economic Outlook - CEO Jamie Dimon stated that the U.S. economy remains resilient, with healthy business conditions and consumer spending continuing [4]. - Despite some softening in labor markets, conditions are not worsening, supported by fiscal stimulus and recent monetary policy from the Federal Reserve [4]. Market Conditions - Market revenue at JPMorgan increased by 17% in the fourth quarter, with fixed income rising by 7% and equity surging by 40% [8]. - Concerns about a bubble in AI stocks and potential corrections in equities have made markets jittery [6]. Credit Card Partnership - JPMorgan is establishing a $2.2 billion provision for credit losses in anticipation of new credit card customers from Apple, indicating a cautious approach to the new portfolio [13]. - The credit card industry is facing potential changes due to a proposal to cap interest rates at 10%, although analysts are skeptical about its implementation [14].

Core Viewpoint - The CEO of JPMorgan expressed continued support for the Federal Reserve following a Department of Justice investigation [1] Group 1 - The CEO's remarks indicate confidence in the Fed's policies and actions during a time of scrutiny [1]

JPMorgan Chase CEO Jamie Dimon said on Tuesday he was supportive of the Federal Reserve's independence. ...

4Q25 Financial Highlights - 4Q25 net income was $13 billion, with an EPS of $4.63[4] - Managed revenue reached $46.8 billion[4] - Expenses amounted to $24 billion, resulting in a managed overhead ratio of 51%[4] - Average loans stood at $1.5 trillion, up 9% year-over-year and 3% quarter-over-quarter[4] - Average deposits totaled $2.6 trillion, reflecting a 6% increase year-over-year and a 2% increase quarter-over-quarter[4] FY25 Financial Highlights - FY25 net income was $57 billion, down 2% year-over-year[8] - Managed revenue reached $185.6 billion, up 3% year-over-year[9] - Expenses amounted to $95.6 billion, up 4% year-over-year[9] - Credit costs were $14.2 billion[9] 2026 Outlook - The company expects approximately $95 billion in Net Interest Income (NII) excluding Markets for 2026[44] - The company projects adjusted expenses of approximately $105 billion for 2026[47]

The JPMorgan chief reiterated his support of the Fed after the DOJ investigation. ...

Investment banking revenue drops against guidance The company reported a 7% decline in profit to $13.03 billion, or $4.63 per share, reflecting a previously disclosed $2.2 billion reserve linked to its takeover of the Apple Card loan portfolio from Goldman Sachs. Excluding the 60-cent-per-share impact from the transaction, adjusted earnings were $5.23 per share, above analysts' expectations. The results still showed strength elsewhere, including stronger-than-expected trading revenue and steady growth in lo ...

JPMorgan just capped off a banner year with a stronger-than-expected fourth quarter, proving how profitable 2025 was for Wall Street's largest bank. Yet, looking forward, the outlook grows cloudier, with a turbulent political environment complicating the bank’s 2026 picture. A clean earnings beat For the quarter ending December 31, JPMorgan reported adjusted earnings of $5.23 a share, beating street expectations of $5. Revenue clocked in at $46.7 billion, above forecasts of $46.2 billion. In all, the ad ...

来源：滚动播报 摩根大通首席执行官戴蒙称，美联储的独立性不可或缺。 ...

Group 1 - The core point of the article highlights that JPMorgan Chase's investment banking revenue unexpectedly declined in Q4, failing to meet the bank's previous performance guidance [1] - JPMorgan reported a Q4 revenue of $46.77 billion, a 7% year-over-year increase, exceeding market expectations by $520 million, with a Non-GAAP EPS of $5.23, surpassing estimates by $0.37 [1][2] - The bank's investment banking revenue for Q4 was $2.35 billion, down 5% year-over-year, contrary to the previous expectation of low single-digit percentage growth [1][2] Group 2 - The decline in investment banking performance was primarily due to a surprising 2% drop in bond underwriting revenue, while analysts had anticipated a 19% increase [1][2] - JPMorgan's trading revenue reached $8.24 billion in Q4, exceeding analyst expectations, with both equity and fixed income trading departments outperforming market forecasts [2] - The bank's net interest income rose 7% year-over-year to $25.1 billion, supported by a 3% increase in loan balances to $1.5 trillion [2] Group 3 - JPMorgan set aside $2.2 billion for credit losses related to its new partnership with Apple, which will replace Goldman Sachs as the credit card partner [3] - The total provision for potential bad loans increased by $2.1 billion in the last three months of the year, aligning with market expectations [3]