Core Insights - JPMorgan Chase experienced a decline in investment-banking fees in Q4 2025, contrary to previous expectations of a small gain [1][4] - The bank reported a 7% decrease in profit to $13.03 billion, influenced by a $2.2 billion reserve related to the acquisition of the Apple Card loan portfolio [2] - Adjusted earnings per share were $5.23, exceeding analysts' expectations, while total revenue increased by 7% to $46.77 billion [3] Investment Banking Performance - Investment-banking fees fell to $2.35 billion, a 5% decrease year-over-year, which was unexpected given prior guidance of low single-digit growth [4] - The decline was primarily due to weaker-than-expected debt underwriting, with fees dropping 2% instead of the anticipated 19% increase [5] Trading Revenue - JPMorgan's trading revenue reached $8.24 billion in Q4, surpassing even the highest analyst estimates, driven by strong performance in both equity and fixed-income trading [6] - The strong trading results provided a buffer against the disappointing investment banking performance [7] Lending and Net Interest Income - The bank's lending business continued to grow, with loans increasing by 4% in Q4 compared to the previous quarter, contributing to a 7% rise in net interest income [10] - JPMorgan anticipates generating approximately $103 billion in net interest income for 2026 [11] Upcoming Earnings Reports - JPMorgan's results set the stage for upcoming earnings reports from other major banks, including Bank of America, Wells Fargo, Citigroup, Goldman Sachs, and Morgan Stanley [8]