JPM-PMNYSENational Commercial BanksUS GAAP · USD

JP Morgan Chase & Co

JPMorgan Chase & Co. is a U.S.-based financial holding company that operates through Consumer & Community Banking, Commercial & Investment Bank, and Asset & Wealth Management, with additional activities in Corporate. It provides consumer banking, commercial banking, investment banking, payments, treasury services, and wealth management to millions of retail and small-business customers plus large corporate, institutional, and government clients worldwide.

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Revenue182.4bn USD
+2.8 %y/y
Net income57.0bn USD
−2.4 %y/y
Free cash flow-147.8bn USD
−251.8 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

050100150200bn USD2020: 119.5 bn USD20202021: 121.6 bn USD20212022: 128.7 bn USD20222023: 158.1 bn USD20232024: 177.6 bn USD20242025: 182.4 bn USD2025182.4
RevenueOperating profit (EBIT)
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Business

Share of revenue
Consumer & Community Banking38 %

Retail banking, cards, home lending, auto finance and small-business services for U.S. consumers and entrepreneurs.

Commercial & Investment Bank34 %

Corporate banking, treasury services, investment banking, markets and securities services for institutional clients.

Asset & Wealth Management16 %

Investment management, private banking and wealth advisory for affluent individuals and institutions.

Corporate / Other12 %

Central treasury, legacy activities, and firm-wide corporate items not allocated to operating segments.

Customers

JPMorganChase serves mass-market consumers, small businesses, middle-market companies, large corporates, financial institutions, and governments. Its consumer franchise is anchored in everyday banking and lending, while its wholesale businesses sell balance-sheet, advisory, trading, custody, and asset-management capabilities to clients that need scale, execution, and global reach.

Consumers and households

They buy checking, savings, credit cards, mortgages and auto loans for daily banking and financing needs.

Small businesses

They buy deposit accounts, working-capital credit, merchant services and payments tools to run operations.

Commercial and corporate clients

They buy lending, treasury, trade finance, underwriting and risk-management services to support growth and liquidity.

Institutional investors and financial intermediaries

They buy markets execution, securities services, clearing, custody and financing to support trading and portfolio activity.

Affluent and high-net-worth clients

They buy private banking, investment management and advisory services to preserve and grow assets.

Governments and public-sector entities

They use banking, payments and capital-markets services for funding and transaction processing.

Strategy

Management is focused on maintaining scale in consumer banking, deepening relationships in commercial and institutional banking, and expanding wealth and asset management. The firm also emphasizes technology modernization, cyber resilience, disciplined capital deployment, and share repurchases to support long-term competitiveness and shareholder returns.

Deepen client relationships across the full bankMedium term

Cross-selling deposits, lending, payments, markets and wealth products improves retention and economics.

Modernize technology and digital deliveryMedium term

Digital channels and cloud migration improve client experience, scalability and resilience.

Strengthen risk, cyber and operational controlsShort term

A large, interconnected financial platform depends on secure systems and reliable controls.

Return capital while preserving balance-sheet strengthShort term

Buybacks and capital discipline support shareholder returns without weakening regulatory flexibility.

Geography

The firm is headquartered in the United States and generates most of its business there, with U.S. branches in 48 states and Washington, D.C. It also operates globally through overseas branches, subsidiaries and representative offices, with principal non-U.S. operating subsidiaries in the U.K. and Germany, which matters for regulatory, funding and client-access reasons.

Risks

The firm is exposed to the full range of banking risks: credit losses, market volatility, liquidity and capital constraints, regulatory scrutiny, and operational/cyber events. Because it is highly interconnected with clients, vendors and market infrastructure, failures in technology, conduct or third-party systems can quickly become financial, legal and reputational issues.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Credit deterioration across consumer, corporate or counterparty portfolios1Market and interest-rate volatility2Cybersecurity and operational disruption3Regulatory and capital constraints4Conduct and reputation risk5Geopolitical and country risk6
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Credit deterioration across consumer, corporate or counterparty portfoliosImpact: HighLikelihood: Medium

    The firm lends and provides financing across many sectors, so weaker borrowers can increase charge-offs and provisions.

    ExposureConsumerCommercialWholesale credit books
  2. Market and interest-rate volatilityImpact: HighLikelihood: Medium

    Trading, underwriting, securities and balance-sheet positions are sensitive to market moves and spreads.

    Exposure: CIB markets and investment banking activities

  3. Cybersecurity and operational disruptionImpact: HighLikelihood: Medium

    The firm depends on interconnected systems, cloud services and third parties; outages or attacks can interrupt service and expose data.

    ExposureDigital bankingPaymentsVendor ecosystem
  4. Regulatory and capital constraintsImpact: HighLikelihood: Medium

    Banking activities are tightly supervised and capital distributions depend on meeting regulatory requirements.

    ExposureCapital returnsGrowth capacityBusiness mix
  5. Conduct and reputation riskImpact: MediumLikelihood: Medium

    Employee misconduct, client disputes or perceived unfair treatment can lead to enforcement actions and loss of trust.

    Exposure: All client-facing businesses

  6. Geopolitical and country riskImpact: MediumLikelihood: Medium

    Global operations and cross-border clients expose the firm to sanctions, hostilities and local regulatory changes.

    Exposure: International wholesale and subsidiary operations

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Accounting

Judgemental items
Allowance for credit losses

Management estimates expected losses using macroeconomic and portfolio assumptions, which can materially change provisions.

Impact: Affects loan-loss expense and reserve levels

Fair value measurement of trading and investment positions

Market inputs and valuation models drive gains/losses on securities, derivatives and markets inventory.

Impact: Affects trading revenue and volatility

Regulatory capital and RWA models

Model approvals and assumptions influence risk-weighted assets and capital requirements.

Impact: Affects capital ratios and distribution capacity

Litigation and conduct reserves

Banking businesses face legal and regulatory claims that require judgment on probable losses.

Impact: Affects noninterest expense and equity

Goodwill and intangible impairment

Acquisitions and brand-related assets must be tested for impairment when conditions change.

Impact: Affects reported earnings and book value

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Last updated: 24/09/2026