What happened with JPM today?
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JPMorgan Chase & Co. serves individuals and small businesses mainly in the United States, and companies, institutions and governments worldwide. Consumer banking and commercial and investment banking together generate most of its revenue. It uses deposits and other funding to make loans and hold interest-earning assets, keeping the interest received after paying depositors and other funding providers. This net interest income is its largest revenue source, slightly ahead of noninterest revenue.
Companies pay it to raise capital, advise on deals and handle payments. It also buys and sells financial instruments for clients, earning the difference between buying and selling prices as well as gains or losses on positions it holds. Investors pay it to manage their portfolios, with management fees generally tied to the value of client assets.
The business depends on deposit funding costs, interest rates, borrowers’ repayments, client transaction activity and the value of managed assets. Capital and liquidity rules constrain how much business it can support, while its financial holding company status requires continued regulatory eligibility to retain its broader range of permitted activities.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Bank of America challenges JPMorgan across U.S. deposits and loans, global investment banking and trading, and wealth management for individuals and institutions. Watch its consumer and small-business deposits as a comparison for JPMorgan’s ability to retain those customers’ money.
Citigroup competes with JPMorgan for companies’ global banking and payments, institutions’ securities services and trading, and consumers’ borrowing and wealth management. Its Services revenue is a useful comparison for JPMorgan’s business handling corporate payments and servicing securities.
Wells Fargo competes directly with JPMorgan for U.S. consumers’ deposits, mortgages and cards, businesses’ loans, and wealth-management clients. Its deposit results provide a comparison for JPMorgan’s U.S. deposit franchise.
Goldman Sachs competes with JPMorgan to advise companies and help them sell shares and bonds, trade and provide financing for institutions, and manage clients’ investments and wealth. Its advisory and underwriting fees give a direct comparison for JPMorgan’s investment-banking fees.
Morgan Stanley competes with JPMorgan to help corporations, governments and institutions raise and trade capital, and to manage investments and wealth for institutions and individuals. Watch its wealth-management results alongside JPMorgan’s business serving wealthy clients.
Capital One competes with JPMorgan across the U.S. for credit-card borrowers, consumer deposits and auto loans. Its card-lending results and rewards expense are useful comparisons for JPMorgan’s card business, which earns income from borrowing and purchases while paying for rewards.
American Express competes with JPMorgan for consumers’ and businesses’ card spending, borrowing and rewards loyalty, including U.S. Marriott co-branded cards. Watch its card spending: that is its main revenue engine, while JPMorgan also earns card income when customers make purchases, reduced by rewards and partner payments.
U.S. Bancorp competes with JPMorgan for U.S. deposits, consumer and business loans, card customers and merchants that pay for card-payment processing. Its Payment Services results offer a comparison for JPMorgan’s card and merchant-processing income.
PNC competes with JPMorgan nationwide for retail deposits, business loans, services that help companies manage cash, and wealth-management clients. Watch PNC’s deposit pricing and customer migration for a comparison of the competition JPMorgan faces in keeping deposits.
UBS competes with JPMorgan for wealthy clients and for institutions and retail investors paying it to manage their investments. Its asset-management business is the relevant comparison for JPMorgan’s investment-management mandates, rather than UBS’s group-wide profit.
Barclays competes with JPMorgan to help companies raise funding and for U.S. consumer card business, but its domestic retail and business banking is UK-focused. Its U.S. Consumer Bank is the closer comparison for JPMorgan’s card business than its UK banking results.
HSBC competes with JPMorgan to handle international companies’ payments and cash, exchange currencies, and serve wealthy clients. Its corporate foreign-exchange revenue is worth watching: HSBC named that business as a contributor to its 2025 revenue growth.
Deutsche Bank competes with JPMorgan for global investment-banking assignments and for companies paying banks to manage cash, finance trade and provide loans. Its Corporate Bank results are the focused comparison for JPMorgan’s corporate cash-management and trade-finance business.
Capital One Financial earningsCOF
Capital One’s card lending and rewards costs will show how U.S. borrowers are using credit and the competitive pressure JPMorgan Chase faces in cards.
Look at Capital One’s card-lending results alongside its rewards costs. Steady borrowing and contained rewards costs would point to demand without rewards taking too much of the income, a supportive sign for JPMorgan Chase’s card business. Weaker lending or higher rewards costs would signal pressure on demand or on the cost of competing for card customers.
Housing Starts (Sep)
For JPMorgan Chase, housing starts, permits and new-home sales track homebuilding and sales activity that can generate mortgage originations and related fees through its mortgage business.
Expected1.31MLast release1.275M
If it comes in above expectations
If the reading is above the 1.31M estimate, it is above the previous 1.275M. More construction and sales can support mortgage applications and originations at JPMorgan Chase, increasing activity that generates mortgage fees.
If it comes in below expectations
Less construction and sales can weaken mortgage applications and originations at JPMorgan Chase, reducing activity that generates mortgage fees.
HSBC Holdings PLC earningsHSBC
HSBC’s corporate foreign-exchange revenue will show demand from companies exchanging currencies, a market where JPMorgan Chase also competes.
Watch how HSBC’s corporate foreign-exchange revenue changes. Strength would suggest companies’ currency-exchange and related service needs are supporting this market, a constructive signal for JPMorgan Chase as it competes for international payments and foreign-exchange business. Weakness would point to softer client activity or tougher competition. It is a market read, not a measure of JPMorgan Chase’s own revenue.
Deutsche Bank Aktiengesellschaft earningsDB
Deutsche Bank’s Corporate Bank results will show company demand for cash management and trade finance, services JPMorgan Chase also provides.
Look at Deutsche Bank’s Corporate Bank revenue and results. Strength would suggest companies are still using cash-management, trade-finance and lending services, a supportive demand signal for JPMorgan Chase’s corporate banking. Weakness would point to softer client demand or tougher competition among banks for this business.
UBS Group AG earningsUBS
UBS’s asset-management results will show whether investors are still entrusting assets to managers, a market in which JPMorgan Chase also seeks mandates.
Watch UBS’s asset-management revenue and assets under management. Strength in both would suggest institutions and individuals continue to demand investment-management services, a supportive sign for JPMorgan Chase’s efforts to win mandates. Weakness would point to pressure on asset inflows or management fees and a harder contest for those clients.
Fed Interest Rate Decision
For JPMorgan Chase, the Fed’s policy rate—the benchmark that influences borrowing costs—shapes interest earned on loans and other assets, interest paid on deposits and funding, and credit costs.
Expected4.0%Last release4.0%
If it comes in above expectations
A higher-than-expected rate can lift interest income on loans and other assets that reprice, but higher deposit and market-funding costs may narrow the benefit, while more expensive borrowing can add pressure on borrowers and credit losses.
If it comes in below expectations
A lower-than-expected rate can reduce interest income on repricing assets, while easing borrowing costs may relieve pressure on borrowers and credit losses; lower rates can also reduce what JPMorgan Chase pays on some deposits and funding.
Non Farm Payrolls (Oct)
For JPMorgan Chase, payrolls track hiring and employment income, which affect whether its consumer and small-business borrowers can repay loans and how much customers demand its banking and lending products.
Rising payrolls point to stronger employment income that may support consumer and small-business repayments and product demand; falling payrolls point to weaker repayment capacity, possible credit-loss pressure and softer demand.
Retail Sales MoM (Oct)
For JPMorgan Chase, retail sales track consumer purchases that generate card interchange and merchant-processing income when customers use its credit and debit cards.
Rising retail sales point to stronger consumer purchasing that may support card and merchant-processing income; falling sales point to weaker purchasing and less support for that transaction-related income.
JPMorgan Chase & Co. earningsThis company
JPMorgan Chase’s report will show whether income from lending and client services is covering the costs of funding, running the business and credit losses.
Read net interest income—the interest JPMorgan Chase earns after paying for deposits and other funding—alongside fee revenue, operating expenses and provisions for credit losses. Rising revenue with contained expenses and provisions means more of what its businesses earn is left over; slowing revenue or rising costs and provisions leaves less. The test is whether income covers the cost of running the business and borrower losses.
Citigroup Inc. earningsC
Citigroup’s Services results will show client demand for corporate payments and securities services, businesses JPMorgan Chase also competes for.
Look at Citigroup’s Services revenue and results, which cover corporate payments and securities services. Strength would suggest companies and institutions continue to use these services, a supportive demand signal for JPMorgan Chase’s competing businesses; weakness could mean client activity is easing or competition is intensifying. Citigroup’s broader Services figures are not a direct measure of JPMorgan Chase’s results.
Morgan Stanley earningsMS
Morgan Stanley’s wealth-management results will show demand from wealthy clients, a market where JPMorgan Chase’s Global Private Bank also competes.
Look at Morgan Stanley’s wealth-management client assets alongside its revenue. Growth in both would suggest wealthy clients are keeping assets with managers and paying for related services, a supportive sign for JPMorgan Chase’s Global Private Bank. Pressure on either would point to weaker client assets or service income and a harder task retaining and winning those clients.
PNC Financial Services Group earningsPNC
PNC’s deposit pricing and customer movements will show how hard banks are competing for retail and business deposits, which JPMorgan Chase also needs to retain and fund its business.
Read PNC’s deposit pricing alongside changes in its customer deposits. Stable deposits without higher rates would suggest less pressure to compete for funding, a favorable sign for JPMorgan Chase’s deposit costs. Deposit outflows or higher rates to retain customers would point to tougher competition for deposits and potential pressure on JPMorgan Chase to pay more for funding.
