JPMorgan Markets Revenue Falls From Second Quarter

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• JPM

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JPMorgan Chase (JPM) Markets revenue fell to $10.3 billion in the third quarter of 2026 from $12.1 billion in the second, with Equity Markets down to $5.0 billion from $6.0 billion and Fixed Income Markets down to $5.4 billion from $6.1 billion. [1][2][3][4]

Investment Banking fees declined to $3.0 billion from $3.3 billion in the second quarter, while year-over-year growth slowed to 14% from 30%. Chairman and CEO Jamie Dimon said CIB revenue increased 14% year over year, with Markets revenue and IB fees each rising at a mid-teens rate, helped by strong client activity that moderated somewhat during the quarter. [5][6][2][4]

Net interest income excluding Markets rose to $24.7 billion from $23.7 billion. Its 6% year-over-year increase reflected higher deposit balances, Card Services balances and wholesale loan balances, partially offset by lower rates. Average loans were $1.6 trillion, up 2% sequentially, versus $1.5 trillion in the second quarter. Average deposits rose 2% sequentially; period-end deposits were $2.8 trillion, versus $2.7 trillion at the end of the second quarter. [5][7][8][9][10]

Commercial & Investment Bank net revenue was $22.7 billion, up 14% year over year. Average Banking & Payments loans were flat sequentially after a 5% sequential increase in the second quarter; average client deposits rose 1% sequentially after a 3% sequential increase. Banking & Payments revenue was $11.0 billion, up 16% year over year. [5][2][9]

Consumer & Community Banking net revenue was $21.2 billion, up 9% year over year. CCB average deposits were flat sequentially after a 2% sequential increase in the second quarter; the Card Services net charge-off rate fell to 2.91% from 3.34%. Card Services & Auto net revenue was $8.3 billion, up 15% year over year. [5][7][2][9]

Asset & Wealth Management net revenue was $6.9 billion, up 14% year over year. AWM average loans rose 6% sequentially, matching the second quarter, while average deposits fell 3% sequentially after a 3% sequential increase; AUM was $5.2 trillion versus $5.1 trillion. Dimon said AWM flows were very strong, with $263 billion of client asset net inflows. [5][6][3][9]

The firmwide provision for credit losses rose to $2.7 billion from $2.5 billion, with net charge-offs of $2.2 billion and a $539 million net reserve build versus a $149 million build in the second quarter. The CIB provision rose to $663 million from $356 million, with a $452 million net reserve build; the CCB provision fell to $2.0 billion from $2.2 billion, with a $50 million build. [1][7][2][3][10]

The common dividend was raised to $1.65 a share, or $4.4 billion, from $1.50 a share, or $4.0 billion. Common stock net repurchases fell to $664 million from $6.2 billion, and last-twelve-month net payout fell to 61% from 73%. The third-quarter standardized CET1 ratio was estimated at 13.9%, and the Advanced ratio was estimated at 14.1%. Dimon said the firm reduced share repurchases this quarter in line with its capital hierarchy. [6][11][12][13]

The reported overhead ratio rose to 54% from 48%. Managed revenue fell 12% sequentially while noninterest expense was essentially unchanged at $27.3 billion. Corporate recorded a $455 million net loss versus $4.2 billion of net income in the second quarter. The current quarter included $658 million of net investment securities losses in Corporate, while the prior quarter included a $4.6 billion Visa-related net gain and $763 million of equity-investment gains in Corporate. The firm's $1.0 billion of prior-quarter equity-investment gains also included $263 million in CIB. Net income rose 6% year over year to $15.3 billion, or $5.57 a share; excluding the securities losses, net income was $15.8 billion, or $5.75 a share, on a non-GAAP basis. [5][1][14][11][15][9][10]

Citations

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