Jamie Dimon just picked a fight with the President of the United States. At Davos last week, the JPMorgan CEO called Trump’s proposed 10% credit card rate cap an “economic disaster” that would strip credit from 80% of Americans. Three days later, Trump sued JPMorgan for $5 billion over alleged “debanking.” Welcome to 2026, where the largest bank in America finds itself at war with the White House while simultaneously posting one of the most profitable years in banking history.
JPMorgan Chase closed 2025 with $57 billion in net income. That’s not a typo. The bank generated more profit than most companies generate in revenue, powered by a trading operation that won’t quit, an investment banking franchise that’s rebounding hard, and a consumer business that keeps adding millions of new accounts despite every headwind thrown at it. The stock hit an all-time high of $337.25 in early January before the credit card cap drama sent shares tumbling.
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The Fortress Balance Sheet
JPMorgan didn’t earn the “fortress” nickname by accident. The bank maintains a CET1 capital ratio of 14.5%, well above regulatory minimums, while sitting on roughly $2 trillion in risk-weighted assets. When regional banks collapsed in 2023, JPMorgan was the one acquiring First Republic’s carcass over a weekend. When Goldman Sachs wanted out of the Apple Card mess, JPMorgan wrote a check for the portfolio. That’s what happens when you’re the strongest player in the room.
The Q4 2025 numbers tell the story. Revenue hit $46.77 billion, beating estimates by nearly $600 million. Adjusted earnings came in at $5.23 per share versus Wall Street’s $5.00 expectation. The only blemish was a $2.2 billion reserve charge tied to the Apple Card acquisition, a one-time accounting hit that masked otherwise pristine results. Strip that out, and JPMorgan’s underlying business is humming.
Full-year 2025 delivered $185.6 billion in managed revenue. Net interest income reached $103 billion as higher rates continued padding the spread between what JPMorgan pays depositors and what it charges borrowers. The bank expects similar NII in 2026, guiding to roughly $103 billion again, though management noted the figure is “market dependent” on where rates land.
Four Businesses, One Machine
JPMorgan operates through four segments that function like separate companies under one roof. Consumer & Community Banking handles the retail operation you see on street corners, plus credit cards, mortgages, and auto loans. The Corporate & Investment Bank runs the trading floors and advisory business that make Wall Street Wall Street. Commercial Banking serves mid-sized companies that need more sophistication than a branch manager can provide. Asset & Wealth Management oversees $4.8 trillion for institutions and ultra-high-net-worth individuals.
The Consumer segment added 1.7 million net new checking accounts in 2025 and opened 10.4 million new credit card accounts. That growth matters because checking accounts are the gateway drug to JPMorgan’s broader product suite. Once customers deposit paychecks, they become candidates for mortgages, investments, and the wealth management services the bank has been aggressively expanding. Wealth management households now exceed 3 million.
The Corporate & Investment Bank posted a 10% revenue increase, with Markets revenue surging 17% on strong client activity and financing demand. Payments revenue hit a record $5.1 billion as the bank continued winning treasury business from corporations that need to move money globally. Investment banking fees are rebounding from their 2022-2023 trough as M&A and capital markets activity picks up, though the division still has room to run.
The Credit Card War
Trump’s credit card rate cap proposal landed like a grenade in JPMorgan’s most profitable consumer business. The president wants a 10% ceiling on credit card interest rates for one year, arguing that Americans are being “ripped off” by rates that can exceed 20%. Banks immediately pushed back, warning that such caps would force them to slash credit availability rather than eat the margin compression.
Dimon’s response at Davos was characteristically blunt. He predicted the cap would “remove credit from 80% of Americans” and suggested testing it in Vermont and Massachusetts first, a pointed jab at Senators Bernie Sanders and Elizabeth Warren who support rate cap legislation. The crowd laughed. Trump presumably didn’t.
JPMorgan CFO Jeremy Barnum warned during the Q4 earnings call that if rate caps materialized, “everything is on the table,” including potential legal action. The bank would survive, Barnum said, but would have to “significantly change and cut back significantly” its credit card business. Translation: Customers with lower credit scores would lose access to cards entirely.
The Electronic Payments Coalition estimates that 175 million to 190 million American cardholders with credit scores below 740 would see their accounts closed or severely restricted under a 10% cap. That’s the vast majority of credit card holders. Whether Congress actually passes such legislation remains unclear, but the threat alone has injected uncertainty into bank valuations.
The Apple Card Acquisition
While fighting with the White House, JPMorgan quietly closed one of the more interesting deals of the year: acquiring the Apple Card portfolio from Goldman Sachs. Goldman spent years trying to make consumer banking work and failed spectacularly. The Apple Card was supposed to be the prestige product that proved Goldman could compete with retail banks. Instead, it generated losses and regulatory headaches that convinced Goldman to exit the business entirely.
JPMorgan swooped in because it already has the infrastructure to service credit card accounts at scale. The $2.2 billion reserve charge reflects accounting rules requiring banks to book expected losses upfront on acquired portfolios, not actual problems with Apple Card borrowers. For JPMorgan, the acquisition adds premium customers who chose Apple’s card for its integration with the iPhone ecosystem. These aren’t subprime borrowers maxing out cards at payday lenders.
The deal also strengthens JPMorgan’s relationship with Apple, the most valuable company in the world. Whether that translates into deeper partnerships remains speculative, but having Apple’s cardholders in your system creates optionality that didn’t exist before.
JPM Key Metrics
Market Cap: ~$810 billion
2025 Net Income: $57 billion
2025 Revenue: $185.6 billion (managed)
Q4 2025 EPS: $5.23 adjusted ($4.63 GAAP)
CET1 Ratio: 14.5%
Dividend: $1.50/quarter (~1.86% yield)
P/E Ratio: ~15.5x
Assets Under Management: $4.8 trillion
Employees: ~318,000
52-Week High: $337.25 (January 5, 2026)
Next Earnings: April 14, 2026
Trading Considerations
JPMorgan trades at a premium to peers, and for good reason. The bank’s return on tangible common equity consistently exceeds 20%, a level competitors struggle to match. Bank of America, Citigroup, and Wells Fargo all trade at discounts to JPMorgan’s ~2.4x price-to-tangible-book multiple because none of them deliver the same profitability.
The KBW Bank Index rose 29% in 2025, the second consecutive year that big bank stocks outperformed the S&P 500. JPMorgan led the pack with roughly 28% gains before the January pullback. The stock currently sits below its all-time high, creating potential entry points for investors who believe the credit card rate cap threat is overblown or politically unlikely to pass.
Rate sensitivity cuts both ways for JPMorgan. Higher rates boost net interest income but can slow loan demand and increase credit losses as borrowers struggle with payments. The bank’s guidance assumes the Fed holds rates relatively steady through 2026, but any surprise cuts would pressure NII while potentially stimulating loan growth. Management describes the tradeoffs as roughly offsetting.
Geopolitical risk remains Dimon’s consistent warning. The CEO has repeatedly flagged trade tensions, elevated asset prices, and the possibility of sticky inflation as threats to the economic outlook. “Markets seem to underappreciate the potential hazards,” Dimon said in the Q4 earnings release. That’s classic Dimon: delivering record profits while telling everyone the sky might fall.
The Dimon Factor
Any discussion of JPMorgan eventually becomes a discussion of Jamie Dimon. The CEO has run the bank since 2005, navigating the 2008 financial crisis, the London Whale scandal, the regional banking collapse, and now whatever this confrontation with Trump becomes. He’s 69 years old and has repeatedly deflected succession questions, though the board has identified potential internal candidates.
Dimon’s willingness to criticize Trump distinguishes him from most CEOs who’ve gone quiet since the election. He’s defended Fed independence, pushed back on rate caps, and generally refused to genuflect to political pressure. Whether that independence helps or hurts JPMorgan depends on how vindictive the administration chooses to be. The $5 billion lawsuit suggests the relationship won’t be warm.
Wall Street analysts overwhelmingly rate JPM a buy, with 18 buy ratings, 6 holds, and just 1 sell according to recent consensus data. Price targets generally range from $280 to $400, reflecting both the bank’s dominant position and uncertainty around regulatory and political risks. Institutional investors including BlackRock and Vanguard have maintained or increased positions throughout 2025.
Frequently Asked Questions
What does JPM stand for?
JPM is the NYSE ticker symbol for JPMorgan Chase & Co., the largest bank in the United States by assets. The company formed from the 2000 merger of J.P. Morgan & Co. and Chase Manhattan Corporation.
Does JPMorgan pay a dividend?
Yes. JPMorgan pays $1.50 per share quarterly, yielding approximately 1.86% at current prices. The bank has consistently raised dividends as profits grew, though the yield remains modest compared to some regional banks.
How big is JPMorgan Chase?
JPMorgan holds approximately $4.2 trillion in total assets, making it the largest U.S. bank. The company manages another $4.8 trillion in client assets through its wealth and asset management divisions. Market cap hovers around $810 billion.
What happened with Trump and JPMorgan?
Trump proposed a 10% cap on credit card interest rates, which Dimon called an “economic disaster” at Davos. Days later, Trump sued JPMorgan for $5 billion over alleged “debanking” of his accounts after January 6, 2021. The legal and political battle continues.
When does JPMorgan report earnings?
JPMorgan typically reports quarterly earnings in mid-January, April, July, and October. The next report is scheduled for April 14, 2026. The bank traditionally kicks off big-bank earnings season.
Is JPM a good investment?
Analyst consensus leans heavily bullish, with 18 buy ratings versus 6 holds and 1 sell. The bank’s premium valuation reflects superior profitability, but political and regulatory risks have increased. Individual investors should assess their own risk tolerance and consult financial advisors.
What is JPMorgan’s CET1 ratio?
14.5% as of Q4 2025, well above regulatory minimums. This capital cushion allows JPMorgan to weather economic stress, pursue acquisitions, and return capital to shareholders through dividends and buybacks.
Monitor the Biggest Bank in America
JPMorgan Chase serves as a proxy for the U.S. financial system. When JPM moves, other bank stocks follow. When Dimon speaks, markets listen. The stock’s performance reflects not just company-specific factors but broader views on interest rates, credit conditions, and economic health. Bookmark this page to track JPM in real-time alongside our coverage of the S&P 500 and other major stocks that move markets.