JPMorgan Q4 profit tumbles 7%
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The news : JPMorgan Chase reported that the US bank’s profit in the fourth quarter of 2025 fell 7%, with investment banking results seeing a surprise 2% decline in debt-underwriting fees.
The numbers: JPMorgan saw profits come in at USD13 billion ($19.4 billion) for the quarter, USD4.63 per share, compared with FactSet estimates of USD4.82 per share. Revenues rose 7% to USD45.8 billion.
The bank’s full-year profit came in at USD57 billion, down on the record USD58.5 billion notched the year prior. Full-year revenue was USD182.4 billion, up from USD177.6 billion in 2024.
Despite last month projecting an increase in investment banking fees for the quarter, fees dropped to USD2.3 billion, down from the USD2.5 billion achieved in the same period the year prior. An unexpected 2% decline in debt-underwriting fees came as a surprise, with Bloomberg reporting that analysts had expected a 19% gain.
Equities trading revenue surged 40% to USD2.9 billion while fixed income trading revenue lifted 7% to USD5.4 billion.
The context: While dealmaking saw a slight blip earlier in the year as a result of US President Donald Trump’s trade tariff uncertainty, M&A rebounded in the second half. Traders also capitalised on periodic volatility throughout the year, allowing them to rake in profits.
The bank’s quarterly results were also dragged down by a USD2.2 billion charge for potential future loan losses on the approximately USD20 billion in card balances after the bank announced plans to acquire the Apple credit-card program from competitor Goldman Sachs.
Meanwhile, Bank of New York Mellon profits for the fourth quarter beat estimates, with Q4 diluted earnings per share coming in at USD2.02, a 31% increase from the same period a year earlier, topping the USD1.93 average estimate compiled by Bloomberg.
What they said: “The US economy has remained resilient”, CEO Jamie Dimon said in a statement on the results. “While labor markets have softened, conditions do not appear to be worsening. Meanwhile, consumers continue to spend, and businesses generally remain healthy.”
Dimon added that the conditions “could persist for some time” and warned that markets “seem to underappreciate the potential hazards—including from complex geopolitical conditions, the risk of sticky inflation and elevated asset prices.”
