Asset & Wealth ManagementNarrow moat

JPMorgan Chase (JPM) — moat facet

The smallest segment, the highest return and the fastest growth since 2016, paid in fees that keep getting cheaper.

Asset & Wealth Management is the smallest of JPMorgan's three businesses and the one that needs the least capital. It brought in $24,073 million in 2025 and earned $6,522 million, a 40% return on equity and a 36% pre-tax margin.1

Asset & Wealth Management revenue ($bn)$12.8bn2016$13.8bn2017$14.1bn2018$13.6bn2019$14.2bn2020$17.0bn2021$17.7bn2022$19.8bn2023$21.6bn2024$24.1bn2025JPMorgan Chase Forms 10-K FY2018-FY2025, as reported in each
The fastest-growing of the three since 2016, at about 7.2% a year.

What is inside the line is two businesses of similar size. Asset Management, which runs funds and mandates for institutions and individuals, brought in $11,700 million; the Global Private Bank, which serves wealthy clients with investment management, brokerage, lending and deposits, brought in $12,373 million.2 Assets under management were $4,791 billion at the end of 2025, and client assets $7,118 billion.3

The history is the steadiest of the three segments. On the definitions of each year's filing, revenue was $12,822 million in 2016, $13,835 million in 2017, $14,240 million in 2020, $16,957 million in 2021, $19,827 million in 2023 and $24,073 million in 2025, about 7.2% a year.45678 Net income grew faster, from $2,251 million to $6,522 million, 2.9 times.91011

It is paid mostly in fees on assets. Asset management fees were $15,494 million of $17,241 million of noninterest revenue in 2025, and net interest income on private-bank loans and deposits added $6,832 million.12 That structure means revenue follows market levels as well as client money.

The 2025 rollforward shows how much of each. Assets under management rose from $4,045 billion to $4,791 billion; net inflows supplied $392 billion of the increase and market performance and other impacts $354 billion.1314 Of the inflows, $183 billion went into liquidity funds, the cheapest assets to manage and the lowest-fee.15

That mix explains why fees trail assets. From 2023 to 2025 assets under management rose 40% and asset management fees 31%.161718 The page Fee Rates Have Been Falling for Twenty Years argues the industry case; the gap here is JPMorgan's own version of it.

Profitability is high and costly to keep. The overhead ratio was 64% in 2025, against 67% in 2024, and compensation grew to $8,645 million from $7,115 million two years earlier.19 The June 2026 release attributes the continuing rise to revenue-related pay and continued growth in private banking advisor teams.20 What the segment does not need is balance sheet, which is why its return on allocated equity rose from 31% in 2023 to 40%.21

The two latest quarters accelerated. Revenue was $6,374 million in the first quarter of 2026, up 11%, and $6,851 million in the second, up 19%, with second-quarter net income of $1,957 million, up 33%.2223 Assets under management reached $5.1 trillion, up 18% from a year earlier.24

The outlook is tied to the markets. A year like 2025, in which market gains added nearly as much to assets as clients did, flatters the fee line; a falling market reverses it without a single client leaving.

This is a narrow moat: a brand and a private-bank network that attract money, in a business where the price of managing it keeps falling. The figure that would change the view is the gap between fee growth and asset growth: in 2025 asset management fees rose 13.2% and year-end assets under management 18.4%.2526 A gap that widens further would mean the new money is arriving at prices that no longer pay for the advisers.

Moat trajectory: Widening

Revenue up 19% and assets under management $5.1 trillion in the June 2026 quarter; fees still trail assets.

The number that tests this moat
Moat Explorer calc
Asset management fee growth against AUM growth
Fees +13.2% against year-end AUM +18.4% in 2025

The gap is the fee rate falling. A wider gap would mean new money arrives at prices that no longer pay for the advisers.

How it's calculated: 15,494 / 13,693; 4,791 / 4,045.
Source: JPMorgan Chase Form 10-K, FY2025 (Moat Explorer calc) ↗
References
  1. ReportedIt brought in $24,073 million in 2025 and earned $6,522 million, a 40% return on equity and a 36% pre-tax margin.
    JPMorgan Chase Form 10-K, FY2025 - segment results 2023-2025: CIB revenue $64,353M/$70,114M/$78,454M, net income $20,272M/$24,846M/$27,761M, ROE 14%/18%/18%, overhead 49% in 2025; CIB revenue by business 2025: Investment Banking $10,198M, Payments $19,331M, Lending $7,601M, Fixed Income Markets $22,532M, Equity Markets $13,250M, Securities Services $5,599M; CCB revenue $70,148M/$71,507M/$76,029M, net income $21,232M/$17,603M/$18,245M, ROE 38%/32%/32%, Banking & Wealth Management $43,199M/$40,943M/$42,862M, Home Lending $4,140M/$5,097M/$4,966M, Card Services & Auto $22,809M/$25,467M/$28,201M; AWM revenue $19,827M/$21,578M/$24,073M, net income $5,227M/$5,421M/$6,522M, ROE 31%/34%/40%, overhead 64%/67%/64%, asset management fees $11,826M/$13,693M/$15,494M, AUM $3,422B/$4,045B/$4,791B, client assets $7,118B; firm net revenue $182,447M and net income $57,048M; business segment reorganization in the second quarter of 2024; Corporate consists of Treasury and CIO and Other Corporate; 2024 included a $7.9bn net gain on Visa shares — FY2023-FY2025 · publ. February 2026 · source ↗
  2. ReportedAsset Management, which runs funds and mandates for institutions and individuals, brought in $11,700 million; the Global Private Bank, which serves wealthy clients with investment management, brokerage, lending and deposits, brought in $12,373 million.
    JPMorgan Chase Form 10-K, FY2025 - segment results 2023-2025: CIB revenue $64,353M/$70,114M/$78,454M, net income $20,272M/$24,846M/$27,761M, ROE 14%/18%/18%, overhead 49% in 2025; CIB revenue by business 2025: Investment Banking $10,198M, Payments $19,331M, Lending $7,601M, Fixed Income Markets $22,532M, Equity Markets $13,250M, Securities Services $5,599M; CCB revenue $70,148M/$71,507M/$76,029M, net income $21,232M/$17,603M/$18,245M, ROE 38%/32%/32%, Banking & Wealth Management $43,199M/$40,943M/$42,862M, Home Lending $4,140M/$5,097M/$4,966M, Card Services & Auto $22,809M/$25,467M/$28,201M; AWM revenue $19,827M/$21,578M/$24,073M, net income $5,227M/$5,421M/$6,522M, ROE 31%/34%/40%, overhead 64%/67%/64%, asset management fees $11,826M/$13,693M/$15,494M, AUM $3,422B/$4,045B/$4,791B, client assets $7,118B; firm net revenue $182,447M and net income $57,048M; business segment reorganization in the second quarter of 2024; Corporate consists of Treasury and CIO and Other Corporate; 2024 included a $7.9bn net gain on Visa shares — FY2023-FY2025 · publ. February 2026 · source ↗
  3. ReportedAssets under management were $4,791 billion at the end of 2025, and client assets $7,118 billion.
    JPMorgan Chase Form 10-K, FY2025 - segment results 2023-2025: CIB revenue $64,353M/$70,114M/$78,454M, net income $20,272M/$24,846M/$27,761M, ROE 14%/18%/18%, overhead 49% in 2025; CIB revenue by business 2025: Investment Banking $10,198M, Payments $19,331M, Lending $7,601M, Fixed Income Markets $22,532M, Equity Markets $13,250M, Securities Services $5,599M; CCB revenue $70,148M/$71,507M/$76,029M, net income $21,232M/$17,603M/$18,245M, ROE 38%/32%/32%, Banking & Wealth Management $43,199M/$40,943M/$42,862M, Home Lending $4,140M/$5,097M/$4,966M, Card Services & Auto $22,809M/$25,467M/$28,201M; AWM revenue $19,827M/$21,578M/$24,073M, net income $5,227M/$5,421M/$6,522M, ROE 31%/34%/40%, overhead 64%/67%/64%, asset management fees $11,826M/$13,693M/$15,494M, AUM $3,422B/$4,045B/$4,791B, client assets $7,118B; firm net revenue $182,447M and net income $57,048M; business segment reorganization in the second quarter of 2024; Corporate consists of Treasury and CIO and Other Corporate; 2024 included a $7.9bn net gain on Visa shares — FY2023-FY2025 · publ. February 2026 · source ↗
  4. ReportedOn the definitions of each year's filing, revenue was $12,822 million in 2016, $13,835 million in 2017, $14,240 million in 2020, $16,957 million in 2021, $19,827 million in 2023 and $24,073 million in 2025, about 7.2% a year.
    JPMorgan Chase Form 10-K, FY2018 - segment results, managed basis, 2016-2018: total net revenue CCB $44,915M/$46,485M/$52,079M, Corporate & Investment Bank $35,340M/$34,657M/$36,448M, Commercial Banking $7,453M/$8,605M/$9,059M, AWM $12,822M/$13,835M/$14,076M; net income CCB $9,714M/$9,395M/$14,852M, CIB $10,815M/$10,813M/$11,773M, CB $2,657M/$3,539M/$4,237M, AWM $2,251M/$2,337M/$2,853M — FY2016-FY2018 · publ. February 2019 · source ↗
  5. ReportedOn the definitions of each year's filing, revenue was $12,822 million in 2016, $13,835 million in 2017, $14,240 million in 2020, $16,957 million in 2021, $19,827 million in 2023 and $24,073 million in 2025, about 7.2% a year.
    JPMorgan Chase Form 10-K, FY2021 - segment results, managed basis, 2019-2021: total net revenue CCB $55,133M/$51,268M/$50,073M, Corporate & Investment Bank $39,265M/$49,284M/$51,749M, Commercial Banking $9,264M/$9,313M/$10,008M, AWM $13,591M/$14,240M/$16,957M; CCB provision for credit losses $4,954M/$12,312M/($6,989M) and net income $16,541M/$8,217M/$20,930M — FY2019-FY2021 · publ. February 2022 · source ↗
  6. ReportedOn the definitions of each year's filing, revenue was $12,822 million in 2016, $13,835 million in 2017, $14,240 million in 2020, $16,957 million in 2021, $19,827 million in 2023 and $24,073 million in 2025, about 7.2% a year.
    JPMorgan Chase Form 10-K, FY2023 - segment results, managed basis, 2021-2023: CCB $49,879M/$54,814M/$70,148M, Corporate & Investment Bank $51,943M/$48,102M/$48,807M, Commercial Banking $10,008M/$11,533M/$15,546M, AWM $16,957M/$17,748M/$19,827M; CCB 2023 net revenue up 28% on deposit margin expansion on higher rates, higher Card Services NII on revolving balances and the impact of First Republic in Home Lending — FY2021-FY2023 · publ. February 2024 · source ↗
  7. ReportedOn the definitions of each year's filing, revenue was $12,822 million in 2016, $13,835 million in 2017, $14,240 million in 2020, $16,957 million in 2021, $19,827 million in 2023 and $24,073 million in 2025, about 7.2% a year.
    JPMorgan Chase Form 10-K, FY2025 - segment results 2023-2025: CIB revenue $64,353M/$70,114M/$78,454M, net income $20,272M/$24,846M/$27,761M, ROE 14%/18%/18%, overhead 49% in 2025; CIB revenue by business 2025: Investment Banking $10,198M, Payments $19,331M, Lending $7,601M, Fixed Income Markets $22,532M, Equity Markets $13,250M, Securities Services $5,599M; CCB revenue $70,148M/$71,507M/$76,029M, net income $21,232M/$17,603M/$18,245M, ROE 38%/32%/32%, Banking & Wealth Management $43,199M/$40,943M/$42,862M, Home Lending $4,140M/$5,097M/$4,966M, Card Services & Auto $22,809M/$25,467M/$28,201M; AWM revenue $19,827M/$21,578M/$24,073M, net income $5,227M/$5,421M/$6,522M, ROE 31%/34%/40%, overhead 64%/67%/64%, asset management fees $11,826M/$13,693M/$15,494M, AUM $3,422B/$4,045B/$4,791B, client assets $7,118B; firm net revenue $182,447M and net income $57,048M; business segment reorganization in the second quarter of 2024; Corporate consists of Treasury and CIO and Other Corporate; 2024 included a $7.9bn net gain on Visa shares — FY2023-FY2025 · publ. February 2026 · source ↗
  8. Moat Explorer calcOn the definitions of each year's filing, revenue was $12,822 million in 2016, $13,835 million in 2017, $14,240 million in 2020, $16,957 million in 2021, $19,827 million in 2023 and $24,073 million in 2025, about 7.2% a year.
    Moat Explorer calculation from JPMorgan Chase Forms 10-K FY2018-FY2025 and the Q1 and Q2 2026 releases: shares, margins, compound growth rates and combined CIB-plus-Commercial-Banking series as stated — 2016 to Q2 2026 · publ. 2026-09-23 · source ↗
  9. ReportedNet income grew faster, from $2,251 million to $6,522 million, 2.9 times.
    JPMorgan Chase Form 10-K, FY2018 - segment results, managed basis, 2016-2018: total net revenue CCB $44,915M/$46,485M/$52,079M, Corporate & Investment Bank $35,340M/$34,657M/$36,448M, Commercial Banking $7,453M/$8,605M/$9,059M, AWM $12,822M/$13,835M/$14,076M; net income CCB $9,714M/$9,395M/$14,852M, CIB $10,815M/$10,813M/$11,773M, CB $2,657M/$3,539M/$4,237M, AWM $2,251M/$2,337M/$2,853M — FY2016-FY2018 · publ. February 2019 · source ↗
  10. ReportedNet income grew faster, from $2,251 million to $6,522 million, 2.9 times.
    JPMorgan Chase Form 10-K, FY2025 - segment results 2023-2025: CIB revenue $64,353M/$70,114M/$78,454M, net income $20,272M/$24,846M/$27,761M, ROE 14%/18%/18%, overhead 49% in 2025; CIB revenue by business 2025: Investment Banking $10,198M, Payments $19,331M, Lending $7,601M, Fixed Income Markets $22,532M, Equity Markets $13,250M, Securities Services $5,599M; CCB revenue $70,148M/$71,507M/$76,029M, net income $21,232M/$17,603M/$18,245M, ROE 38%/32%/32%, Banking & Wealth Management $43,199M/$40,943M/$42,862M, Home Lending $4,140M/$5,097M/$4,966M, Card Services & Auto $22,809M/$25,467M/$28,201M; AWM revenue $19,827M/$21,578M/$24,073M, net income $5,227M/$5,421M/$6,522M, ROE 31%/34%/40%, overhead 64%/67%/64%, asset management fees $11,826M/$13,693M/$15,494M, AUM $3,422B/$4,045B/$4,791B, client assets $7,118B; firm net revenue $182,447M and net income $57,048M; business segment reorganization in the second quarter of 2024; Corporate consists of Treasury and CIO and Other Corporate; 2024 included a $7.9bn net gain on Visa shares — FY2023-FY2025 · publ. February 2026 · source ↗
  11. Moat Explorer calcNet income grew faster, from $2,251 million to $6,522 million, 2.9 times.
    Moat Explorer calculation from JPMorgan Chase Forms 10-K FY2018-FY2025 and the Q1 and Q2 2026 releases: shares, margins, compound growth rates and combined CIB-plus-Commercial-Banking series as stated — 2016 to Q2 2026 · publ. 2026-09-23 · source ↗
  12. ReportedAsset management fees were $15,494 million of $17,241 million of noninterest revenue in 2025, and net interest income on private-bank loans and deposits added $6,832 million.
    JPMorgan Chase Form 10-K, FY2025 - segment results 2023-2025: CIB revenue $64,353M/$70,114M/$78,454M, net income $20,272M/$24,846M/$27,761M, ROE 14%/18%/18%, overhead 49% in 2025; CIB revenue by business 2025: Investment Banking $10,198M, Payments $19,331M, Lending $7,601M, Fixed Income Markets $22,532M, Equity Markets $13,250M, Securities Services $5,599M; CCB revenue $70,148M/$71,507M/$76,029M, net income $21,232M/$17,603M/$18,245M, ROE 38%/32%/32%, Banking & Wealth Management $43,199M/$40,943M/$42,862M, Home Lending $4,140M/$5,097M/$4,966M, Card Services & Auto $22,809M/$25,467M/$28,201M; AWM revenue $19,827M/$21,578M/$24,073M, net income $5,227M/$5,421M/$6,522M, ROE 31%/34%/40%, overhead 64%/67%/64%, asset management fees $11,826M/$13,693M/$15,494M, AUM $3,422B/$4,045B/$4,791B, client assets $7,118B; firm net revenue $182,447M and net income $57,048M; business segment reorganization in the second quarter of 2024; Corporate consists of Treasury and CIO and Other Corporate; 2024 included a $7.9bn net gain on Visa shares — FY2023-FY2025 · publ. February 2026 · source ↗
  13. ReportedAssets under management rose from $4,045 billion to $4,791 billion; net inflows supplied $392 billion of the increase and market performance and other impacts $354 billion.
    JPMorgan Chase Form 10-K, FY2025 - segment results 2023-2025: CIB revenue $64,353M/$70,114M/$78,454M, net income $20,272M/$24,846M/$27,761M, ROE 14%/18%/18%, overhead 49% in 2025; CIB revenue by business 2025: Investment Banking $10,198M, Payments $19,331M, Lending $7,601M, Fixed Income Markets $22,532M, Equity Markets $13,250M, Securities Services $5,599M; CCB revenue $70,148M/$71,507M/$76,029M, net income $21,232M/$17,603M/$18,245M, ROE 38%/32%/32%, Banking & Wealth Management $43,199M/$40,943M/$42,862M, Home Lending $4,140M/$5,097M/$4,966M, Card Services & Auto $22,809M/$25,467M/$28,201M; AWM revenue $19,827M/$21,578M/$24,073M, net income $5,227M/$5,421M/$6,522M, ROE 31%/34%/40%, overhead 64%/67%/64%, asset management fees $11,826M/$13,693M/$15,494M, AUM $3,422B/$4,045B/$4,791B, client assets $7,118B; firm net revenue $182,447M and net income $57,048M; business segment reorganization in the second quarter of 2024; Corporate consists of Treasury and CIO and Other Corporate; 2024 included a $7.9bn net gain on Visa shares — FY2023-FY2025 · publ. February 2026 · source ↗
  14. Moat Explorer calcAssets under management rose from $4,045 billion to $4,791 billion; net inflows supplied $392 billion of the increase and market performance and other impacts $354 billion.
    Moat Explorer calculation from JPMorgan Chase Forms 10-K FY2018-FY2025 and the Q1 and Q2 2026 releases: shares, margins, compound growth rates and combined CIB-plus-Commercial-Banking series as stated — 2016 to Q2 2026 · publ. 2026-09-23 · source ↗
  15. ReportedOf the inflows, $183 billion went into liquidity funds, the cheapest assets to manage and the lowest-fee.
    JPMorgan Chase Form 10-K, FY2025 - segment results 2023-2025: CIB revenue $64,353M/$70,114M/$78,454M, net income $20,272M/$24,846M/$27,761M, ROE 14%/18%/18%, overhead 49% in 2025; CIB revenue by business 2025: Investment Banking $10,198M, Payments $19,331M, Lending $7,601M, Fixed Income Markets $22,532M, Equity Markets $13,250M, Securities Services $5,599M; CCB revenue $70,148M/$71,507M/$76,029M, net income $21,232M/$17,603M/$18,245M, ROE 38%/32%/32%, Banking & Wealth Management $43,199M/$40,943M/$42,862M, Home Lending $4,140M/$5,097M/$4,966M, Card Services & Auto $22,809M/$25,467M/$28,201M; AWM revenue $19,827M/$21,578M/$24,073M, net income $5,227M/$5,421M/$6,522M, ROE 31%/34%/40%, overhead 64%/67%/64%, asset management fees $11,826M/$13,693M/$15,494M, AUM $3,422B/$4,045B/$4,791B, client assets $7,118B; firm net revenue $182,447M and net income $57,048M; business segment reorganization in the second quarter of 2024; Corporate consists of Treasury and CIO and Other Corporate; 2024 included a $7.9bn net gain on Visa shares — FY2023-FY2025 · publ. February 2026 · source ↗
  16. ReportedFrom 2023 to 2025 assets under management rose 40% and asset management fees 31%.
    JPMorgan Chase Form 10-K, FY2023 - segment results, managed basis, 2021-2023: CCB $49,879M/$54,814M/$70,148M, Corporate & Investment Bank $51,943M/$48,102M/$48,807M, Commercial Banking $10,008M/$11,533M/$15,546M, AWM $16,957M/$17,748M/$19,827M; CCB 2023 net revenue up 28% on deposit margin expansion on higher rates, higher Card Services NII on revolving balances and the impact of First Republic in Home Lending — FY2021-FY2023 · publ. February 2024 · source ↗
  17. ReportedFrom 2023 to 2025 assets under management rose 40% and asset management fees 31%.
    JPMorgan Chase Form 10-K, FY2025 - segment results 2023-2025: CIB revenue $64,353M/$70,114M/$78,454M, net income $20,272M/$24,846M/$27,761M, ROE 14%/18%/18%, overhead 49% in 2025; CIB revenue by business 2025: Investment Banking $10,198M, Payments $19,331M, Lending $7,601M, Fixed Income Markets $22,532M, Equity Markets $13,250M, Securities Services $5,599M; CCB revenue $70,148M/$71,507M/$76,029M, net income $21,232M/$17,603M/$18,245M, ROE 38%/32%/32%, Banking & Wealth Management $43,199M/$40,943M/$42,862M, Home Lending $4,140M/$5,097M/$4,966M, Card Services & Auto $22,809M/$25,467M/$28,201M; AWM revenue $19,827M/$21,578M/$24,073M, net income $5,227M/$5,421M/$6,522M, ROE 31%/34%/40%, overhead 64%/67%/64%, asset management fees $11,826M/$13,693M/$15,494M, AUM $3,422B/$4,045B/$4,791B, client assets $7,118B; firm net revenue $182,447M and net income $57,048M; business segment reorganization in the second quarter of 2024; Corporate consists of Treasury and CIO and Other Corporate; 2024 included a $7.9bn net gain on Visa shares — FY2023-FY2025 · publ. February 2026 · source ↗
  18. Moat Explorer calcFrom 2023 to 2025 assets under management rose 40% and asset management fees 31%.
    Moat Explorer calculation from JPMorgan Chase Forms 10-K FY2018-FY2025 and the Q1 and Q2 2026 releases: shares, margins, compound growth rates and combined CIB-plus-Commercial-Banking series as stated — 2016 to Q2 2026 · publ. 2026-09-23 · source ↗
  19. ReportedThe overhead ratio was 64% in 2025, against 67% in 2024, and compensation grew to $8,645 million from $7,115 million two years earlier.
    JPMorgan Chase Form 10-K, FY2025 - segment results 2023-2025: CIB revenue $64,353M/$70,114M/$78,454M, net income $20,272M/$24,846M/$27,761M, ROE 14%/18%/18%, overhead 49% in 2025; CIB revenue by business 2025: Investment Banking $10,198M, Payments $19,331M, Lending $7,601M, Fixed Income Markets $22,532M, Equity Markets $13,250M, Securities Services $5,599M; CCB revenue $70,148M/$71,507M/$76,029M, net income $21,232M/$17,603M/$18,245M, ROE 38%/32%/32%, Banking & Wealth Management $43,199M/$40,943M/$42,862M, Home Lending $4,140M/$5,097M/$4,966M, Card Services & Auto $22,809M/$25,467M/$28,201M; AWM revenue $19,827M/$21,578M/$24,073M, net income $5,227M/$5,421M/$6,522M, ROE 31%/34%/40%, overhead 64%/67%/64%, asset management fees $11,826M/$13,693M/$15,494M, AUM $3,422B/$4,045B/$4,791B, client assets $7,118B; firm net revenue $182,447M and net income $57,048M; business segment reorganization in the second quarter of 2024; Corporate consists of Treasury and CIO and Other Corporate; 2024 included a $7.9bn net gain on Visa shares — FY2023-FY2025 · publ. February 2026 · source ↗
  20. ReportedThe June 2026 release attributes the continuing rise to revenue-related pay and continued growth in private banking advisor teams.
    JPMorgan Chase Q2 2026 earnings release (8-K exhibit 99.1) - CCB net revenue $20,272M, up 8%, net income $5,311M, expense up 13%, ROE 34%, Card Services net charge-off rate 3.34%; CIB $24,853M, up 27%, net income $9,678M, up 46%, Banking & Payments $11,162M, up 21%, Markets & Securities Services $13,691M, up 33%, ROE 22%; AWM $6,851M, up 19%, net income $1,957M, up 33%, AUM $5.1 trillion, up 18% — Q2 2026 · publ. 14 July 2026 · source ↗
  21. ReportedWhat the segment does not need is balance sheet, which is why its return on allocated equity rose from 31% in 2023 to 40%.
    JPMorgan Chase Form 10-K, FY2025 - segment results 2023-2025: CIB revenue $64,353M/$70,114M/$78,454M, net income $20,272M/$24,846M/$27,761M, ROE 14%/18%/18%, overhead 49% in 2025; CIB revenue by business 2025: Investment Banking $10,198M, Payments $19,331M, Lending $7,601M, Fixed Income Markets $22,532M, Equity Markets $13,250M, Securities Services $5,599M; CCB revenue $70,148M/$71,507M/$76,029M, net income $21,232M/$17,603M/$18,245M, ROE 38%/32%/32%, Banking & Wealth Management $43,199M/$40,943M/$42,862M, Home Lending $4,140M/$5,097M/$4,966M, Card Services & Auto $22,809M/$25,467M/$28,201M; AWM revenue $19,827M/$21,578M/$24,073M, net income $5,227M/$5,421M/$6,522M, ROE 31%/34%/40%, overhead 64%/67%/64%, asset management fees $11,826M/$13,693M/$15,494M, AUM $3,422B/$4,045B/$4,791B, client assets $7,118B; firm net revenue $182,447M and net income $57,048M; business segment reorganization in the second quarter of 2024; Corporate consists of Treasury and CIO and Other Corporate; 2024 included a $7.9bn net gain on Visa shares — FY2023-FY2025 · publ. February 2026 · source ↗
  22. ReportedRevenue was $6,374 million in the first quarter of 2026, up 11%, and $6,851 million in the second, up 19%, with second-quarter net income of $1,957 million, up 33%.
    JPMorgan Chase Q1 2026 earnings release (8-K exhibit 99.1) - CCB net revenue $19,568M, up 7%; CIB $23,379M, up 19%, net income $9,044M; AWM $6,374M, up 11% — Q1 2026 · publ. 14 April 2026 · source ↗
  23. ReportedRevenue was $6,374 million in the first quarter of 2026, up 11%, and $6,851 million in the second, up 19%, with second-quarter net income of $1,957 million, up 33%.
    JPMorgan Chase Q2 2026 earnings release (8-K exhibit 99.1) - CCB net revenue $20,272M, up 8%, net income $5,311M, expense up 13%, ROE 34%, Card Services net charge-off rate 3.34%; CIB $24,853M, up 27%, net income $9,678M, up 46%, Banking & Payments $11,162M, up 21%, Markets & Securities Services $13,691M, up 33%, ROE 22%; AWM $6,851M, up 19%, net income $1,957M, up 33%, AUM $5.1 trillion, up 18% — Q2 2026 · publ. 14 July 2026 · source ↗
  24. ReportedAssets under management reached $5.1 trillion, up 18% from a year earlier.
    JPMorgan Chase Q2 2026 earnings release (8-K exhibit 99.1) - CCB net revenue $20,272M, up 8%, net income $5,311M, expense up 13%, ROE 34%, Card Services net charge-off rate 3.34%; CIB $24,853M, up 27%, net income $9,678M, up 46%, Banking & Payments $11,162M, up 21%, Markets & Securities Services $13,691M, up 33%, ROE 22%; AWM $6,851M, up 19%, net income $1,957M, up 33%, AUM $5.1 trillion, up 18% — Q2 2026 · publ. 14 July 2026 · source ↗
  25. ReportedThe figure that would change the view is the gap between fee growth and asset growth: in 2025 asset management fees rose 13.2% and year-end assets under management 18.4%.
    JPMorgan Chase Form 10-K, FY2025 - segment results 2023-2025: CIB revenue $64,353M/$70,114M/$78,454M, net income $20,272M/$24,846M/$27,761M, ROE 14%/18%/18%, overhead 49% in 2025; CIB revenue by business 2025: Investment Banking $10,198M, Payments $19,331M, Lending $7,601M, Fixed Income Markets $22,532M, Equity Markets $13,250M, Securities Services $5,599M; CCB revenue $70,148M/$71,507M/$76,029M, net income $21,232M/$17,603M/$18,245M, ROE 38%/32%/32%, Banking & Wealth Management $43,199M/$40,943M/$42,862M, Home Lending $4,140M/$5,097M/$4,966M, Card Services & Auto $22,809M/$25,467M/$28,201M; AWM revenue $19,827M/$21,578M/$24,073M, net income $5,227M/$5,421M/$6,522M, ROE 31%/34%/40%, overhead 64%/67%/64%, asset management fees $11,826M/$13,693M/$15,494M, AUM $3,422B/$4,045B/$4,791B, client assets $7,118B; firm net revenue $182,447M and net income $57,048M; business segment reorganization in the second quarter of 2024; Corporate consists of Treasury and CIO and Other Corporate; 2024 included a $7.9bn net gain on Visa shares — FY2023-FY2025 · publ. February 2026 · source ↗
  26. Moat Explorer calcThe figure that would change the view is the gap between fee growth and asset growth: in 2025 asset management fees rose 13.2% and year-end assets under management 18.4%.
    Moat Explorer calculation from JPMorgan Chase Forms 10-K FY2018-FY2025 and the Q1 and Q2 2026 releases: shares, margins, compound growth rates and combined CIB-plus-Commercial-Banking series as stated — 2016 to Q2 2026 · publ. 2026-09-23 · source ↗
Sources
Generated September 23, 2026