Commercial & Investment BankNarrow moat

JPMorgan Chase (JPM) — moat facet

The largest business since 2025, built on two halves: payments and lending that compound, and deals and trading that swing.

The Commercial & Investment Bank is now JPMorgan's largest business by revenue and by profit. It brought in $78,454 million in 2025 and earned $27,761 million, against $64,353 million and $20,272 million two years earlier.1

CIB revenue, incl. Commercial Banking to 2022 ($bn)$42.8bn2016$43.3bn2017$45.5bn2018$48.5bn2019$58.6bn2020$61.8bn2021$59.6bn2022$64.4bn2023$70.1bn2024$78.5bn2025JPMorgan Chase Forms 10-K FY2018-FY2025; old CIB plus Commercial Banking to 2022
About 7% a year for nine years, with one down year, 2022.

What is inside the line is two halves of roughly equal size. Banking & Payments brought in $37,136 million: investment banking $10,198 million, payments $19,331 million and lending $7,601 million. Markets & Securities Services brought in $41,318 million: fixed income markets $22,532 million, equity markets $13,250 million and securities services $5,599 million.2

The segment in its present form dates from the second quarter of 2024, when JPMorgan reorganised its business segments and the old Commercial Banking segment was folded in.3 The recast is exact: the new segment's 2023 revenue of $64,353 million equals the old Corporate & Investment Bank's $48,807 million plus Commercial Banking's $15,546 million.456

Counted that way, the combined business brought in $42,793 million in 2016, $48,529 million in 2019, $61,757 million in 2021, $59,635 million in 2022 and $78,454 million in 2025, about 7.0% a year.78910 The one fall came in 2022, down 3.4%, when the old investment bank's revenue dropped from $51,943 million to $48,102 million while Commercial Banking rose to $11,533 million.1112

It is paid in four different currencies of business. Investment banking earns advisory and underwriting fees; markets earn spreads and trading revenue; payments earn fees and, more importantly, the operating deposits of the corporations that run their treasury through the bank; lending earns interest. The first two are the volatile half. Investment banking revenue rose 44% from 2023 to 2025 and equity markets 51%.131415

In 2025 the volatile lines, investment banking and the two markets businesses, came to $45,980 million, against $26,932 million from payments and lending.16 The page Markets Revenue Is Not a Franchise, It Is a Year makes the case that the first figure belongs to the year rather than to the bank, and Payments: The Business Nobody Notices covers the second.

Profitability is the highest of the three segments per dollar of revenue, 35.4% kept as net income in 2025.17 On capital it is the lowest: return on equity was 18% in 2025 and 2024 and 14% in 2023, against an overhead ratio of 49% and compensation at 25% of revenue.18 The provision for credit losses rose to $2,615 million from $762 million a year earlier.19

The two latest quarters accelerated. Revenue was $23,379 million in the first quarter of 2026, up 19%, and $24,853 million in the second, up 27%, with net income of $9,678 million, up 46%.2021 In the second quarter Markets & Securities Services grew 33% and Banking & Payments 21%, and the segment's return on equity was 22%.22

The outlook depends on which half does the growing. Deal fees and trading revenue both rose sharply in the first half of 2026; payments and lending grow with the corporate clients' own businesses.

This is a wide moat in payments and corporate banking and a strong but ordinary position in markets. The share of the segment's revenue from Banking & Payments decides which description fits: 47% in 2025 and 45% in the June 2026 quarter.23 A share still falling when the markets cool would leave the largest business in the firm more dependent on trading than it has been.

Moat trajectory: Widening

Revenue up 27% and net income up 46% in the June 2026 quarter, with Banking & Payments up 21%.

The number that tests this moat
Moat Explorer calc
Banking & Payments share of CIB revenue, latest quarter
44.9% in Q2 2026, from 47.3% in 2025

The half of the segment that does not depend on markets. A share still falling when markets cool would leave the business more dependent on trading.

How it's calculated: 11,162 / 24,853; 37,136 / 78,454.
Source: JPMorgan Chase Form 10-K FY2025 and Q2 2026 release (Moat Explorer calc) ↗
References
  1. ReportedIt brought in $78,454 million in 2025 and earned $27,761 million, against $64,353 million and $20,272 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 ↗
  2. ReportedMarkets & Securities Services brought in $41,318 million: fixed income markets $22,532 million, equity markets $13,250 million and securities services $5,599 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. ReportedThe segment in its present form dates from the second quarter of 2024, when JPMorgan reorganised its business segments and the old Commercial Banking segment was folded in.
    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. ReportedThe recast is exact: the new segment's 2023 revenue of $64,353 million equals the old Corporate & Investment Bank's $48,807 million plus Commercial Banking's $15,546 million.
    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 ↗
  5. ReportedThe recast is exact: the new segment's 2023 revenue of $64,353 million equals the old Corporate & Investment Bank's $48,807 million plus Commercial Banking's $15,546 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 ↗
  6. Moat Explorer calcThe recast is exact: the new segment's 2023 revenue of $64,353 million equals the old Corporate & Investment Bank's $48,807 million plus Commercial Banking's $15,546 million.
    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 ↗
  7. ReportedCounted that way, the combined business brought in $42,793 million in 2016, $48,529 million in 2019, $61,757 million in 2021, $59,635 million in 2022 and $78,454 million in 2025, about 7.0% 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 ↗
  8. ReportedCounted that way, the combined business brought in $42,793 million in 2016, $48,529 million in 2019, $61,757 million in 2021, $59,635 million in 2022 and $78,454 million in 2025, about 7.0% 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 ↗
  9. ReportedCounted that way, the combined business brought in $42,793 million in 2016, $48,529 million in 2019, $61,757 million in 2021, $59,635 million in 2022 and $78,454 million in 2025, about 7.0% 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 ↗
  10. Moat Explorer calcCounted that way, the combined business brought in $42,793 million in 2016, $48,529 million in 2019, $61,757 million in 2021, $59,635 million in 2022 and $78,454 million in 2025, about 7.0% 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 ↗
  11. ReportedThe one fall came in 2022, down 3.4%, when the old investment bank's revenue dropped from $51,943 million to $48,102 million while Commercial Banking rose to $11,533 million.
    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 ↗
  12. Moat Explorer calcThe one fall came in 2022, down 3.4%, when the old investment bank's revenue dropped from $51,943 million to $48,102 million while Commercial Banking rose to $11,533 million.
    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 ↗
  13. ReportedInvestment banking revenue rose 44% from 2023 to 2025 and equity markets 51%.
    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 ↗
  14. ReportedInvestment banking revenue rose 44% from 2023 to 2025 and equity markets 51%.
    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 ↗
  15. Moat Explorer calcInvestment banking revenue rose 44% from 2023 to 2025 and equity markets 51%.
    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 ↗
  16. Moat Explorer calcIn 2025 the volatile lines, investment banking and the two markets businesses, came to $45,980 million, against $26,932 million from payments and lending.
    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 ↗
  17. Moat Explorer calcProfitability is the highest of the three segments per dollar of revenue, 35.4% kept as net income in 2025.
    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 ↗
  18. ReportedOn capital it is the lowest: return on equity was 18% in 2025 and 2024 and 14% in 2023, against an overhead ratio of 49% and compensation at 25% of revenue.
    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 ↗
  19. ReportedThe provision for credit losses rose to $2,615 million from $762 million a year 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. ReportedRevenue was $23,379 million in the first quarter of 2026, up 19%, and $24,853 million in the second, up 27%, with net income of $9,678 million, up 46%.
    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 ↗
  21. ReportedRevenue was $23,379 million in the first quarter of 2026, up 19%, and $24,853 million in the second, up 27%, with net income of $9,678 million, up 46%.
    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 ↗
  22. ReportedIn the second quarter Markets & Securities Services grew 33% and Banking & Payments 21%, and the segment's return on equity was 22%.
    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 ↗
  23. Moat Explorer calcThe share of the segment's revenue from Banking & Payments decides which description fits: 47% in 2025 and 45% in the June 2026 quarter.
    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