JPMorgan Chase & Co.

Strong quarter results (good): JPMorgan delivered net income of $16.9B, EPS of $6.14, and ROTCE of 23%. Excluding significant items, revenue was up 15% YoY, led by markets revenue, higher AWM and CCB fees, investment banking strength, and higher deposit/loan balances (partially offset by lower rates). Expenses were $27.3B, up 15% YoY (volume/revenue-linked costs + growth in front-office hiring + labor inflation). Credit costs: $2.5B, net charge-offs $2.4B, and a net reserve build of $149M.

Balance sheet / capital (slight negative but controlled): Standardized CET1 = 14.1%, down 20 bps QoQ due to RWA growth and capital distributions outweighing net income. Standardized RWA rose ~$103B this quarter, mainly from financing growth in markets and growth in traditional lending. This matters for future flexibility and dividend/buyback capacity.

2026 full-year outlook raised (surprising positive): - NII ex-markets: now ~$96.5B - Total NII: now ~$105.5B (reflecting markets NII ~+$9B) - Adjusted expense outlook: now ~$107.5B (upward revision largely due to higher volume and revenue-related expenses from activity outperformance) - Card net charge-off rate: now ~3.2%, reflecting better-than-expected consumer credit performance *Note:* CFO emphasized the drivers of the NII raise were mostly deposit balances (volume and mix) plus slightly higher rates, while markets NII rose despite higher rates due to balance sheet composition / mix changes.