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Fundamental View
AS OF 29 Dec 2025JPMorgan is one of the strongest and best positioned banks to navigate the current environment, with a well-diversified business model and good competitive positioning across a variety of lending and capital markets areas.
The company continues to deploy its considerable earnings power into reinvestment, specifically around technology where we are bullish on its ability to drive competitive advantages through strategic enhancements and efficiency gains.
Business Description
AS OF 29 Dec 2025- JPMorgan ranks as the largest U.S. bank by total assets ($4.56 tn at 3Q25) and deposits ($2.55 tn at 3Q25).
- JPMorgan ranks 1st in terms of U.S. deposits with approximately $2.08 tn in deposits at YE24 across 4,970 branches (S&P Capital IQ). JPMorgan's footprint includes New York (#1), Texas (#1), California (#2), Illinois (#1), Michigan (#1), Arizona (#1), Ohio (#5), and Florida (#4), among others.
- JPMorgan's major business lines include investment banking, retail banking, card services, treasury & securities services, commercial banking, and asset & wealth management.
Risk & Catalysts
AS OF 29 Dec 2025Succession planning at JPMorgan has a higher profile than many peers, with CEO Dimon (68 year-old) having held the top spot for over 15 years. Another recent round of shuffling top management yielded a little clarity.
The sector is always exposed to reputational, legislative, administration, and economic risk factors. That said, JPM’s strong capital position and scale leaves it well positioned to adapt to evolving landscapes and macro conditions.
Although not likely a credit risk, JPMorgan may continue to be acquisitive around non-bank financial and ancillary services; but we would expect any deal to be conservatively funded and looking to further technology and fee income strategies (e.g. payments or asset management).
Key Metric
AS OF 29 Dec 2025| $ mn | FY21 | FY22 | FY23 | FY24 | 3Q25 |
|---|---|---|---|---|---|
| ROAE (annual) | 17.0% | 13.2% | 16.0% | 17.4% | 16.7% |
| ROAA (annual) | 1.3% | 1.0% | 1.3% | 1.4% | 1.3% |
| PPNR / Avg. Assets | 1.32% | 1.39% | 7.06% | 7.71% | 1.86% |
| Efficiency Ratio | 59% | 58% | 214% | 220% | 53% |
| Net Interest Margin (Annual) | 1.63% | 2.00% | 2.70% | 2.63% | 2.52% |
| Net charge-offs (LTM) / Loans | 0.26% | 0.25% | 0.48% | 0.63% | 0.68% |
| Common Dividend Payout | 24% | 32% | 101% | 97% | 27% |
| CET1 Ratio | 13.1% | 13.2% | 15.0% | 15.7% | 14.8% |
| Supplementary Leverage Ratio (SLR) | 5.4% | 5.6% | 6.1% | 6.1% | 5.8% |
| Liquidity Coverage Ratio (LCR) | 110% | 110% | 113% | 113% | 113% |
CreditSight View Comment
AS OF 29 Jan 2026We continue to view JPMorgan as the strongest and most defensive name among the Big 6 issuers, but at recent tight spread levels and considering sound fundamentals across the space, we see relatively better value at Bank of America currently. JPMorgan’s 4Q25 results showed continued solid trends, and guidance looks positive for 2026– net interest income is expected to see moderate growth and investment banking pipelines remain healthy. Profitability remains quite strong with core ROTCE around 20%, and excess capital remains robust.
Recommendation Reviewed: January 29, 2026
Recommendation Changed: January 13, 2026
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