Q1 2026 JPMorgan Chase & Co Earnings Call Transcript
Key Points
- JPMorgan Chase & Co (JPM) reported a strong net income of $16.5 billion and EPS of $5.94, reflecting robust financial performance.
- Revenue increased by 10% year-on-year, driven by higher markets revenue, asset management, investment banking fees, and net interest income (NII).
- The Consumer & Community Banking (CCB) segment reported net income of $5 billion, with revenue up 7% year-on-year due to higher card NII and operating lease income.
- The Corporate & Investment Bank (CIB) segment reported net income of $9 billion, with revenue up 19% year-on-year, driven by strong M&A and equity underwriting performance.
- Asset and Wealth Management (AWM) reported net income of $1.8 billion, with revenue up 11% year-on-year, supported by strong net inflows and higher average market levels.
- Expenses increased by 14% year-on-year, largely due to higher compensation and brokerage expenses, impacting overall profitability.
- The CET1 ratio decreased by 30 basis points to 14.3%, affected by capital distributions and higher risk-weighted assets (RWA).
- Concerns were raised about the Basel III Endgame and G-SIB re-proposals, which could lead to increased capital requirements for JPMorgan Chase & Co (JPM).
- Credit costs amounted to $2.5 billion, with net charge-offs of $2.3 billion, indicating ongoing credit risk challenges.
- The proposed changes in G-SIB surcharge methodology could result in a significant increase in capital requirements, potentially affecting JPMorgan Chase & Co (JPM)'s competitiveness.
Good morning, ladies and gentlemen. Welcome to JPMorgan Chase's first-quarter 2026 earnings call. This call is being recorded. (Operator Instructions)
The presentation is available on JPMorgan Chase's website. Please refer to the disclaimer in the back concerning forward-looking statements. Please stand by.
At this time, I would like to turn the call over to JPMorgan Chase's Chairman and CEO, James Dimon; and Chief Financial Officer, Jeremy Barnum. Mr. Barnum, please go ahead.
Thank you very much, and good morning, everyone. This quarter, the firm reported net income of $16.5 billion and EPS of $5.94 with an ROTC of 23%. Revenue of $15.5 billion was up 10% year on year, primarily driven by higher markets revenue, higher asset management and investment banking fees, and higher NII, driven by the impact of balance sheet growth, predominantly offset by the impact of lower rates.
Expenses of $26.9 billion were up 14% year on year, largely driven by higher compensation,
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