JPMorgan Dominates US Banking Sector with Record Profits

The banking giant's earnings for the first nine months of the year outpaced the combined earnings of Citigroup and Bank of America.

JPMorgan Chase has generated nearly one-fifth of total bank profits in the US through the first nine months of the year, amounting to $38.9 billion.
The bank's earnings for the nine-month period exceeded the combined earnings of Citigroup and Bank of America, two of the nation’s other “big four” lenders.
JPMorgan's bottom line was boosted after it acquired First Republic, which collapsed along with midsized lenders Silicon Valley Bank and Signature Bank.
JPMorgan currently holds $2.5 trillion worth of deposits, which makes up more than 13% of the industry total.
JPMorgan's third-quarter profit soared 35% from last year, fueled by a rapid rise in interest rates.