Overview

• JPMorgan posted $14.4 billion in net income, EPS of $5.07 and revenue of about $47.1 billion, driven by a record $8.9 billion in trading revenue and roughly $2.6 billion in investment‑banking fees.
• Goldman Sachs, Wells Fargo, Citigroup and Bank of America also topped forecasts, with Goldman’s investment‑banking revenue up 42% and Bank of America reporting a 23% profit jump as deal fees rose 43%.
• Executives said pipelines for M&A and equity issuance remain constructive into year‑end, with JPMorgan and Wells Fargo citing strong client activity and LSEG data showing multi‑year highs in global fees and megadeals.
• Caution persisted on the outlook as Jamie Dimon noted signs of softer job growth and risks from tariffs, sticky inflation and elevated asset prices, and banks flagged potential market froth in AI‑linked equities.
• JPMorgan increased credit provisions and recorded about $170 million in net charge‑offs tied to Tricolor’s bankruptcy, and the bank outlined a push into strategic security‑related sectors, with the reported scale of that initiative varying across outlets.