investorsHD

inHD

Link copied

JPMorgan Investment-Banking Fees Drop on Debt-Underwriting Miss.

companies :: 21hrs ago :: source - bloomberg

By Hannah Levitt

(Bloomberg) -- JPMorgan Chase & Co.’s investment-banking fees unexpectedly fell in the fourth quarter, missing the firm’s own guidance from just last month.

The biggest US bank generated $2.35 billion from the business in the last three months of 2025, down 5% from a year earlier, according to a statement Tuesday. The firm said in December that it expected a percentage gain in the “low single digits.”

Most Read from Bloomberg

The investment-banking results were largely driven by a surprise 2% decline in debt-underwriting fees while analysts expected a 19% gain.

JPMorgan kicks off the industry’s latest round of results Tuesday, with megabank rivals Bank of America Corp., Wells Fargo & Co, Citigroup Inc., Goldman Sachs Group Inc. and Morgan Stanley slated for Wednesday and Thursday. The group’s is expected to post its second-highest annual profit ever, boosted by President Donald Trump’s policy changes.

“The U.S. economy has remained resilient,” Chief Executive Officer Jamie Dimon said in the statement. “While labor markets have softened, conditions do not appear to be worsening. Meanwhile, consumers continue to spend, and businesses generally remain healthy.”

Dimon said those conditions “could persist for some time.”

WATCH: JPMorgan Chase & Co.’s investment-banking fees unexpectedly fell in the fourth quarter, while the bank delivered results that otherwise mostly beat consensus. Dani Burger reports.Source: Bloomberg

With $57 billion of net income for 2025, JPMorgan fell short of beating its 2024 record, which was the highest annual profit in the history of American banking.

Fourth-quarter trading revenue came in at $8.24 billion, ahead of even the highest estimate of analysts in the survey, with both equity and fixed-income traders beating expectations.

In the first three quarters of last year, the biggest banks increased their loan books at the fastest pace since the financial crisis — boosting net interest income. JPMorgan’s loans climbed 4% in the last three months of the year from the previous quarter. NII climbed 7% from a year earlier. The bank said in a presentation Tuesday that it expects to earn about $103 billion in NII in 2026.

The bank also reiterated that it expects to spend about $105 billion this year. Marianne Lake, who runs the bank’s consumer and community bank, previewed that outlook — which was higher than analysts had been expecting — at an industry conference last month, saying the biggest driver is “volume- and growth-related expenses.”

Most Read from Bloomberg Businessweek

This week top market trends.

Recent global market news

investorsHD Media

Subscribe to our handles,follow the news 24/7

investorsHD & partners uses cookie to ensure your best user experience,by continue using investorsHD,we assume that you have agreed with our cookie terms & policy , to have more privacy experience,simply switch your browser to privacy mode, Learn about cookie

×