JPMorgan and other big banks see profits rise as Dimon warns of ‘increasingly complex set of risks’
JPMorgan Chase (JPM) said profits rose 13% year over year in the first three months of 2026 as the US economy remained resilient and the bank hauled in more Wall Street fees.
Profit at the nation’s largest bank rose to $16.5 billion, or $5.94 per share, exceeding the $5.43 per share that analysts forecast, according to data compiled by Bloomberg.
Net revenue rose 10% to $49.8 billion compared to $45.3 billion in the first quarter of last year. Investment banking fees jumped 28% while trading revenue rose 20% to $11.6 billion.
All of JPMorgan’s major business lines surpassed or met analyst expectations.
JPMorgan Chase CEO Jamie Dimon said with “consumers still earning and spending and businesses still healthy,” the US economy has several tailwinds at its back, including “increased fiscal stimulus, the benefits of deregulation, AI-driven capital investment and the Fed’s asset purchases.”
JPMorgan Chase CEO Jamie Dimon attends the ribbon-cutting ceremony opening the firm’s new headquarters in New York City, on Oct. 21, 2025. REUTERS/Eduardo Munoz ·REUTERS / REUTERS
The longtime CEO of the country’s biggest bank also named “an increasingly complex set of risks,” including “geopolitical tensions and wars, energy price volatility, trade uncertainty, large global fiscal deficits and elevated asset prices.”
“We cannot predict how these risks and uncertainties will ultimately play out,” Dimon added.
The country’s largest bank kicked off the second day of earnings week for the industry’s giants, as investors look to assess the prospects for their Wall Street and Main Street businesses after a volatile period in markets.
Following an optimistic start to 2026, their stock prices have tumbled from early January highs. Going into earnings, investor have questioned the opportunity for these lenders amidst worries around their private credit exposure and what a prolonged Iran war could mean for dealmaking and their wider lending businesses
JPMorgan’s stock fell slightly in early Tuesday trading.
Earlier this month, Dimon laid out the risks he’s concerned about in his 2026 annual letter. He noted that a prolonged Iran war could “lead to stickier inflation and ultimately higher interest rates.”
But JPMorgan’s results exuded a US economy and consumer that’s remained stable despite so many changes.
Over the quarter, US consumers at JPMorgan appeared to be in stable financial health.
Total debit- and credit-card spending was up 9% versus the first quarter of 2025. Delinquencies over 90 days fell slightly to 1.15% compared with 1.6% over the same period a year ago.
JPMorgan also set aside lower provisions for credit losses compared to previous quarter in its sprawling consumer bank.
“The core central case economic outlook this quarter is actually, surprisingly, maybe to some peopl
JPMorgan, however, did throttle back its outlook for net interest income, which it previously raised in February based on a projection for slightly lower revenue in markets division.
The bank said it now expects to bring in $103 billion of net interest income for 2026, down by $1.5 billion from its February forecast. Excluding market revenue, JPMorgan left the figure unchanged.
The bank’s net interest income, which measures the difference between what it charges to make loans and pays for deposits, climbed to 9% from a year ago to $25.3 billion over the first quarter.
A woman walks through the rain on Wall Street in New York, August 16, 2011. REUTERS/Brendan McDermid/File Photo ·Reuters / REUTERS
Despite the volatility, Wall Street’s deal activity ratcheted higher at JPMorgan. Fees from advising on mergers and acquisitions jumped 82% from the year-ago quarter, while those from equity underwriting, including initial public offerings, rose 46%.
Within the bank’s large trading division, fees from fixed income, equity, and other markets rose to $11.6 billion.
Other major financial institutions, including the world’s largest asset manager, BlackRock (BLK), along with two of the country’s other largest banks, Wells Fargo (WFC) and Citigroup (C), also reported increases in profits year over year in the first quarter that beat analyst expectations.
“Capital is in motion as market fundamentals and provider relationships are reevaluated, and BlackRock is the trusted destination,” BlackRock CEO Larry Fink said in a statement. The money manager posted a 46% gain driven by rising investment fees, despite a surge in redemption requests in its private credit group.
At Citigroup, profits jumped 42% to $5.8 billion. CEO Jane Fraser said her bank remains “a source of financial strength and trust for our clients during uncertain times,” according to the press release.
Wells Fargo’s net income rose 7% to $5.3 billion. The San Francisco based bank posted rising net interest income and investment banking fees but both figures came in lighter than analysts expected.
Wells Fargo’s stock fell 4.5% on Tuesday while shares of BlackRock and Citigroup rose 3%.
David Hollerith covers the financial sector, ranging from the country’s biggest banks to regional lenders, private equity firms, and the cryptocurrency space.
