Track market-moving stories before they get noisy

Solana and Sui are both high-speed layer 1 blockchains, yet one commands a valuation many times larger than the other. The reasons behind that gap reveal which network investors and institutions are actually betting on.

Focused Alpha LLC increased its holdings in JPMorgan Chase and Co. (NYSE: JPM) by 37.2% in the undefined quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 17,196 shares of the financial services provider's stock after acquiring an additional 4,663

XRP and Ethereum both sit far below their 2025 peaks, and the path back looks very different for each coin. ETF flows, banking partnerships, and upcoming upgrades will determine which one gets there first.

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XRP (CRYPTO: XRP) trades at $1.33, 63.5% below its all-time high of $3.65 set on July 17, 2025. In comparison, Ethereum (CRYPTO: ETH) is priced at $2,403, roughly 51.4% below its peak of $4,946 reached on August 24, 2025.

Both cryptocurrencies have fallen over the last month, with XRP down 13.8% and Ethereum down 12.6%. In the past 24 hours, XRP has fluctuated between $1.32 and $1.40, while Ethereum has traded between $2,396 and $2,519.

The drive to reclaim their all-time highs motivates many investors. Those who bought during the 2025 surge would still be in profit today. To reach their former highs, XRP needs a 174.4% increase, while Ethereum needs a 105.9% gain. So, in the battle of XRP vs. Ethereum, which coin is more likely to hit its all-time high first?

What XRP and Ethereum Would Be Worth Back at Their Records

Market capitalization, calculated by multiplying a coin’s current price by its circulating supply, is a crucial factor in evaluating potential price targets. Currently, XRP has a market cap of about $83.85 billion, with 63.13 billion tokens in circulation. By comparison, Ethereum has a market cap of $293.48 billion and 122.15 million ETH in circulation.

XRP’s supply dynamics pose a challenge. With a maximum supply of 100 billion tokens, a significant portion of XRP has yet to enter circulation. The current fully diluted valuation—what XRP would be worth if all tokens were circulating—stands at $132.81 billion.

This implies that new tokens entering circulation will require additional investment for XRP to reach its previous highs. Additionally, as XRP ranks fifth by market cap, reclaiming its record would mean surpassing larger cryptocurrencies currently above it.

XRP Needs ETF Buyers and Bank Customers to Show Up

To regain its lost value, XRP needs more buyers, particularly through exchange-traded funds (ETFs) and banking partnerships. As of October 21, XRP ETFs held $1.57 billion in net assets, with total net inflows since launch reaching $1.80 billion according to SoSoValue.

However, new investment has slowed to a trickle, with the funds taking in just $708,500 on October 21 after two days of no inflows and a $2.47 million outflow on October 16. For reference, these funds had attracted $22.65 million on September 25, during a run of inflows when XRP traded at $1.57 on September 22, but interest waned shortly thereafter.

On a promising note, Germany’s Sparkassen savings banks began offering XRP trading through their banking app on October 19, with plans to integrate around 30 to 40 more banks each month. However, XRP’s daily trading volume showed little change on its launch day.

Additionally, the proposed lending amendment for the XRP Ledger, designed to enable direct borrowing and lending within the network, still needs more validator votes, the independent servers that approve ledger changes. If this amendment gains approval, it could create new demand for XRP.

Ethereum Has Wall Street Rails but Weak ETF Flows

Unlike XRP, Ethereum now has a major bank’s payment token running on its network. JPMorgan Chase (NYSE: JPM | JPM Price Prediction) announced on October 19 the integration of JPM Coin, a deposit token, onto Ethereum’s main public network. A deposit token is a digital version of a bank deposit operating on a blockchain.

However, Ethereum has also faced ETF outflows, with $201.89 million leaving on October 6 and $103.28 million on October 19, according to SoSoValue. Its cumulative net inflows have decreased from $13.96 billion on September 28 to $12.83 billion on October 21. The modest inflow of about $14.96 million on October 21 marked the first positive flow since October 13.

A positive sign for ETH: 43.8 million ETH are currently staked, indicating many holders have locked their coins to help secure the network in exchange for rewards. This staking reduces the available supply for quick trades, which could affect price movements.

As for upcoming developments, Ethereum’s major upgrade, Glamsterdam, is set to enter the Hoodi test network on October 26, giving developers a platform to test changes before they hit the main network. Looking ahead, Ethereum has long-term projections for 2028.

Which Coin Reclaims Its All-Time High First, XRP or Ethereum? Given the circumstances, Ethereum appears more likely to reach its all-time high before XRP does. With a 105.9% increase needed compared to XRP’s 174.4%, plus JPM Coin and a sizeable ETF asset base, Ethereum has the edge. However, a smaller required gain doesn’t guarantee a faster recovery. XRP rose 25.1% over the past 90 days, while Ethereum gained 33% in the same timeframe.

For Ethereum, reaching its previous high likely hinges on sustained ETF inflows, followed by breaks above $2,753 (its September 22 price) and $2,967 (its price at the start of 2026). For XRP, ETF inflows would likely need to return to their September rate before XRP reclaims $1.57 and then $1.84. If ETH closes below $2,396 or XRP stays below $1.57 with flat ETF flows, a return to either record before 2027 looks unlikely.

Contact [email protected] for any questions or corrections.

Ethereum sits more than 50% below its all-time high while JPMorgan moves onto its network, a major upgrade approaches, and ETF flows swing wildly. Whether ETH reclaims glory or revisits its June lows by 2028 depends on a fragile set…

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Ethereum (CRYPTO: ETH) is trading at $2,460, up 3.1% in the past 24 hours. However, it has been volatile, down 8.8% this month and 9.7% over the past 30 days. This places ETH at 50.3% below its all-time high of $4,946, reached on August 24, 2025.

Throughout this year, the price has varied, hitting a low of $1,505 in June and a high of $2,807 in September. Currently, ETH is trading below its 20-day average of $2,532 and its 50-day average of $2,550, two key indicators traders use to gauge market trends.

So, will ETH regain its previous highs by 2028, or is a lower price range more realistic?

What Would ETH Be Worth at a New Record?

A cryptocurrency’s market value, or market cap, is calculated by multiplying its price by the total number of coins in circulation. Currently, Ethereum’s market cap is around $301 billion, with about 122.1 million ETH in circulation and no maximum supply limit. This means the network can continue to issue new ETH as staking rewards.

Therefore, any supply increase before 2028 may require a higher market value for ETH to sustain a specific price.

For ETH to reach $5,000 in 2028, its market cap might need to exceed the valuation that $5,000 represents based on today’s supply. Historically, ETH has struggled to break above $5,000. It peaked at $4,867 in November 2021, then fell to a low of $897 in June 2022 before hitting its record in August 2025.

Meanwhile, Bitcoin (CRYPTO: BTC) trades at $83,495, down 23.4% over the past year, while ETH has fallen more sharply, down 36.7%.

JPM Coin, Staking and Glamsterdam Could Lift ETH Demand

Recent developments may boost ETH. JPMorgan Chase (NYSE: JPM | JPM Price Prediction) has introduced JPM Coin to Ethereum’s mainnet, its active public network where transactions incur fees paid in ETH. While this is a new initiative and doesn’t guarantee a price increase, it could create additional demand for ETH by increasing bank payment activity.

Currently, a record 43.8 million ETH is staked, according to Bitwise data. This means that holders have locked their ETH to help secure the network in exchange for rewards. Since staked coins cannot be sold immediately, this reduces the supply available for sale. However, ETH’s price declined in October while staking levels continued to rise.

Additionally, Ethereum’s upcoming upgrade, known as Glamsterdam, is set to go to the Hoodi test network on October 26. This upgrade is expected to increase the gas limit, allowing the network to handle more transactions. While successful testing could hasten the mainnet launch, it may attract more users without necessarily guaranteeing increased demand for ETH.

Conversely, Ethereum spot ETFs, which hold ETH and trade like stocks, have recently declined. After reaching cumulative net inflows of $13.96 billion on September 28, these inflows fell to $12.81 billion by October 20, with $1.15 billion in net outflows, highlighting market challenges.

Bear, Base and Bull Scenarios for ETH in 2028

Below are potential ETH price scenarios, each influenced by Bitcoin cycles, ETF flows, staking activity, and on-chain usage. The market values reflect the current circulating supply.

Scenario ETH Price Change From Current Price Market Value at Current Supply Bear $1,500 -39% $183.2 billion Base $3,500 +42% $427.5 billion Bull $5,000 +103% $610.7 billion In the bear scenario, a downturn in Bitcoin’s performance and continued ETF outflows could lead ETH to revisit its June low. The base scenario relies on a resurgence of ETF inflows and consistent staking growth. The bull scenario requires Bitcoin to reach new highs, increased bank activity like JPM Coin on the blockchain, and ETF inflows surpassing those peak values from September.

What Is the Ethereum Price Prediction for 2028, and Can ETH Hit $5,000? By 2028, ETH will likely trade between $1,500 and $5,000. The $3,500 price point appears more feasible than reaching a new high, since ETH has struggled to break above $5,000. To achieve a new record, ETH would first need to surpass its 50-day average of $2,550 and clear its September high of $2,807. ETF inflows would also have to rise above $13.96 billion, and Glamsterdam would need to reach mainnet smoothly.

A monthly close above $2,807 coupled with resumed ETF inflows could support the base scenario. Conversely, if these factors fail to materialize and ETH breaks below its June low of $1,505, the bear scenario could become a more likely outcome for 2028.

Contact [email protected] for any questions or corrections.

Diversified banking group JPMorgan JPM reported progress on its national-security investment push, while shares traded at $337.20, down approximately 0.74%, at 11.50 a.m. ET on October 19. The headline numbers are big: more than $230 billion financed or facilitated and $5 billion in direct equity investments. But those figures measure different things. Financing activity is not the same as cash invested by the bank.

According to the first-year update, the equity investments consumed half the initiative's initial $10 billion allocation. Supported sectors include AI, cybersecurity, energy and manufacturing. Financing can bring in fees and interest; equity stakes carry ownership upside and the risk of losses. Neither activity total, by itself, tells investors how much profit the initiative generated.

The valuation picture adds a hurdle: shares sit 8.73% above the $310.12 GF Value estimate, leaving less room for disappointment against that benchmark. The investment push shows deployment, but the earnings payoff still needs evidence. Watch fee revenue, credit performance and returns on the equity portfolio. Billions committed make a headline. Profitable growth makes the investment case.

JPMorgan just put its dollar-backed token on Ethereum's public blockchain, and Wall Street is watching to see whether one of the world's biggest banks can finally move the needle on ETH's battered price.

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JPMorgan Chase (NYSE:JPM | JPM Price Prediction) has officially moved its dollar-backed token, JPM Coin (JPMD), to the Ethereum (CRYPTO:ETH) blockchain. On October 19, 2026, Kinexys, the bank’s blockchain division, made JPM Coin available to select institutional clients on Ethereum’s mainnet, which is its primary public blockchain. This move brings JPM Coin to Ethereum, supplementing its previous version that was launched on Base, a more cost-effective layer-2 network developed by Coinbase Global (NASDAQ:COIN).

According to Kinexys, it has processed over $4 trillion in transactions since its inception, averaging about $7 billion each day. However, much of this transaction volume occurs on JPMorgan’s private Kinexys network, which operates separately from its public blockchain activities. The bank hasn’t disclosed how much of its total activity occurs on Ethereum or Base.

JPM Coin is essentially a deposit token, where each coin represents a U.S. dollar deposited in a client’s account at JPMorgan. This differs from a stablecoin, which is typically backed by a reserve pool managed by a non-bank entity.

Despite the launch, ETH did not see a price increase. ETH trades at $2,386, down 4.2% over the past week, 12.3% over the last two weeks, and 51.8% from its all-time high. So, does JPMorgan’s involvement with Ethereum provide ETH holders with a reason to be optimistic about future price increases?

JPMorgan Restricts JPM Coin to Approved Institutions

Importantly, only approved institutional clients can access JPM Coin. Retail investors are unable to buy or hold it, and all holders must have the bank’s approval. JPMorgan positions JPM Coin as a way for institutions to make payments around the clock, freeing up cash that would typically be tied up outside banking hours.

The bank chose the Ethereum network for its greater liquidity than other options and its existing institutional user base. Emma Landriault, the head of Kinexys Labs, highlighted this point, although her perspective comes from her role in promoting the product. JPMorgan aims to attract crypto companies looking for blockchain-based payments, as well as financial firms involved in trade settlements or tokenized assets.

While Kinexys represents a small portion of JPMorgan’s operations, the bank is massive, with $5 trillion in assets and revenue from consumer banking, commercial and investment banking, and asset and wealth management. In Q2 2026, JPMorgan’s payments revenue rose 12%, and net interest income rose 10%, though it has not reported specific revenue from JPM Coin.

The deposit-token structure also benefits JPMorgan; when clients hold JPM Coin, the dollars remain on the bank’s balance sheet as deposits. This allows the bank to continue lending those funds and earning interest, even as the cash moves to public blockchains.

How JPM Coin Affects ETH Demand for Transaction Fees

JPM Coin creates a direct link to ETH because every transaction on the Ethereum mainnet incurs a gas fee, which users pay in ETH. Increased institutional activity on Ethereum could modestly increase demand for ETH to cover these fees.

However, each JPM Coin corresponds to one dollar. Clients only need a minimal amount of ETH for transaction fees, and JPMorgan does not require clients to hold ETH as an investment. The bank has not set a volume target for its Ethereum transactions, nor has it disclosed how many clients are utilizing the token on the mainnet.

Base serves as a useful reference point. JPM Coin has been active there since November 2025, and Base fees are also paid in ETH. However, JPMorgan has not provided any usage statistics for Base, leaving it unclear how much demand there is for ETH in that context.

Stablecoins and ETF Outflows Limit the Lift for ETH

The competitive landscape further constrains JPM Coin’s potential. Existing non-bank stablecoins dominate the dollar token market on Ethereum, and JPMorgan and other major banks reportedly plan a shared tokenized deposit network that could challenge both stablecoins and crypto firms. Such a network could draw bank activity toward systems they directly control.

Market trends also do not indicate a positive outlook. ETH fell by 10.4% in October leading up to October 19. On October 18, it closed 5.9% below its 20-day average and 5.6% below its 50-day average, suggesting a downward trend.

Additionally, spot Ether ETFs experienced net outflows of $103 million on October 19, the day JPM Coin launched on Ethereum. This outflow indicates that investors pulled out more money than they added. Notably, BlackRock’s iShares Ethereum Trust (NASDAQ:ETHA) accounted for $95 million of that total.

Will JPM Coin on Ethereum Boost ETH’s Price? In our view, JPM Coin is unlikely to significantly increase ETH’s price in the near future. While JPMorgan benefits from 24/7 transaction capabilities, access to crypto-native firms, and deposits that remain on its balance sheet, ETH gains only a large bank’s endorsement and a minor stream of gas fees. Although Ethereum burns a portion of every fee, heavy use is required to meaningfully reduce ETH’s supply.

Contact [email protected] for any questions or corrections.

Greater artificial intelligence (AI)-driven productivity, higher corporate profits and bond yields drives long-term growth outlook

A balanced portfolio with a 30% alternatives allocation can increase returns up to 7.5%, and boost Sharpe ratios by 21% when compared with a simple 60/40 approach. Higher real yields drive global aggregate bond forecasts to 5.3%, the highest in two decades. Resilient profits increase U.S. large cap equity forecasts by 80bps, leading to developed markets return forecasts overtaking emerging markets. , /PRNewswire/ -- J.P. Morgan Asset Management today released its 2027 Long-Term Capital Market Assumptions (LTCMAs), providing a comprehensive 10-15-year outlook for returns and risks across asset classes as inflation uncertainty and market volatility remain elevated.

In this 31st edition of the LTCMAs, the forecast annual return for a USD 60/40 stock-bond portfolio over the next 10–15 years rises to 7.0%, but higher stock-bond correlations demand further diversification. While labor and demographic constraints weigh on long–term growth, the report sees broader AI investment and adoption across industries providing a near-term boost to profits and increasing productivity over the long-term. The report highlights opportunities to diversify by spreading equity exposure across regions and alternatives, particularly hedge funds and real assets  For investors embracing a 60/40+ portfolio, with 30% in diversified alternatives, the projected return increases to 7.5% and the Sharpe ratio gets a 21% lift over the simple 60/40 approach.

"Our Long-Term Capital Market Assumptions help investors navigate markets reshaped by economic nationalism, accelerating technology, and the rewiring of capital flows" said John Bilton, Global Head of Strategic Research for Multi-Asset Solutions, J.P. Morgan Asset Management. "This year's outlook sees stronger long-term growth and renewed opportunities to build resilient portfolios through diversification, combining higher global bond yields with alternatives and real assets for differentiated returns and inflation resilience."

"The global economy is entering a powerful investment cycle, with AI adoption and rising productivity supporting a stronger growth outlook," said David Kelly, Chief Global Strategist, J.P. Morgan Asset Management. "At the same time, demographic headwinds, large government deficits, and a more complex geopolitical backdrop suggest inflation will remain more volatile over our forecast horizon."

"Every year the LTCMAs give us the foundation for building client portfolios, and this year that has never mattered more. Return matters, but it is no longer the whole story," said Grace Peters, Global Co-Head of Investment Strategy for J.P. Morgan Private Bank. "In today's environment, optimizing risk and return together is the imperative, and with dispersion wider than it has been in years, investors anchored to a disciplined strategic asset allocation will find this a more compelling environment than the headlines suggest."

Key takeaways include:

Three forces shape the future and drive returns. Economic nationalism boosts domestic investment but risks a crosscurrent of inflation volatility. Technology adoption supports the global economy by boosting investment and productivity. Rising domestic investment drives capital rewiring, resulting in shifts in public and private capital flows. The best developed world growth outlook in 15 years. The report indicates a global investment surge, centered on AI and extending to 2040, boosts total factor productivity by 50%, to 120bps, pushing the U.S. real GDP growth forecast up to 2.1% and developed world nominal growth up to 4.2%. The mix of GDP-to-inflation is the most favorable since the pandemic. U.S. equity upgrades, a global bond renewal, and a first look at bitcoin. The report highlights profit margins of over 15% push the U.S. large cap equity forecast up 80bps to 7.5%, leading to developed market equity projections overtaking emerging markets for the first time in the publication's history. Higher real yields drive global aggregate bond forecasts from a low of 2.1% in 2021 to 5.3% today, the highest in two decades. A range on bitcoin return is introduced, but bitcoin is not included as an allocation. Alternatives for return enhancement, diversification and inflation resilience. Higher inflation volatility, ongoing risk of currency debasement and growing opportunities to capture active alpha reinforce the role of alternatives as essential portfolio diversifiers and drivers of return. The report upgrades diversified hedge funds by 140bps based on sustained alpha trends and higher rates, and maintains resilient return expectations for real assets given ongoing inflation volatility. The report also outlines the following asset class return assumptions:

Fixed Income U.S. intermediate Treasuries are expected to return 4.6%, as higher cash rate assumptions and rebuilt term premia lift long-term returns. U.S. investment grade credit is forecast to return 6.1%, reflecting an increase driven mainly by higher baseline interest rates and increased investment-grade bond issuance from hyperscalers. U.S. high yield credit is expected to return 6.7%, increasing from 6.1%, with a fair value spread of 440bps, driven by improved index quality. Equities U.S. large cap equities are expected to return 7.5%, increasing from 6.7%, reflecting ongoing technology adoption and productivity gains, while elevated starting valuations and concentration risk remain key considerations. The U.S. looks well positioned to lead AI adoption. Global equities are projected to return 7.5% (USD), increasing from 7.0%, with non-U.S. markets offering more diversification and benefiting from continued, but slower, U.S. dollar depreciation. Emerging markets equities are expected to return 7.1% (USD), lower than last year as recent AI and capex tailwinds normalize. Alternatives Private Equity: The return assumption for private equity is 9.8%, reflecting a slight decrease with return potential tied to repeatable value creation and identifying operational efficiencies, including the use of AI across portfolio companies. Real Estate: U.S. core real estate is expected to return 8.1%, a slight decrease against a backdrop of higher rates. European core real estate is forecast to return 7.1%, an increase from 6.9% last year. Infrastructure: Global core infrastructure is projected to return 7.1%, an increase from 6.5% last year, reflecting the supply-chain rerouting as manufacturing reshoring is expected to boost industrial production and benefit transportation assets. Commodities: The return assumption for broad basket commodities increases to 4.8%, with access to critical minerals remaining tight and geopolitical risks influencing the outlook. Gold remains unchanged with a return of 5.5%. Timberland: Global timberland is expected to return 6.2%, reflecting a slight decrease from last year at 6.3%. Hedge Funds: Diversified hedge funds is projected to return 6.7%, an increase from 5.3% last year, reflecting higher alpha estimates. The LTCMAs are the result of a rigorous research process that combines quantitative and qualitative inputs from over 90 industry-leading portfolio managers, economists and research analysts worldwide. These time-tested projections cover more than 200 assets in more than 20 base currencies, setting the standard for strategic asset allocation and long-term investment planning in today's changing financial landscape.

View the full 2027 Long-Term Capital Market Assumptions here.

About J.P. Morgan Asset Management
J.P. Morgan Asset Management, with assets under management of $4.8 trillion (as of 9/30/2026), is a global leader in investment management. J.P. Morgan Asset Management's clients include institutions, retail investors and high net worth individuals in every major market throughout the world. J.P. Morgan Asset Management offers global investment management in equities, fixed income, real estate, hedge funds, private equity and liquidity. For more information, visit: www.jpmorgan.com/am.

About J.P. Morgan Private Bank
J.P. Morgan Private Bank provides customized financial advice to help wealthy clients and their families achieve their goals through an elevated experience. Clients of the Private Bank work with dedicated teams of specialists that bring their investments and financial assets together into one comprehensive strategy, leveraging the global resources of J.P. Morgan across planning, investing, lending, banking, philanthropy, family office management, fiduciary services, special advisory services and more. The Private Bank oversees more than $3.9 trillion in client assets globally (as of 9/30/2026). More information about J.P. Morgan Private Bank is available at privatebank.jpmorgan.com.

About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading financial services firm based in the United States of America ("U.S."), with operations worldwide. JPMorganChase had $5.1 trillion in assets and $372 billion in stockholders' equity as of September 30, 2026. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Under the J.P. Morgan and Chase brands, the Firm serves millions of customers in the U.S., and many of the world's most prominent corporate, institutional and government clients globally. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.

J.P. Morgan Asset Management Long-Term Capital Market Assumptions: These assumptions are for informational and illustrative purposes only and reflect qualitative analysis and judgment; clients should not rely solely on quantitative optimization. They are not investment advice or a recommendation to buy or sell any security, asset class, or strategy, nor a promise, estimate, or guarantee of future performance. Assumptions are passive (do not reflect active management) and are scenario-dependent; actual results may differ materially and may change without notice. Model outputs have significant limitations and do not reflect real-world factors such as trading, liquidity constraints, fees, expenses, taxes, or other implementation/management considerations. This material is not accounting, legal, or tax advice; investors should evaluate relevant legal, regulatory, tax, credit, and accounting implications with their own professional advisors and obtain all relevant information before investing. Investments involve risk; values and income can fluctuate, and investors may not recover their full investment. Past performance and yield are not reliable indicators of future results.

SOURCE J.P. Morgan Asset Management

TD Waterhouse Canada Inc. boosted its holdings in JPMorgan Chase & Co. (NYSE:JPM) by 0.9% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,913,426 shares of the financial services provider’s stock after acquiring an additional 17,208 shares during the quarter. JPMorgan Chase & Co. accounts for 1.7% of TD Waterhouse Canada Inc.’s portfolio, making the stock its 14th largest position. TD Waterhouse Canada Inc. owned about 0.07% of JPMorgan Chase & Co. worth $638,167,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. State Street Corp grew its position in JPMorgan Chase & Co. by 0.8% in the 2nd quarter. State Street Corp now owns 125,209,293 shares of the financial services provider’s stock valued at $40,984,758,000 after buying an additional 932,632 shares in the last quarter. Bank of America Corp DE raised its position in shares of JPMorgan Chase & Co. by 6.1% during the 2nd quarter. Bank of America Corp DE now owns 69,666,753 shares of the financial services provider’s stock worth $22,804,018,000 after buying an additional 4,006,293 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of JPMorgan Chase & Co. by 2.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 21,642,804 shares of the financial services provider’s stock worth $7,084,339,000 after buying an additional 540,362 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of JPMorgan Chase & Co. by 0.7% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 18,833,413 shares of the financial services provider’s stock worth $6,164,741,000 after acquiring an additional 134,634 shares during the period. Finally, Dimensional Fund Advisors LP lifted its stake in shares of JPMorgan Chase & Co. by 3.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 18,968,884 shares of the financial services provider’s stock worth $5,578,788,000 after acquiring an additional 607,288 shares during the period. Institutional investors own 71.55% of the company’s stock.

Analysts Set New Price Targets A number of research analysts recently commented on the stock. Freedom Broker upgraded shares of JPMorgan Chase & Co. from a “hold” rating to a “strong-buy” rating in a research note on Thursday. Deutsche Bank Aktiengesellschaft upgraded JPMorgan Chase & Co. from a “hold” rating to a “buy” rating and set a $375.00 target price for the company in a research report on Wednesday, July 22nd. Weiss Ratings raised JPMorgan Chase & Co. from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Friday, October 9th. Citigroup lowered their price target on JPMorgan Chase & Co. from $360.00 to $350.00 and set a “neutral” rating on the stock in a research report on Thursday. Finally, Wells Fargo & Company lifted their price target on JPMorgan Chase & Co. from $375.00 to $390.00 and gave the company an “overweight” rating in a research report on Friday, August 14th. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and thirteen have issued a Hold rating to the company’s stock. Based on data from MarketBeat, JPMorgan Chase & Co. has a consensus rating of “Moderate Buy” and an average price target of $365.45.

Read Our Latest Stock Analysis on JPM Insider Buying and Selling In related news, insider Robin Leopold sold 2,500 shares of the firm’s stock in a transaction that occurred on Thursday, September 10th. The shares were sold at an average price of $352.81, for a total transaction of $882,025.00. Following the transaction, the insider owned 71,047 shares of the company’s stock, valued at approximately $25,066,092.07. This trade represents a 3.40% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.41% of the company’s stock.

Trending Headlines about JPMorgan Chase & Co. Here are the key news stories impacting JPMorgan Chase & Co. this week:

Positive Sentiment: JPMorgan reported approximately $15.3 billion in third-quarter net income and added more than 650,000 net new checking accounts, highlighting continued customer and deposit growth. JPMorgan Chase: 3 Key Takeaways for Long-Term Investors Positive Sentiment: Several analysts remain constructive: Royal Bank of Canada reiterated an Outperform rating, while Morgan Stanley and Robert W. Baird published bullish outlooks. Investors may view JPMorgan’s scale, profitability and balance-sheet strength as defensive advantages if economic conditions deteriorate. JPMorgan Earns Outperform Rating from Royal Bank of Canada Positive Sentiment: The bank’s decision to block unvetted third-party AI agents from customer accounts could reduce cybersecurity, fraud and operational risks, while its AI strategy continues to develop under tighter controls. Jamie Dimon Warns About AI Payment Agents Neutral Sentiment: Citigroup lowered its price target from $360 to $350 while maintaining a Neutral rating, suggesting limited near-term upside but no major deterioration in its view. Citigroup Lowers JPMorgan Price Target Neutral Sentiment: JPMorgan and Goldman Sachs increased the yield and improved terms on a $5 billion leveraged loan for Volta Infrastructure, indicating stronger investor compensation is needed for riskier AI-related debt. This may support fee activity but also underscores tighter credit-market conditions. JPMorgan and Goldman Boost Yield on Volta AI Loan Negative Sentiment: The third-quarter earnings release included an EPS miss, while revenue also came in below consensus estimates. The shortfall has raised questions about whether the stock’s recent gains already reflect much of its earnings strength. JPMorgan Misses Third Quarter Earnings Negative Sentiment: One Seeking Alpha analysis downgraded JPMorgan to Hold, citing leverage as a potential constraint on future earnings. CEO Jamie Dimon also warned that inflation, elevated asset prices, bond yields and the possibility of a market shock remain important risks. JPMorgan Leverage a Concern to Future Earnings JPMorgan Chase & Co. Price Performance NYSE JPM opened at $339.49 on Monday. The company has a debt-to-equity ratio of 1.31, a current ratio of 0.85 and a quick ratio of 0.85. The firm has a market capitalization of $902.43 billion, a price-to-earnings ratio of 14.24, a price-to-earnings-growth ratio of 1.35 and a beta of 1.02. The company has a 50 day simple moving average of $348.22 and a 200-day simple moving average of $330.57. JPMorgan Chase & Co. has a 52-week low of $279.10 and a 52-week high of $366.50.

JPMorgan Chase & Co. (NYSE:JPM – Get Free Report) last released its quarterly earnings data on Tuesday, October 13th. The financial services provider reported $5.75 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $5.94 by ($0.19). JPMorgan Chase & Co. had a net margin of 21.85% and a return on equity of 18.48%. The firm had revenue of $50.17 billion for the quarter, compared to analyst estimates of $51.23 billion. During the same period in the previous year, the business posted $5.07 EPS. JPMorgan Chase & Co.’s revenue for the quarter was up 8.1% on a year-over-year basis. Equities research analysts predict that JPMorgan Chase & Co. will post 23.72 earnings per share for the current fiscal year.

JPMorgan Chase & Co. Increases Dividend The company also recently declared a quarterly dividend, which will be paid on Saturday, October 31st. Investors of record on Tuesday, October 6th will be paid a $1.65 dividend. This represents a $6.60 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend is Tuesday, October 6th. This is a positive change from JPMorgan Chase & Co.’s previous quarterly dividend of $1.50. JPMorgan Chase & Co.’s dividend payout ratio (DPR) is presently 27.68%.

JPMorgan Chase & Co. Company Profile (Free Report)

JPMorgan Chase & Co is a global financial services company headquartered in New York City. Through its businesses, the company provides banking, lending, investment banking, payments, asset management and wealth management services to individuals, businesses, governments and institutional clients.

Its major business segments include Consumer & Community Banking, which offers deposit accounts, credit cards, mortgages, auto loans and other financial products; Commercial & Investment Banking, which provides corporate lending, advisory, underwriting, trading, treasury and payments services; and Asset & Wealth Management, which serves individual and institutional investors with investment management, brokerage and related advisory services.

JPMorgan Chase serves customers in the United States and operates internationally through offices and businesses in major financial centers around the world.

Read More Five stocks we like better than JPMorgan Chase & Co. These 3 Green Stocks Have a Growth Story That Goes Far Beyond Washington Meta Claims Frontier-Class AI Status With New Muse Wonder Models Berkshire Just Backed This Little-Known Stock—Should You Chase It? Broadcom’s CEO Sees Years of AI Demand But Warns of a Bigger Threat to the Boom Want to see what other hedge funds are holding JPM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for JPMorgan Chase & Co. (NYSE:JPM – Free Report).

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Key Takeaways JPMorgan cut Q3 2026 net share buybacks to $664 million from $6.2 billion in the prior quarter.JPM prioritizes technology, branch expansion and business growth, backed by $30 billion in excess capital.JPM's 20% ROTCE supports its strategy, but rising expenses and fewer buybacks pose near-term challenges.
JPMorgan (JPM - Free Report) has sharply reduced its share repurchases, signaling a strategic shift toward reinvesting capital in its businesses. The banking giant reported net share buybacks of just $664 million in the third quarter of 2026, down nearly 89% from $6.2 billion in the preceding quarter.

CEO Jamie Dimon emphasized that investing in JPMorgan's franchise and supporting clients remain higher priorities than repurchasing shares. With approximately $30 billion in excess capital, the bank sees opportunities to deploy funds into businesses capable of generating attractive long-term returns.

The strategy appears promising, given JPMorgan's diversified operations and strong market position. Investments in technology, branch expansion, commercial banking, wealth management and international operations could strengthen customer relationships and support sustainable revenue growth. Rising demand for financing across infrastructure and other capital-intensive sectors presents additional opportunities for business expansion.

JPMorgan's financial strength provides considerable flexibility. The bank ended the third quarter with $304 billion in Common Equity Tier 1 (CET1) capital and a standardized CET1 ratio of 13.9%. Its profitability also remained robust, with a return on tangible common equity of 20%.

However, fewer buybacks may limit near-term earnings growth, while the higher 2026 adjusted expense outlook of $108.6 billion underscores cost pressures. Returns on investments may also take time to materialize. Nevertheless, JPMorgan's capital allocation strategy appears prudent. Prioritizing high-return growth opportunities over repurchases at elevated valuations could strengthen its competitive position and create greater long-term shareholder value.

Citigroup and Bank of America in Terms of Q3 Share BuybacksCitigroup (C - Free Report) repurchased approximately $3 billion of shares in the third quarter of 2026, bringing year-to-date buybacks to $13.3 billion. As of Sept. 30, 2026, $23 billion worth of shares remained available under the share repurchase program.

Citigroup returned $4.1 billion to shareholders, including dividends, reflecting its continued focus on capital distributions alongside investments in business growth and improving profitability.

Bank of America (BAC - Free Report) repurchased $6 billion worth of shares during third-quarter 2026, reflecting its commitment to shareholder returns. As of Sept. 30, 2026, almost $11 billion remained under its $40 billion share repurchase authorization.

Including $2.2 billion in dividends, Bank of America returned $8.3 billion to shareholders. The buybacks highlight management’s confidence in its capital position, supported by a solid CET1 ratio of 10.9%.

JPMorgan Chase has made $5 billion in startup investments in the first year of its U.S. security and resiliency initiative, the company said Monday, a faster-than-expected pace that indicates the bank is finding plentiful opportunities in emerging defense, manufacturing and supply chain firms.

The bank, which last year said it would deploy $10 billion into startups over a decade, may expand the program beyond that initial dollar amount, JPMorgan co-president Doug Petno told CNBC in an interview.

Todd Combs, the former Berkshire Hathaway executive who leads the JPMorgan group in charge of making startup investments, has "hit the ground running," Petno said. "He's done a great job and put us in some really interesting companies," he added.

Most of those investments have yet to be disclosed, but two known stakes seem emblematic of the project's mission to bolster companies that are needed for a more dangerous and chaotic era of geopolitics. JPMorgan, the biggest U.S. bank by assets, has taken direct stakes in defense-related startups Hadrian and Castelion.

Wars in Ukraine and the Middle East, as well as trade disputes with China, have threatened the flow of energy and key components needed for U.S. industries and defense, which spurred JPMorgan CEO Jamie Dimon into creating the initiative a year ago.

He put Petno, widely seen as one of two key possible successors, in charge of the overall investment project. Combs, a former board member of the bank, reports directly to Dimon.

The scope of the project extends beyond supply chain, defense and manufacturing to include frontier technologies and the pharmaceutical and health-tech industries.

"There's a lot of really interesting companies that have been working to solve some of these problems," Petno said.

These "early venture-stage, advanced manufacturing companies have found ways to build these capabilities in the U.S." rather than relying on overseas trading partners, he said.

In August, the bank helped lead a $1.4 billion funding round in Hadrian, which builds automated factories that make parts for the defense, aerospace and maritime sectors. A California factory run by Hadrian has 10 robots for every human employee, according to the startup's founder.

That month, JPMorgan was also involved in a $1 billion funding round for Castelion, whose flagship product is a relatively low-cost hypersonic missile called Blackbeard. Castelion was founded in late 2022 by a group of former SpaceX engineers.

"Our approach is to find generational companies and partner with them for the long term," Combs said in a statement Monday.

"Putting more than $5 billion to work in our first year shows how many exceptional businesses are building in industries that strengthen critical supply chains," Combs said.

Risky business? That JPMorgan would make billions of dollars of direct investments in nascent companies is a departure from its usual role as a lender and advisor.

Before the defense initiative, the bank had moved away from taking startup stakes, which can be relatively risky bets on unproven technologies. JPMorgan spun off its private equity business, One Equity Partners, more than a decade ago.

In its more traditional role, JPMorgan has also financed and facilitated more than $230 billion for industries that support American national interests, according to the bank.

That part of its security and resiliency project, meant to hit $1.5 trillion over 10 years, is led by Jay Horine, a former co-head of investment banking.

JPMorgan built a team of about three dozen bankers for the project, who are aided by hundreds more across the firm, as it expanded the initiative to Europe and Canada.

Its bankers are mapping distribution lines for key products, from submarines and missiles to aircraft, to identify suppliers that may lack the capital or capacity to meet rising demand, according to Petno.

JPMorgan is also in regular communication with the U.S. Department of Defense and Department of Commerce about the government's needs, he said.

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B.A. Schrock Wealth Management Inc. purchased a new stake in shares of JPMorgan Chase & Co. (NYSE:JPM) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 6,899 shares of the financial services provider’s stock, valued at approximately $2,298,000.

Several other institutional investors have also bought and sold shares of the business. Nolet Wealth Management LLC raised its position in JPMorgan Chase & Co. by 2.2% in the 3rd quarter. Nolet Wealth Management LLC now owns 2,950 shares of the financial services provider’s stock worth $976,000 after purchasing an additional 63 shares during the period. Howard Financial Services LTD. lifted its stake in JPMorgan Chase & Co. by 10.8% in the third quarter. Howard Financial Services LTD. now owns 7,298 shares of the financial services provider’s stock worth $2,414,000 after purchasing an additional 710 shares during the last quarter. Ashurst Perkins Coie Trust Co lifted its stake in JPMorgan Chase & Co. by 1.9% in the third quarter. Ashurst Perkins Coie Trust Co now owns 22,214 shares of the financial services provider’s stock worth $7,349,000 after purchasing an additional 404 shares during the last quarter. ZWJ Investment Counsel Inc. boosted its position in shares of JPMorgan Chase & Co. by 2.7% during the third quarter. ZWJ Investment Counsel Inc. now owns 231,226 shares of the financial services provider’s stock valued at $76,496,000 after buying an additional 6,118 shares during the period. Finally, Mather Group LLC. boosted its position in shares of JPMorgan Chase & Co. by 40.8% during the third quarter. Mather Group LLC. now owns 55,034 shares of the financial services provider’s stock valued at $18,207,000 after buying an additional 15,957 shares during the period. Institutional investors own 71.55% of the company’s stock.

JPMorgan Chase & Co. Trading Up 0.0% NYSE JPM opened at $335.42 on Friday. The stock has a market cap of $891.61 billion, a PE ratio of 14.54, a PEG ratio of 1.38 and a beta of 1.02. JPMorgan Chase & Co. has a 12 month low of $279.10 and a 12 month high of $366.50. The company’s 50-day moving average price is $348.58 and its 200-day moving average price is $330.17. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 1.31.

JPMorgan Chase & Co. (NYSE:JPM – Get Free Report) last announced its quarterly earnings data on Tuesday, October 13th. The financial services provider reported $5.75 earnings per share for the quarter, missing analysts’ consensus estimates of $5.94 by ($0.19). JPMorgan Chase & Co. had a net margin of 21.85% and a return on equity of 18.48%. The company had revenue of $50.17 billion for the quarter, compared to the consensus estimate of $51.23 billion. During the same quarter in the previous year, the business earned $5.07 EPS. The company’s quarterly revenue was up 8.1% compared to the same quarter last year. Equities research analysts forecast that JPMorgan Chase & Co. will post 24.18 earnings per share for the current year. JPMorgan Chase & Co. Increases Dividend The business also recently announced a quarterly dividend, which will be paid on Saturday, October 31st. Shareholders of record on Tuesday, October 6th will be paid a $1.65 dividend. The ex-dividend date is Tuesday, October 6th. This represents a $6.60 dividend on an annualized basis and a yield of 2.0%. This is an increase from JPMorgan Chase & Co.’s previous quarterly dividend of $1.50. JPMorgan Chase & Co.’s payout ratio is currently 27.68%.

Analyst Upgrades and Downgrades A number of research analysts have recently commented on the company. Morgan Stanley upped their target price on JPMorgan Chase & Co. from $370.00 to $377.00 and gave the company an “equal weight” rating in a research note on Wednesday. Evercore reiterated an “outperform” rating and issued a $360.00 price target on shares of JPMorgan Chase & Co. in a report on Monday, July 6th. UBS Group decreased their price target on JPMorgan Chase & Co. from $400.00 to $395.00 and set a “buy” rating for the company in a research note on Monday, October 5th. Zacks Research lowered JPMorgan Chase & Co. from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 14th. Finally, HSBC boosted their price objective on JPMorgan Chase & Co. from $369.00 to $377.00 and gave the company a “hold” rating in a report on Monday, September 28th. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and thirteen have assigned a Hold rating to the company. According to MarketBeat.com, JPMorgan Chase & Co. presently has an average rating of “Moderate Buy” and a consensus target price of $365.45.

Get Our Latest Stock Analysis on JPM

JPMorgan Chase & Co. News Roundup Here are the key news stories impacting JPMorgan Chase & Co. this week:

Positive Sentiment: Management raised expectations for 2027 net interest income, while resilient consumer activity, asset inflows and growth across business segments reinforced JPMorgan’s financial strength. Analysts at RBC maintained an Outperform rating with a $370 price target, and Morgan Stanley raised its target to $377. JPMorgan Q3 Earnings Call Highlights Positive Sentiment: JPMorgan declared dividends on its Series DD, EE, GG, JJ, LL, MM and NN preferred shares. The announcement is routine but highlights the bank’s capacity to continue returning capital to investors. JPMorganChase Declares Preferred Stock Dividends Neutral Sentiment: CEO Jamie Dimon said JPMorgan will block unvetted third-party AI agents from customer accounts to prevent unauthorized activity. The policy may reduce security and compliance risks, although it could limit customers’ ability to use outside tools to optimize cash balances—a potential pressure on banks’ net interest income. JPMorgan Blocks Outside AI Agents Negative Sentiment: JPMorgan’s third-quarter results missed estimates: adjusted earnings were $5.75 per share versus a $5.94 consensus, while revenue of roughly $50.9 billion also fell short of expectations. The miss, combined with recently strong valuation, has raised concerns that much of the upside is already reflected in JPM shares. JPMorgan Q3 Earnings Miss Negative Sentiment: Dimon warned that the probability of a market shock is higher than Wall Street generally assumes and cautioned that prolonged high interest rates could weaken consumer credit. Those comments could increase concerns about future loan losses and economic risk. Jamie Dimon Warns of Market Trouble Negative Sentiment: Citigroup lowered its JPMorgan price target to $350 and retained a Neutral rating, reflecting limited perceived upside after the earnings report. Citigroup Lowers JPMorgan Price Target Insider Buying and Selling In other news, insider Robin Leopold sold 2,500 shares of the firm’s stock in a transaction that occurred on Thursday, September 10th. The shares were sold at an average price of $352.81, for a total transaction of $882,025.00. Following the transaction, the insider directly owned 71,047 shares of the company’s stock, valued at approximately $25,066,092.07. This trade represents a 3.40% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.41% of the stock is owned by corporate insiders.

(Free Report)

JPMorgan Chase & Co is a global financial services company headquartered in New York City. Through its businesses, the company provides banking, investment banking, asset management, private banking, commercial banking, consumer lending and payment services to individuals, businesses, institutions and governments.

The company operates through major business areas that include Consumer & Community Banking, Commercial & Investment Banking, and Asset & Wealth Management. Its products and services include deposit accounts, credit cards, mortgages, auto loans, business financing, investment and advisory services, securities trading and custody, payment processing, and wealth-management solutions.

JPMorgan Chase serves customers in the United States and maintains operations and client relationships across international markets.

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JPMorgan Chase's (JPM +2.21%) third-quarter earnings missed the mark this week, and its stock fell after the report. However, it had already been falling due to interest rate drama, and the results were more mediocre than catastrophic.

Beyond the third quarter, though, CEO Jamie Dimon warned of many moving pieces that could impact the bank and the economy in the coming months. Here's what he said.

The biggest bank in the country
Dimon has the status of leading the biggest bank in the U.S., which is why people pay attention to his insider opinion on what's happening in finance. The bank's performance is also a good proxy for the state of banking.

Overall, the big banks -- many of which have already reported third-quarter earnings -- have demonstrated solid growth. Much of the commercial activity is benefiting from unceasing artificial intelligence (AI) spending as hyperscalers continue their build-out, and the markets segment is still getting a boost from robust investing activity. Dimon noted, however, that activity was already moderating in the third quarter.

JPMorgan Chase CEO Jamie Dimon. Image source: JPMorgan Chase.

The third quarter was bound to see a slowdown from the second quarter, which featured the Space Exploration Technologies initial public offering (IPO), the biggest IPO ever. In the commercial and investment banking (CIB) segment, JPMorgan Chase's revenue increased 14% year over year, but it was down 8% from last quarter. The company had already signaled the slowdown at the Barclays Global Financial Services Conference in September, when Co-President Doug Petno said that the company expected a mid-teens increase, and the stock dropped at the time.

Significantly, earnings per share (EPS) were $5.57, falling short of the $5.93 expected by Wall Street, while total revenue increased 8% to $50.17 billion, lower than the $51.23 billion Wall Street wanted.

It's a testament to the market's confidence in the bank that the stock didn't fall further after the report. It's already down 10% over the past few weeks due to the previous update, as well as bond market and interest rate volatility weighing on its price.

"We just don't know when it's going to stop"
Dimon echoed his previous sentiment that the bank is enjoying the heightened market activity. "Hopefully we'll enjoy this good environment for a while," he said. "We just don't know when it's going to stop."

Dimon mentioned an array of factors that could cause the strong activity and bull market to topple. "Large fiscal deficits, sticky inflation, elevated asset prices, rising interest rates and geopolitical conditions continue to shift under the surface," he said. He ended on a positive note, pointing out that "these forces may be manageable, but we remain prepared for a wide range of outcomes."

Each of these factors alone could have a major impact on the economy. The U.S. debt has reached $40.25 trillion and continues to rise, while many global regions are dealing with spiraling deficits. Inflation is still raging, aided in part by the resilient U.S. consumer, but it isn't likely to stay that way forever. Eventually, consumerism is likely to slow down, negatively affecting retailers and the overall economy.

The flip side of that is interest rates, which may soon be raised to counter inflation. Interest rates also slow the economy and specifically impact banks because fewer people look for loans when interest rates are high, both personally and commercially, and default rates rise.

$342.93+$7.40 (+2.21%)

NYSE · As of 11:27 AM ET 10/16/26

Rising asset prices are obvious as the S&P 500 gets closer to ending its fourth straight year with double-digit gains. That will come to an end at some point, and while slumping market activity wouldn't be good for JPMorgan Chase's trading segment, the bigger picture would be stalled economic activity as people's savings contract, at least in the short term.

Finally, geopolitical tensions continue in several regions, and specifically, the threat of rising oil prices remains. These are all reasons for investors to carefully consider the makeup of their portfolios right now and make sure they're well balanced to manage through any upcoming downturn.

Key Takeaways JPM's net income rose 6% y/y to $15.3B in Q3, aided by higher NII, loan growth and equities trading.Citigroup's net income jumped 40% y/y to $5.2B in Q3, while its efficiency ratio improved to 58.5%.C trades at 9.74X forward earnings versus JPM's 13.41X, suggesting upside if its turnaround delivers. Banking giants JPMorgan (JPM - Free Report) and Citigroup (C - Free Report) kicked off the third-quarter earnings season this week with contrasting results amid an uncertain economic backdrop. While JPMorgan reinforced its position as an industry leader in profitability and financial strength despite earnings miss, Citigroup delivered robust earnings growth as its multiyear restructuring efforts continued to gain momentum.

Both banks benefited from stronger net interest income (NII), highlighting their resilience in an evolving operating environment. However, their investment propositions differ. JPMorgan's diversified business model, superior profitability, and solid balance sheet offer stability, while Citigroup's ongoing transformation, improving returns, and relatively attractive valuation could provide greater upside potential.

With both banking giants demonstrating resilience, which stock presents the more compelling investment opportunity following their Q3 earnings results? Let us compare their financial performance, growth prospects, and valuations to determine which bank may offer investors the better opportunity.

The Case for JPMJPMorgan continues to benefit from its diversified business model, strong market position and consistent earnings-generating capabilities. Its leading consumer banking franchise, extensive credit card operations, investment banking and trading businesses, and expanding wealth management platform provide multiple revenue streams, helping it navigate changing economic conditions.

A major growth driver for JPMorgan remains its strong deposit franchise and expanding loan portfolio. In the third quarter, NII increased 13% year over year to $27.1 billion, supported by higher deposit balances, growth in credit card lending and increased wholesale loan activity. Excluding Markets, NII rose 6% to $24.7 billion, indicating continued underlying banking momentum.

Management projects 2026 NII of $106.2 billion. Its preliminary 2027 outlook calls for NII, excluding Markets, of $107 billion, supported by continued balance sheet expansion and higher interest rates. The Federal Reserve's 25-basis-point rate hike in September 2026 could provide an additional tailwind by supporting yields on floating-rate loans and interest-earning assets. However, higher deposit costs and the potential impact of elevated borrowing rates on loan demand could partially offset these benefits.

Prudent risk management and a strong balance sheet further support its long-term prospects. As of Sept. 30, 2026, the company maintained a standardized common equity Tier 1 (CET1) capital ratio of 13.9%, backed by $304 billion in CET1 capital. It also held $1.5 trillion in cash and marketable securities, providing substantial liquidity to navigate economic uncertainty and support business expansion.

JPMorgan has a strong record of dividends and share repurchases, supported by its earnings strength and capital position. Over the past five years, the company has hiked its dividend six times and currently has a dividend yield of 1.9%. It also authorized a share repurchase program worth $50 billion. As of Sept. 30, 2026, JPMorgan had $48.94 billion remaining under its share repurchase authorization.

JPMorgan Chase & Co. Dividend Yield (TTM)

Nevertheless, rising operating expenses remain concerning. Third-quarter expenses increased 12% year over year, outpacing revenue growth, reflecting higher compensation, technology spending and business expansion. Sustaining strong revenue momentum while maintaining expense discipline will be crucial for preserving its industry-leading profitability.

The Case for CCitigroup offers a different investment proposition, centered on improving profitability, operational efficiency and unlocking value through its ongoing strategic transformation. The bank's globally diversified businesses, particularly Services, Markets, Wealth and Institutional Banking, provide a solid foundation for long-term growth.

Under CEO Jane Fraser, Citigroup has been working to simplify its organization. This includes exiting international consumer markets, streamlining operations, reducing management layers, cutting costs and focusing on higher-return businesses. The goal is to make C a leaner, more focused and profitable institution. Encouragingly, the transformation is beginning to deliver measurable improvements, with the company delivering positive operating leverage in the third quarter of 2026. Its efficiency ratio fell to 58.5% from 64.7% in the prior-year quarter, indicating improving profitability.

NII, excluding Markets, grew 7% year over year, reflecting strength in Services, Wealth and U.S. Consumer Cards. Management expects this metric to increase in the mid-to-high 6% range for 2026, complemented by continued non-interest revenue growth, excluding Markets. Supported by this momentum, management expects 2026 ROTCE to exceed 11%. Citigroup is targeting ROTCE of 11-13% for 2027-2028, with a longer-term objective of achieving sustainable returns of 14-15%. Successful execution of these targets could meaningfully strengthen earnings capacity and improve investor confidence.

Citigroup continues to prioritize shareholder returns while maintaining a solid capital position. As of Sept. 30, 2026, its Common Equity Tier 1 capital ratio stood at 12.8%, approximately 120 basis points above the current regulatory requirement. Management also reaffirmed its commitment to the $30-billion share repurchase program announced at its May 2026 Investor Day. Over the past five years, the company has hiked its dividend four times, and has a dividend yield of 2.2%. 

However, Citigroup's transformation is not without challenges. Restructuring and technology modernization costs, regulatory compliance requirements, and credit risks in its consumer lending portfolio could weigh on profitability. Moreover, despite recent progress, its ROTCE remains significantly below JPMorgan's, highlighting the work that remains to achieve consistently competitive returns.

How Do Estimates Compare for Citigroup & JPMorgan?The Zacks Consensus Estimate for C’s 2026 sales and EPS implies year-over-year increases of 12.1% and 40.5%, respectively. EPS estimates for 2026 have been revised upward over the past month.

Estimate Revision Trend

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for JPM’s 2026 sales and EPS implies year-over-year increases of 13.9% and 15.9%, respectively. EPS estimates for 2026 have been revised upward over the past month.

Estimate Revision Trend

Image Source: Zacks Investment Research

JPM & C: Stock Performance & Valuation ComparisonOver the past year, shares of JPMorgan have rallied 12.3%, whereas Citigroup has jumped 27%. This compares to the industry growth of 8.3%.

Price Performance

Image Source: Zacks Investment Research

In terms of valuation, JPMorgan is currently trading at a 12-month forward price-to-earnings (P/E) ratio of 13.41X, higher than Citigroup's 9.74X and the industry average of 12.60X.

Price-to-Earnings F12M

Image Source: Zacks Investment Research

JPMorgan's premium valuation reflects investors' confidence in its diversified business model, superior profitability, consistent execution and strong risk management capabilities. Its ability to generate robust returns across market cycles supports the higher multiple, although the premium may limit near-term upside potential.

Conversely, Citigroup's discounted valuation presents an opportunity for investors seeking greater upside potential. The bank's ongoing restructuring efforts, expense discipline and focus on improving returns could support a gradual valuation re-rating. However, the extent of this upside will depend on its ability to deliver sustained profitability improvements and execute its transformation initiatives effectively.

JPMorgan or Citigroup: Which Bank Has More Upside Potential?Both JPM and C have demonstrated strong momentum in the third quarter, but their investment appeal differs. JPMorgan's diversified revenue streams, superior profitability, robust capital position and consistent shareholder returns make it a relatively stable investment choice. However, its premium valuation suggests that much of its operational strength is already reflected in the stock price.

Conversely, Citigroup offers greater potential for valuation upside, supported by improving profitability, ongoing restructuring initiatives and enhanced operating efficiency. Its relatively lower valuation leaves room for multiple expansion if management continues to deliver on its transformation goals. Nonetheless, execution risks remain, and achieving its long-term return targets will be crucial to sustaining investor confidence.

While JPMorgan appears better-positioned for investors prioritizing stability and consistent returns, Citigroup may appeal to those seeking higher turnaround-driven upside. For now, JPM and C both carry a Zacks Rank #3 (Hold), suggesting investors may want to wait for more favorable earnings estimate revisions before aggressively adding positions. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

First Citizens Bank & Trust Co. lifted its stake in shares of JPMorgan Chase & Co. (NYSE:JPM) by 18.7% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 136,045 shares of the financial services provider’s stock after buying an additional 21,441 shares during the period. JPMorgan Chase & Co. makes up approximately 0.6% of First Citizens Bank & Trust Co.’s investment portfolio, making the stock its 27th biggest holding. First Citizens Bank & Trust Co.’s holdings in JPMorgan Chase & Co. were worth $45,008,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. E Fund Management Co. Ltd. boosted its position in JPMorgan Chase & Co. by 7.1% in the second quarter. E Fund Management Co. Ltd. now owns 29,956 shares of the financial services provider’s stock valued at $9,805,000 after buying an additional 1,973 shares during the last quarter. Edmond DE Rothschild Holding S.A. lifted its holdings in shares of JPMorgan Chase & Co. by 4.6% in the 2nd quarter. Edmond DE Rothschild Holding S.A. now owns 343,644 shares of the financial services provider’s stock valued at $112,485,000 after buying an additional 15,017 shares during the period. First National Bank of Mount Dora Trust Investment Services lifted its holdings in JPMorgan Chase & Co. by 18.7% in the first quarter. First National Bank of Mount Dora Trust Investment Services now owns 41,218 shares of the financial services provider’s stock valued at $12,125,000 after acquiring an additional 6,492 shares during the period. FAS Wealth Partners Inc. increased its holdings in shares of JPMorgan Chase & Co. by 4.3% during the 1st quarter. FAS Wealth Partners Inc. now owns 43,527 shares of the financial services provider’s stock valued at $12,804,000 after purchasing an additional 1,794 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its position in shares of JPMorgan Chase & Co. by 2.9% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,170,524 shares of the financial services provider’s stock worth $383,148,000 after acquiring an additional 33,071 shares during the period. 71.55% of the stock is currently owned by institutional investors and hedge funds.

More JPMorgan Chase & Co. News Here are the key news stories impacting JPMorgan Chase & Co. this week:

Positive Sentiment: Management projected approximately $107 billion in 2027 net interest income, excluding Markets, implying continued growth from fourth-quarter guidance. Resilient consumer activity, asset inflows and strength across investment banking and commercial banking supported the outlook. JPMorgan Q3 Earnings Call Highlights Capital Deployment and AI Risks Positive Sentiment: Analysts raised their price targets despite the results. Morgan Stanley lifted its target to $377 while maintaining an Equal Weight rating, and RBC reaffirmed Outperform with a $370 target. These revisions indicate that analysts view the earnings shortfall as manageable. JPMorgan Analysts Boost Their Forecasts After Q3 Results Positive Sentiment: Third-quarter revenue rose about 8% year over year to roughly $50.2 billion, while net income increased 6%. Consumer & Community Banking, the Commercial & Investment Bank and Asset & Wealth Management all posted year-over-year profit growth. JPMorgan Chase Reports $15.3 Billion Third-Quarter Net Income Neutral Sentiment: JPMorgan is restricting unvetted external AI agents from directly accessing customer accounts and is developing internal defensive tools. The policy limits near-term AI disruption and security exposure, but could increase technology and compliance costs. JPMorgan Chase blocks outside AI agents Negative Sentiment: Adjusted earnings of $5.75 per share missed the $5.94 consensus estimate, while revenue also fell short of expectations. Lower fixed-income trading revenue, investment-securities losses and softer dealmaking weighed on results. JPMorgan Earnings Miss Estimates But Reveal Broad-Based Strength Negative Sentiment: CEO Jamie Dimon warned that prolonged high interest rates could weaken consumer credit and that the probability of a market shock is higher than many investors assume. A flattening yield curve, inflation and elevated fiscal deficits remain additional risks to future bank profitability. Jamie Dimon Sees Higher Chance of Market Trouble Analysts Set New Price Targets Several equities analysts recently weighed in on JPM shares. Zacks Research lowered JPMorgan Chase & Co. from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 14th. Weiss Ratings raised JPMorgan Chase & Co. from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Friday, October 9th. Citigroup upped their target price on JPMorgan Chase & Co. from $325.00 to $360.00 and gave the stock a “neutral” rating in a research note on Monday, July 20th. Royal Bank Of Canada reiterated an “outperform” rating and set a $370.00 target price on shares of JPMorgan Chase & Co. in a research report on Wednesday. Finally, UBS Group dropped their price target on shares of JPMorgan Chase & Co. from $400.00 to $395.00 and set a “buy” rating on the stock in a research note on Monday, October 5th. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and thirteen have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $365.04. View Our Latest Analysis on JPMorgan Chase & Co.

JPMorgan Chase & Co. Price Performance NYSE:JPM opened at $335.03 on Thursday. The stock has a 50 day moving average of $349.00 and a two-hundred day moving average of $329.80. JPMorgan Chase & Co. has a 12 month low of $279.10 and a 12 month high of $366.50. The firm has a market cap of $890.58 billion, a P/E ratio of 14.05, a price-to-earnings-growth ratio of 1.36 and a beta of 1.02. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 1.31.

JPMorgan Chase & Co. (NYSE:JPM – Get Free Report) last released its earnings results on Tuesday, October 13th. The financial services provider reported $5.75 earnings per share for the quarter, missing the consensus estimate of $5.94 by ($0.19). The firm had revenue of $50.17 billion during the quarter, compared to analysts’ expectations of $51.23 billion. JPMorgan Chase & Co. had a net margin of 21.85% and a return on equity of 18.48%. The business’s revenue was up 8.1% compared to the same quarter last year. During the same quarter last year, the business earned $5.07 EPS. On average, analysts expect that JPMorgan Chase & Co. will post 24.18 earnings per share for the current fiscal year.

JPMorgan Chase & Co. Increases Dividend The company also recently disclosed a quarterly dividend, which will be paid on Saturday, October 31st. Investors of record on Tuesday, October 6th will be paid a $1.65 dividend. The ex-dividend date of this dividend is Tuesday, October 6th. This represents a $6.60 annualized dividend and a yield of 2.0%. This is an increase from JPMorgan Chase & Co.’s previous quarterly dividend of $1.50. JPMorgan Chase & Co.’s dividend payout ratio is currently 28.28%.

Insider Buying and Selling In related news, insider Robin Leopold sold 2,500 shares of the stock in a transaction on Thursday, September 10th. The stock was sold at an average price of $352.81, for a total value of $882,025.00. Following the completion of the transaction, the insider directly owned 71,047 shares of the company’s stock, valued at approximately $25,066,092.07. This represents a 3.40% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.41% of the company’s stock.

JPMorgan Chase & Co. Profile (Free Report)

JPMorgan Chase & Co is a global financial services company headquartered in New York City. Through its businesses, the company provides banking, investment banking, asset management, private banking, commercial banking, consumer lending and payment services to individuals, businesses, institutions and governments.

The company operates through major business areas that include Consumer & Community Banking, Commercial & Investment Banking, and Asset & Wealth Management. Its products and services include deposit accounts, credit cards, mortgages, auto loans, business financing, investment and advisory services, securities trading and custody, payment processing, and wealth-management solutions.

JPMorgan Chase serves customers in the United States and maintains operations and client relationships across international markets.

Read More Five stocks we like better than JPMorgan Chase & Co. Tesla Wants to Make Its Own Chips—What Could Go Wrong? IREN Limited’s AI Pivot Gains Traction—But Can Its Data Centers Deliver? PBF Energy’s Stunning Rally Faces a Critical Test Citi Stock Falls Despite Earnings Beat: What Investors Need to Know Want to see what other hedge funds are holding JPM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for JPMorgan Chase & Co. (NYSE:JPM – Free Report).

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America’s biggest banks want artificial intelligence to move money, serve customers and make operations more efficient. But as AI agents gain the ability to act on users’ behalf, JP Morgan Chase & Co. (NYSE:JPM) CEO Jamie Dimon is drawing a line.

"There’s a defensive side, which is you’ve got to make sure our customers aren’t hurt by it," Dimon said on JPMorgan’s third-quarter earnings call Tuesday. He warned that autonomous tools could create a new category of risk.

"You don’t want rogue agents, and there could be thousands of them," he said.

The concern is not simply that AI could make mistakes. Agents that interact with financial accounts may access sensitive information or initiate transactions. This raises questions about security, customer consent and who bears responsibility when something goes wrong.

Dimon wants customers who use these tools to be aware of risks, including "liability transfers" if their data is misused.

The bank is not rejecting the technology outright. CFO Jeremy Barnum said JPMorgan’s Smart Cash solution, which helps customers manage cash across accounts, had entered an early pilot phase. The distinction is between deploying AI for a controlled customer use case and allowing outside agents broad access to banking infrastructure.

Read Next

Citi Is Treating AI as a Cyber RiskCitigroup, Inc. (NYSE:C) is also strengthening cyber defenses.

"AI is tremendously exciting, but it also puts powerful tools in the hands of bad actors," CEO Jane Fraser said on Citi’s earnings call. "If we’re going to innovate at speed, we have to manage risk at speed and retain trust," she added.

Citi said it testing its systems against disruptive scenarios and deploying advanced AI models within a controlled security framework. Fraser also emphasized coordination with peers and industry leaders, reflecting how interconnected financial systems can make security failures extend beyond a single institution.

For investors, that creates a second cost of AI adoption: banks must invest not only in tools that improve productivity and customer service, but also in safeguards that keep those tools from becoming a source of vulnerability.

BofA Is Expanding Its AI ToolkitBank of America Corp (NYSE:BAC), with CEO Brian Moynihan at the helm, reported more than 50 million active digital users, giving it a substantial customer base across which new capabilities could be deployed.

The three banks are approaching different parts of the same problem. JPMorgan is restricting access by external agents, Citi is emphasizing cyber resilience, and BofA is integrating AI into its broader digital-banking strategy.

For investors, the next test is whether banks can turn AI into measurable efficiency and better customer experiences while maintaining the security and trust that underpin their businesses. In banking, the technology’s value may depend as much on what it is prevented from doing as on what it can accomplish.

Read Next

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© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Krilogy Financial LLC increased its position in JPMorgan Chase & Co. (NYSE:JPM – Free Report) by 16.6% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 29,374 shares of the financial services provider’s stock after purchasing an additional 4,172 shares during the period. Krilogy Financial LLC’s holdings in JPMorgan Chase & Co. were worth $9,820,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Concorde Asset Management LLC lifted its stake in shares of JPMorgan Chase & Co. by 1.1% in the second quarter. Concorde Asset Management LLC now owns 2,660 shares of the financial services provider’s stock worth $871,000 after buying an additional 29 shares in the last quarter. Elevation Wealth Management LLC increased its position in shares of JPMorgan Chase & Co. by 1.0% during the second quarter. Elevation Wealth Management LLC now owns 3,074 shares of the financial services provider’s stock valued at $1,006,000 after acquiring an additional 29 shares in the last quarter. Henrickson Nauta Wealth Advisors Inc. increased its position in shares of JPMorgan Chase & Co. by 0.8% during the second quarter. Henrickson Nauta Wealth Advisors Inc. now owns 3,531 shares of the financial services provider’s stock valued at $1,156,000 after acquiring an additional 29 shares in the last quarter. Arkansas Financial Group Inc. increased its position in shares of JPMorgan Chase & Co. by 1.1% during the second quarter. Arkansas Financial Group Inc. now owns 2,667 shares of the financial services provider’s stock valued at $873,000 after acquiring an additional 30 shares in the last quarter. Finally, Flynn Zito Capital Management LLC raised its holdings in JPMorgan Chase & Co. by 1.1% in the 2nd quarter. Flynn Zito Capital Management LLC now owns 2,830 shares of the financial services provider’s stock worth $926,000 after acquiring an additional 30 shares during the last quarter. 71.55% of the stock is owned by hedge funds and other institutional investors.

JPMorgan Chase & Co. Stock Down 0.7% JPM opened at $331.99 on Wednesday. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 1.30. The firm has a 50 day moving average price of $349.49 and a 200-day moving average price of $329.50. JPMorgan Chase & Co. has a twelve month low of $279.10 and a twelve month high of $366.50. The stock has a market capitalization of $882.49 billion, a price-to-earnings ratio of 14.22, a PEG ratio of 1.37 and a beta of 1.02.

JPMorgan Chase & Co. (NYSE:JPM – Get Free Report) last issued its earnings results on Tuesday, October 13th. The financial services provider reported $5.75 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.94 by ($0.19). The company had revenue of $50.17 billion during the quarter, compared to analysts’ expectations of $51.23 billion. JPMorgan Chase & Co. had a return on equity of 18.23% and a net margin of 21.86%. The company’s revenue for the quarter was up 8.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $5.07 EPS. Equities research analysts forecast that JPMorgan Chase & Co. will post 24.18 earnings per share for the current year. JPMorgan Chase & Co. Increases Dividend The firm also recently disclosed a quarterly dividend, which will be paid on Saturday, October 31st. Stockholders of record on Tuesday, October 6th will be given a dividend of $1.65 per share. This represents a $6.60 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend is Tuesday, October 6th. This is a positive change from JPMorgan Chase & Co.’s previous quarterly dividend of $1.50. JPMorgan Chase & Co.’s payout ratio is presently 28.28%.

Insider Activity In other JPMorgan Chase & Co. news, insider Robin Leopold sold 2,500 shares of the business’s stock in a transaction dated Thursday, September 10th. The stock was sold at an average price of $352.81, for a total transaction of $882,025.00. Following the completion of the sale, the insider owned 71,047 shares of the company’s stock, valued at approximately $25,066,092.07. The trade was a 3.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.41% of the stock is currently owned by insiders.

Analyst Ratings Changes Several research firms recently issued reports on JPM. Evercore reaffirmed an “outperform” rating and issued a $360.00 price objective on shares of JPMorgan Chase & Co. in a research report on Monday, July 6th. HSBC increased their target price on JPMorgan Chase & Co. from $369.00 to $377.00 and gave the company a “hold” rating in a research note on Monday, September 28th. Keefe, Bruyette & Woods lifted their target price on JPMorgan Chase & Co. from $370.00 to $384.00 and gave the stock an “outperform” rating in a report on Wednesday, July 15th. Citigroup boosted their price target on JPMorgan Chase & Co. from $325.00 to $360.00 and gave the stock a “neutral” rating in a research note on Monday, July 20th. Finally, Deutsche Bank Aktiengesellschaft raised JPMorgan Chase & Co. from a “hold” rating to a “buy” rating and set a $375.00 price target on the stock in a report on Wednesday, July 22nd. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and thirteen have given a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $361.79.

Get Our Latest Stock Analysis on JPM

More JPMorgan Chase & Co. News Here are the key news stories impacting JPMorgan Chase & Co. this week:

Positive Sentiment: JPMorgan reported third-quarter net income of approximately $15.3 billion, up 6% year over year, while revenue increased about 8% to $50.2 billion. Consumer & Community Banking, Commercial & Investment Banking, and Asset & Wealth Management all posted year-over-year profit growth. JPMorgan Chase Reports Third-Quarter Net Income Positive Sentiment: Management offered preliminary 2027 net interest income guidance of roughly $107 billion, implying continued growth from late-2026 levels. Executives also said uncertain markets are delaying corporate deals rather than eliminating them, supporting the investment-banking recovery. JPMorgan Sees Deal Delays, Not Cancellations Positive Sentiment: The bank appointed Rob Sweeney global chair of investment banking and has added more than 1,000 investment bankers this year, positioning JPMorgan to benefit if mergers and equity issuance continue recovering. JPMorgan Taps Rob Sweeney Neutral Sentiment: JPMorgan declared a $1.65-per-share dividend and repurchased $664 million of stock. Analysts also expect the bank could raise its dividend again in 2027, although that remains a forecast rather than a company announcement. Prediction on JPMorgan’s Dividend Negative Sentiment: Adjusted EPS of $5.75 missed the $5.94 consensus, and revenue of roughly $50.2 billion fell short of expectations near $51.2 billion. Lower fixed-income trading revenue and investment-securities losses were key factors, making the result a disappointment after JPMorgan’s long streak of beats. JPM Q3 Earnings Lag Estimates Negative Sentiment: Investors remain concerned that elevated rates, inflation, a flattening yield curve, fiscal deficits, and a potential future credit cycle could pressure funding costs and loan growth. CEO Jamie Dimon also warned about risks from rogue AI agents, while JPMorgan is restricting outside agents from directly accessing customer accounts. JPMorgan Restricts Outside AI Agents JPMorgan Chase & Co. Profile (Free Report)

JPMorgan Chase & Co is a global financial services company headquartered in New York City. Through its businesses, the company provides banking, investment banking, asset management, private banking, commercial banking, consumer lending and payment services to individuals, businesses, institutions and governments.

The company operates through major business areas that include Consumer & Community Banking, Commercial & Investment Banking, and Asset & Wealth Management. Its products and services include deposit accounts, credit cards, mortgages, auto loans, business financing, investment and advisory services, securities trading and custody, payment processing, and wealth-management solutions.

JPMorgan Chase serves customers in the United States and maintains operations and client relationships across international markets.

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Key Takeaways JPMorgan's Q3 earnings call projects 2027 net interest income of $107B, excluding Markets.JPM prioritizes organic investments over buybacks, with $30B in excess capital and a 13.9% CET1 ratio.JPM's Equity Markets revenues surged 49%, while AI disruption and tighter lending standards remain in focus.
JPMorgan Chase & Co. (JPM - Free Report) emphasized organic capital deployment, resilient business activity and cautious risk management during its third-quarter 2026 earnings call. Management also outlined expectations for higher net interest income in 2027 while acknowledging uncertainty surrounding interest rates and economic conditions.

The bank reported adjusted earnings of $5.75 per share, missing the Zacks Consensus Estimate of $5.94 by 3.2%. Reported revenues of $50.17 billion also fell short of the consensus estimate of $52.21 billion by 3.9%.

JPM Outlines Higher Net Interest Income OutlookChief financial officer Jeremy Barnum projected fourth-quarter 2026 net interest income (NII), excluding Markets, of approximately $25.5 billion, alongside total NII of about $28 billion.

For 2027, management established a central-case NII forecast, excluding Markets, of approximately $107 billion. Barnum attributed roughly one-quarter of the anticipated $5 billion increase from the annualized fourth-quarter run rate to expected interest-rate movements.

The remaining growth reflects continued deposit expansion, credit-card balances and wholesale lending activity. Chairman and CEO Jamie Dimon cautioned that global economic uncertainty makes the outlook less predictable than usual.

JPMorgan Prioritizes Organic Capital DeploymentDimon explained that reduced share repurchases reflect management's preference for investing capital in business opportunities offering attractive long-term returns rather than buying back shares at current valuations.

During the quarter, common stock net repurchases totaled $664 million. Management estimated excess capital at approximately $30 billion, while the standardized common equity Tier 1 ratio stood at 13.9%.

Responding to a UBS analyst, Dimon highlighted the firm's security and resiliency initiative, involving a planned $1.5 trillion deployment over 10 years. Management views organic investment as a higher priority than incremental repurchases.

JPM Addresses AI Disruption and Deposit CompetitionArtificial intelligence featured prominently in analyst discussions, particularly regarding autonomous financial agents and their potential influence on deposit behavior.

Responding to questions from Bank of America and Wells Fargo Securities analysts, Barnum emphasized JPMorgan's established banking relationships, customer trust and digital investments. He acknowledged competitive pressure from emerging technologies while stressing the importance of protecting customer information.

Dimon reinforced restrictions on external AI agents accessing internal systems. Barnum also acknowledged that productivity benefits from generative AI remain difficult to identify in quarterly financial results, despite encouraging internal experimentation.

JPMorgan Sees Strong Equities and Consumer ActivityCommercial & Investment Bank revenues increased 14% year over year to $22.7 billion, supported by investment banking, payments and equities activity.

Barnum highlighted a 49% increase in Equity Markets revenues, contrasting with a 4% decline in Fixed Income Markets. Investment banking fees rose 14%, although management noted some moderation in transaction activity amid bond-market volatility.

Consumer & Community Banking revenues advanced 9% to $21.2 billion. Debit and credit-card spending increased 10%, while the bank added more than 650,000 net new checking accounts. Management described consumer finances as resilient, supported by employment conditions.

JPM Weighs Credit Risks Against Growth OpportunitiesCredit conditions remained an important focus as analysts questioned the implications of sustained higher borrowing costs.

Responding to a KBW analyst, Dimon indicated that JPMorgan was tightening certain lending standards, citing weaker covenants and aggressive financing structures. Barnum maintained that corporate balance sheets remained generally sound.

The firm recorded $2.7 billion in credit costs, including a $539 million reserve build. Management attributed the wholesale reserve increase primarily to new lending activity rather than deteriorating borrower quality.

JPMorgan Maintains a Disciplined Operating OutlookManagement's broader message emphasized maintaining financial flexibility while pursuing growth opportunities across businesses.

Barnum projected fourth-quarter expenses of approximately $27.5 billion and indicated that preliminary 2027 spending expectations were broadly consistent with market estimates near $114 billion.

Dimon reiterated the firm's 17% through-the-cycle return on tangible common equity objective, emphasizing that currently favorable business conditions should not be treated as permanent.

JPM’s Zacks Rank & Style Scores Signal Mixed ProspectsJPMorgan currently carries a Zacks Rank #3 (Hold), indicating a neutral near-term earnings-revision outlook. Its Momentum Score of B reflects relatively favorable price momentum characteristics. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

However, Value and Growth Scores of F indicate weaker attractiveness under those investment styles. The combined VGM Score of F reinforces the unfavorable overall style profile, limiting the strength of the momentum signal.

The Zacks Rank can change as analysts revise earnings estimates following the newly reported results. These indicators should therefore be assessed alongside subsequent estimate revisions and evolving business conditions.

JPMorgan Chase & Co. (NYSE:JPM) on Tuesday posted downbeat results for the third quarter.

The company reported quarterly earnings of $5.75 per share which missed the analyst consensus estimate of $5.90 per share. The company reported quarterly sales of $50.907 billion which missed the analyst consensus estimate of $51.259 billion.

During earnings call, JP Morgan provided preliminary 2027 net interest income (NII) outlook, excluding Markets, of $107 billion. The company said this implies about $5 billion in growth versus the annualized fourth-quarter 2026 guidance.

JPMorgan shares fell 1.3% to $327.17 in pre-market trading.

These analysts made changes to their price targets on JPMorgan following earnings announcement.

Baird analyst David George maintained the stock with a Neutral and raised the price target from $305 to $312.
Morgan Stanley analyst Manan Gosalia maintained the stock with an Equal-Weight rating and raised the price target from $370 to $377.
Considering buying JPM stock? Here’s what analysts think:

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Key Takeaways Both banks posted solid Q3 growth and raised their full-year net interest income outlooks.Citigroup offers better value, while JPM maintains superior profitability.Citigroup has a higher dividend yield, but JPM has a stronger dividend growth track record. Banking giants JPMorgan Chase (JPM - Free Report) ) and Citigroup (C - Free Report) ) kicked off third-quarter earnings season on Tuesday, delivering contrasting results amid an uncertain economic environment.

JPMorgan maintained its position as the industry leader in profitability and financial strength, despite a rare earnings miss. Meanwhile, Citigroup delivered impressive earnings growth as its multiyear restructuring efforts gained traction.

With both banks benefiting from stronger net interest income (NII), which stock offers investors the better opportunity following Q3 earnings?

JPMorgan vs. Citigroup: Q3 Results and OutlookJPMorgan reported adjusted Q3 earnings of $5.75 per share, missing the Zacks Consensus Estimate of $5.94 by 3% despite increasing 13% from EPS of $5.07 in the prior-year quarter.

Reported revenue rose 8% year over year to $50.17 billion but also fell short of expectations of $52.2 billion. Nevertheless, trading revenue surged 15%, investment banking revenue increased 15%, and NII climbed 13% to $27.1 billion.

Encouragingly, JPMorgan raised its full-year NII outlook to $106.2 billion from $105.5 billion, while increasing its adjusted expense forecast to $108.6 billion from $107.5 billion.

Looking ahead to 2027, JPMorgan's preliminary outlook calls for NII excluding its Markets trading division of approximately $107 billion, supported by balance sheet growth and elevated interest rates.

CEO Jamie Dimon described the U.S. economy as solid, supported by resilient consumer spending and business investment, but cautioned that persistent inflation, rising interest rates, fiscal deficits, and geopolitical uncertainty remain potential headwinds.

Image Source: Zacks Investment Research

As for Citigroup, it surpassed earnings expectations, posting adjusted Q3 EPS of $2.85, topping the Zacks EPS Consensus of $2.66 by 7% and increasing 27% from $2.24 per share a year ago.

Revenue increased 8% to $23.85 billion, also surpassing forecasts of $23.66 billion, while NII surged 14% to nearly $17 billion. Notably, Citi's services revenue climbed 15%, equities revenue increased 14%, and wealth management continued to improve.

CEO Jane Fraser highlighted positive operating leverage and accelerating returns as evidence that the company's restructuring strategy is working. Citigroup now expects to exceed its 2026 return target, while working toward a return on tangible common equity of 11%-13% in 2027-2028 and 14%-15% over the longer term.

Furthermore, Citigroup raised its full-year NII growth outlook, now expecting NII excluding markets trading to increase in the mid-to-high 6% range, up from its previous forecast of 5%-6%

While Citigroup's improving NII outlook is encouraging, management continues to acknowledge risks from elevated interest rates, persistent inflation, and broader economic uncertainty.

Image Source: Zacks Investment Research

Stock Performance and Valuation ComparisonCitigroup has outperformed JPMorgan in 2026, with C shares delivering a year-to-date total return of roughly 11% when including dividends, compared to around 6% for JPM.

Over the last three years, Citigroup has also been the stronger performer with a total return of +240% topping JPM’s nearly 150% gain, although both have outperformed the broader market.

Image Source: Zacks Investment Research

From a valuation standpoint, Citigroup still has the advantage, trading at 11X forward earnings, compared to 13X for JPM, and offering investors a more attractive entry point as its restructuring continues to improve profitability.

That said, JPMorgan's premium is supported by stronger returns on tangible common equity, reaching 20% in Q3 compared to Citigroup's 11.5%. This highlights JPMorgan's greater profitability, even as Citi narrows the gap.

Notably, JPMorgan’s forward P/E multiple is roughly in line with their Zacks Financial-Investment Bank Industry average, while both stocks trade at attractive discounts to the benchmark S&P 500's 22X.

Image Source: Zacks Investment Research

Dividend ComparisonAs alluded to in their total return performance, dividend income is another important consideration, with Citigroup offering a slightly higher annual yield of 2.3%, compared to JPMorgan's 1.97%. Both yields top the industry average of 1.32% and the S&P 500’s 1.01%.

JPMorgan recently increased its quarterly dividend by 10% to $1.65 per share, equating to an annual payout of $6.60. Citigroup also raised its quarterly payout this year to $0.67 per share, or $2.68 annually.

This comes as Citigroup and JPMorgan have maintained substantial capital reserves to support shareholder distributions, although JPM's stronger profitability and established dividend growth record make it particularly appealing to long-term income investors.

To that point, JPM has increased its annual payout for 15 consecutive years, compared to Citigroup's three-year streak.

Image Source: Zacks Investment Research

Conclusion & Strategic ThoughtsJPMorgan remains the stronger choice for investors prioritizing financial stability, consistent profitability, and long-term dividend growth. However, Citigroup arguably offers greater upside potential, considering its discounted valuation, accelerating earnings growth, and improving operational efficiency.

For investors comfortable with greater execution risk, Citigroup appears to be the more attractive value opportunity following Q3 earnings, while JPMorgan remains a more compelling core bank holding.

For now, JPMorgan and Citigroup stock both land a Zacks Rank #3 (Hold), suggesting investors may want to await more favorable earnings estimate revisions before aggressively adding positions.

Following major bank earnings, Hennessy Funds portfolio manager Dave Ellison reveals why Citigroup offers more upside than JPMorgan as healthy credit conditions power the broader economy. He also explains why the bull market can power through year five and his exact blueprint for investing $10,000 right now.

JPMorgan Chase and Co. (NYSE: JPM) posted its quarterly earnings results on Tuesday. The financial services provider reported $5.75 earnings per share for the quarter, missing analysts' consensus estimates of $5.93 by ($0.18), FiscalAI reports. JPMorgan Chase and Co. had a net margin of 21.86% and a return on equity of 18.23%. The company had revenue

CFRA's Ken Leon discusses the skeptical reaction from Wall Street to the first round of earnings in JPMorgan Chase (JPM), Wells Fargo (WFC), and Goldman Sachs (GS). For JPMorgan Chase in particular, Ken points to a lack of guidance and discussion on Anthropic's upcoming IPO as key points he believes investors wanted to see.

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Jamie Dimon, chief executive of JPMorgan Chase. Bloomberg/Getty Images JPMorgan Chase customers shouldn't expect their personal AI agents to have access to their accounts anytime soon.

The typical security concerns around any new adaptation of technology are "heightened" with AI agents, "because you don't want rogue agents, and there could be thousands of them," JPMorgan Chase CEO Dimon said during an earnings call Tuesday. Unlike chatbots, which primarily answer questions, AI agents are designed to take action on behalf of a user and have increased in popularity after the introduction of Meta's personal AI assistant, Muse.

"If people are using them, they should understand the risk," Dimon said, saying there's a "liability transfer" away from the bank, as well as risks that their data is "misused."

The company is building its own agentic tools for clients, Dimon said, but for now, it plans to closely guard the bank from the onslaught of outside AI agents.

"In the meantime, we're not going to allow just any outside agent to come in inside the company because that's just too risky for clients and for JPMorgan," Dimon said.

The bank is already blocking access to "to the extent that we're able to block those," Jeremy Barnum, the bank's chief financial officer, said.

"I think right now, some of the services that offer that do it through credential sharing, and we have a long record of being against that way of doing things, screen scraping, et cetera," he said. "It's not secure."

If a customer gives an AI agent their credentials, they could be responsible for any unwanted actions the agent takes.

"It's not an ideal state of things," Barnum said.

JPMorgan has also tightened controls on AI agents used by its own employees. Business Insider previously reported that the bank rolled out new security measures for some engineers who use Anthropic's Claude, restricting AI's access to employees' internal systems.

Dimon and Barnum's comments were contrasted with concerns that AI agents could cause a bank run from low-yield into high-yield savings accounts, a theory raised by Apollo chief economist Torsten Sløk in late September.

Bank stocks, already declining following bond market turmoil, have fallen further since the launch of Meta's Muse on September 22, and Barnum said they saw "a little bit of a response in bank stocks around those releases."

Barnum suggested this concern is a continuation of two trends the bank has felt: "yield-seeking flows" and competition from fintechs.

As for yields in high-interest savings accounts, Barnum said the bank is focused on "primary bank share" rather than yield chasers. The bank's standard Chase Savings account earns a 0.01% annual percentage yield, while others in the market earn 4% (though it does offer higher-yield cash products to its private wealth clients).

And while Barnum said the bank works to "have parity" with fintech companies, he also thinks the bank's traditional brick-and-mortar footprint provides its own defense against encroachment.

"Our perspective is that, on the one hand, it's nothing new, but that doesn't mean that we're complacent about it," Barnum said about fintech competition.

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Alex Nicoll You're currently following this author! Click to unsubscribe from email alerts.

Alex is a reporter at Business Insider writing about how people, from billionaires to penny-pinchers, save, invest, and manage their money. He previously covered private credit and equity, real estate, and real estate technology for Business Insider.Recently, he's covered Steve Schwarzman's hidden family office, private capital's push into your retirement account, a massive Airbnb tax-break unlocked by President Trump, and the ex-McKinsey consultant connecting Zohran Mamdani to the business world. According to one Fortune 500 CEO, he's a "fringe reporter."Before joining Business Insider in 2019, he worked for Bridgewater Associates and Peloton. He is the interim vice-chair of the Insider Union.He welcomes any and all reachouts, prioritizes his source's safety, and has a long record of working with confidential sources to tell deeply reported, complicated stories. He loves to yap.Get in touch! Contact this reporter via encrypted messaging app Signal at @alexnicoll.01 using a non-work phone, email at [email protected] or [email protected], or Twitter DM at @nicollsanddimes. 

Banks Cybersecurity

During Tuesday morning’s earnings call, JP Morgan Chase & Co. (NYSE:JPM) provided preliminary 2027 net interest income (NII) outlook, excluding Markets, of $107 billion.

The company said this implies about $5 billion in growth versus the annualized fourth-quarter 2026 guidance.

Around 25% of the increase is expected to come from the yield curve, with the remainder driven mainly by balance-sheet growth and changes in deposit and loan mix.

The bank expects modest consumer deposit growth in 2027, continued wholesale deposit expansion — potentially at a slower rate than in 2026 — and broadly stable card lending.

• JPMorgan Chase shares are consolidating. What should traders watch with JPM?

Consumer Spending Remained StrongAlso, CFO Jeremy Barnum said consumer spending remained strong in the third quarter and the investment banking pipeline remained healthy, despite slower activity in the second half of September.

He said deals were more likely to be postponed than canceled, while warning that differences between buyers’ and sellers’ price expectations could widen temporarily before stabilizing.

Investment Banking and Capital MarketsInvestment banking conditions remain supportive, despite slower activity in late September following bond-market volatility. Management said deals were more likely to be delayed than canceled, although differences in buyer and seller price expectations remain a concern.

JPMorgan declined to forecast fourth-quarter Markets revenue, citing uncertainty. The company reaffirmed the bank’s 17% through-the-cycle return on tangible common equity (ROTCE) target, compared with 20% in the third quarter of 2026, noting that recent results benefited from strong activity, high asset prices and low credit losses.

Smart Cash and AI RisksJPMorgan is piloting its Smart Cash solution to assess customer preferences and product performance. Management sees agentic AI as an extension of existing competition from deposit products offering higher yields and fintechs.

CEO Jamie Dimon warned that rogue AI agents could harm customers or misuse their data, prompting restrictions on risky external access, particularly through insecure credentials and screen scraping.

Credit Standards and Risk ExposureJPMorgan is tightening some credit standards amid looser lending practices elsewhere in the market. Management attributed higher wholesale credit reserves to new lending rather than deteriorating credit quality.

The bank also flagged risks from higher energy costs, interest rates, leveraged finance, hedge funds and AI-related exposure.

Earnings SnapshotJPMorgan Chase reported adjusted earnings of $5.75 per share, below the $5.90 analyst consensus. Managed revenue increased 8% year over year to $50.91 billion, missing expectations of $51.26 billion.

JPM Stock Price Activity: JPMorgan Chase shares were up 0.39% at $335.60 at the time of publication on Tuesday.

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