Earnings Performance - JPMorgan Chase & Co reported quarterly earnings of $4 81 per share, beating the Zacks Consensus Estimate of $4 03 per share, representing a 19 35% earnings surprise [1] - The company's earnings of $4 81 per share compare favorably to the $3 97 per share reported a year ago [1] - Over the last four quarters, the company has consistently surpassed consensus EPS estimates [2] Revenue Performance - JPMorgan Chase & Co posted revenues of $42 77 billion for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 4 43% [2] - This revenue figure represents an increase from the year-ago revenues of $38 57 billion [2] - The company has topped consensus revenue estimates in each of the last four quarters [2] Stock Performance and Market Comparison - JPMorgan Chase & Co shares have gained approximately 3 2% since the beginning of the year, outperforming the S&P 500's decline of -0 7% [3] - The company's stock is expected to continue outperforming the market in the near future, supported by a Zacks Rank 2 (Buy) rating [6] Future Earnings and Revenue Expectations - The current consensus EPS estimate for the coming quarter is $4 28 on $42 3 billion in revenues [7] - For the current fiscal year, the consensus EPS estimate is $17 01 on $168 7 billion in revenues [7] Industry Outlook - The Financial - Investment Bank industry, to which JPMorgan Chase & Co belongs, is currently ranked in the top 5% of the Zacks industries [8] - Research indicates that the top 50% of Zacks-ranked industries outperform the bottom 50% by more than 2 to 1 [8] Peer Performance - Raymond James Financial, Inc (RJF), another company in the same industry, is expected to report quarterly earnings of $2 75 per share, representing a year-over-year increase of 14 6% [9] - RJF's revenues are anticipated to be $3 47 billion, up 15 2% from the year-ago quarter [10]

About the Author and Publisher - Oliver Haill has been writing about companies and markets since the early 2000s, with a focus on AIM companies and small caps before transitioning to roles as a section editor and head of research [1] - Proactive provides fast, accessible, and actionable business and finance news content to a global investment audience, produced independently by experienced and qualified news journalists [2] - The company has bureaus and studios in key finance hubs including London, New York, Toronto, Vancouver, Sydney, and Perth [2] Market Expertise and Coverage - Proactive specializes in medium and small-cap markets while also covering blue-chip companies, commodities, and broader investment stories [3] - The team delivers news and unique insights across various sectors including biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto, and emerging digital and EV technologies [3] Use of Technology - Proactive is a forward-looking and enthusiastic adopter of technology, equipping its human content creators with decades of expertise and experience [4] - The company occasionally uses automation and software tools, including generative AI, but all content is ultimately edited and authored by humans in line with best practices for content production and SEO [5]

Legal Expenses - Firmwide legal expenses for the full year 2024 were $740 million, compared to $1.4 billion in 2023, representing a 47% decrease[2] Interest-Earning Assets and Loans - Total interest-earning assets for Q4 2024 were $3,571,960 million, a 5% increase compared to Q4 2023[3] - Loans in Q4 2024 increased by 2% to $1,339,378 million compared to Q4 2023[3] - Average interest-earning assets for Q4 2024 were $3.57 trillion, a 5% increase compared to Q4 2023[61] - Total loans in Consumer & Community Banking increased by 1% to $586.354 billion in Q4 2024 compared to Q4 2023[84] - Card Services loans grew by 10% to $233.016 billion in Q4 2024 compared to Q4 2023[84] Deposits and Debt - Interest-bearing deposits in Q4 2024 grew by 5% to $1,793,337 million compared to Q4 2023[3] - Long-term debt increased by 16% to $344,346 million in 2024 compared to 2023[3] - Deposits in Consumer & Community Banking decreased by 3% to $1.056 trillion in Q4 2024 compared to Q4 2023[84] - Long-term debt decreased by 2% to $401,418 million as of Dec 31, 2024, compared to Sep 30, 2024[79] Net Yield and Interest Rate Spread - Net yield on interest-earning assets for 2024 was 2.63%, slightly lower than 2.70% in 2023[3] - Interest rate spread for 2024 was 1.93%, compared to 2.00% in 2023[3] - Net yield on average interest-earning assets excluding Markets was 3.79% in Q4 2024, slightly down from 3.86% in Q4 2023[61] Stockholders' Equity and Capital Ratios - Total stockholders' equity for 2024 was $336,424 million, a 9% increase from 2023[3] - CET1 capital increased by 1% to $275.515 billion in Q4 2024 compared to Q3 2024, and by 10% compared to Q4 2023[81] - CET1 capital ratio improved to 15.7% in Q4 2024, up from 15.3% in Q3 2024[81] - Tier 1 leverage ratio remained stable at 7.2% in Q4 2024 compared to Q3 2024 and Q4 2023[81] Revenue and Income - Other income - reported increased by 76% to $1,225 million in 4Q24 compared to 4Q23[4] - Total noninterest revenue - reported grew by 34% to $19,418 million in 4Q24 compared to 4Q23[4] - Net interest income - reported decreased by 3% to $23,350 million in 4Q24 compared to 4Q23[4] - Total net revenue - reported increased by 11% to $42,768 million in 4Q24 compared to 4Q23[4] - Full-year total net revenue - reported grew by 12% to $177,556 million in 2024 compared to 2023[4] - Full-year 2024 net interest income was $92.58 billion, a 4% increase compared to 2023[61] - Full-year 2024 noninterest revenue was $84.97 billion, a 23% increase compared to 2023[61] - Total net revenue for Q4 2024 was $42.768 billion, an 11% increase compared to Q4 2023[67] - Total net revenue for 2024 reached $177.556 billion, up 12% from $158.104 billion in 2023[70] Net Income and Earnings Per Share - Net income for Q4 2024 increased by 9% to $14,005 million compared to Q3 2024, and by 50% compared to Q4 2023[10] - Full-year net income for 2024 reached $58,471 million, an 18% increase from 2023[10] - Diluted earnings per share for Q4 2024 rose by 10% to $4.81 compared to Q3 2024, and by 58% compared to Q4 2023[10] - Full-year diluted earnings per share for 2024 was $19.75, a 22% increase from 2023[10] - Net income for Q4 2024 was $14.005 billion, a 50% increase compared to Q4 2023[67] - Full-year 2024 net income was $58.471 billion, an 18% increase compared to 2023[67] - Earnings per share (diluted) for Q4 2024 was $4.81, a 58% increase compared to Q4 2023[67] - Net income for the full year 2024 was $58.471 billion, an 18% increase compared to $49.552 billion in 2023[70] Credit Losses and Allowances - Provision for credit losses decreased by 6% to $2.623 billion in Q4 2024 compared to Q3 2024, but increased by 20% compared to Q4 2023[11] - Total allowance for loan losses increased by 3% to $16,511 million in 4Q24 compared to 3Q24, and by 14% compared to 4Q23[24] - Card Services allowance for loan losses increased by 4% to $14,608 million in 4Q24 compared to 3Q24, and by 17% compared to 4Q23[24] - Home Lending allowance for loan losses remained unchanged at $447 million in 4Q24 compared to 3Q24, but decreased by 23% compared to 4Q23[24] - Auto allowance for loan losses remained unchanged at $692 million in 4Q24 compared to 3Q24, but decreased by 7% compared to 4Q23[24] - Total allowance for credit losses increased by 1% to $26.598 billion in 4Q24 compared to 3Q24, and by 8% compared to 4Q23[57] - Credit card allowance increased to $14.6 billion, up 4% from the previous quarter and 17% year-over-year[58] - Wholesale allowance decreased to $7.938 billion, down 2% from the previous quarter and 2% year-over-year[58] - Total allowance for credit losses reached $26.598 billion, up 1% from the previous quarter and 8% year-over-year[58] Digital and Mobile Banking - Active digital customers increased to 70,813 thousand in 4Q24, up 6% YoY[26] - Active mobile customers grew to 57,821 thousand in 4Q24, a 7% increase YoY[26] - Debit and credit card sales volume reached $477.6 billion in 4Q24, up 8% YoY[26] - Total payments transaction volume was $1.6 trillion in 4Q24, a 7% increase YoY[26] Investment Banking and Markets - Investment banking fees increased by 37% to $2.479 billion in 4Q24 compared to 4Q23, contributing to a full-year total of $9.116 billion, up from $6.631 billion in 2023[30] - Fixed Income Markets revenue grew by 5% to $5.006 billion in 4Q24, contributing to a full-year total of $20.066 billion, up from $19.180 billion in 2023[30] - Equity Markets revenue increased by 13% to $2.043 billion in 4Q24, with full-year revenue at $9.941 billion, up from $8.784 billion in 2023[30] - Markets total net revenue for Q4 2024 was $7.05 billion, a 21% increase compared to Q4 2023[61] - Full-year 2024 Markets total net revenue was $30.01 billion, a 7% increase compared to 2023[61] Asset and Wealth Management - Client investment assets rose to $1,087,608 million in 4Q24, up 14% YoY[26] - Total client assets increased to $5.932 trillion in 2024, up 18% from $5.012 trillion in 2023[39] - Assets under management (AUM) grew to $4.045 trillion in 2024, an 18% increase from $3.422 trillion in 2023[39] - Private Banking client assets rose to $1.234 trillion in 2024, a 27% increase from $974 billion in 2023[39] - Global Institutional client assets reached $1.692 trillion in 2024, up 14% from $1.488 trillion in 2023[39] Credit Quality and Delinquencies - Nonaccrual loans increased by 3% to $3,357 million in 4Q24 compared to 3Q24, but decreased by 10% compared to 4Q23[24] - Total net charge-offs increased by 8% to $2,066 million in 4Q24 compared to 3Q24, and by 26% compared to 4Q23[24] - Card Services net charge-offs increased by 5% to $1,862 million in 4Q24 compared to 3Q24, and by 31% compared to 4Q23[24] - Total net charge-off rate increased to 1.44% in 4Q24 from 1.35% in 3Q24 and 1.15% in 4Q23[24] - 30+ day delinquency rate for Card Services remained stable at 2.17% in 4Q24 compared to 3Q24 and 4Q23[24] - 90+ day delinquency rate for Card Services increased to 1.14% in 4Q24 from 1.10% in 3Q24 and 1.05% in 4Q23[24] Compensation and Expenses - Compensation expense decreased by 2% to $4.033 billion in 4Q24 compared to 4Q23, with full-year compensation expense at $18.191 billion, up 6% from 2023[30] - Overhead ratio - reported improved to 53% in 4Q24 from 63% in 4Q23[4] - Compensation expense grew 11% to $51.357 billion in 2024, compared to $46.465 billion in 2023[70] - Technology, communications, and equipment expense increased 6% to $9.831 billion in 2024, up from $9.246 billion in 2023[70] Share Repurchases and Dividends - Total shares of common stock repurchased in Q4 2024 were 18.5 million, a 39% decrease from Q3 2024 but a 22% increase from Q4 2023[10] - Aggregate repurchases of common stock in Q4 2024 amounted to $4,313 million, a 32% decrease from Q3 2024 but an 87% increase from Q4 2023[10] - The average price paid per share of common stock in Q4 2024 was $233.37, an 11% increase from Q3 2024 and a 55% increase from Q4 2023[10] - The dividend payout ratio for Q4 2024 was 26%, down from 28% in Q3 2024[10] - The Board of Directors authorized a new common share repurchase program of $30 billion effective July 1, 2024[10] - Cash dividends declared per share for Q4 2024 remained at $1.25, a 19% increase from Q4 2023[10] FDIC Special Assessment - The FDIC special assessment for Q1 2024 was adjusted to $725 million, down from the $2.9 billion estimate recorded in Q4 2023[17] - An FDIC special assessment of $725 million was recorded in the three months ended March 31, 2024[49] Acquisitions and Mergers - The company acquired certain assets and liabilities of First Republic Bank from the FDIC on May 1, 2023[67] - JPMorgan Chase acquired certain assets and liabilities of First Republic Bank from the FDIC on May 1, 2023[70] - JPMorganChase acquired certain assets and liabilities of First Republic Bank from the FDIC on May 1, 2023[77] Other Financial Metrics - Total assets for 2024 were $4,085,922 million, a 7% increase from 2023[3] - Total assets decreased by 5% to $4,002,814 million in 4Q24 compared to 3Q24, but increased by 3% compared to 4Q23[77] - Total assets decreased by 5% to $4,002,814 million as of Dec 31, 2024, compared to Sep 30, 2024[79] - Loans increased by 1% to $1,347,988 million as of Dec 31, 2024, compared to Sep 30, 2024[79] - Deposits decreased by 1% to $2,406,032 million as of Dec 31, 2024, compared to Sep 30, 2024[79] - Available-for-sale ("AFS") securities increased by 22% to $406,852 million as of Dec 31, 2024, compared to Sep 30, 2024[79] - Held-to-maturity ("HTM") securities decreased by 8% to $274,468 million as of Dec 31, 2024, compared to Sep 30, 2024[79] - Federal funds sold and securities purchased under resale agreements decreased by 25% to $295,001 million as of Dec 31, 2024, compared to Sep 30, 2024[79] - Trading assets: Debt and equity instruments decreased by 22% to $576,817 million as of Dec 31, 2024, compared to Sep 30, 2024[79] - Retained earnings increased by 3% to $376,166 million as of Dec 31, 2024, compared to Sep 30, 2024[79] - Total liabilities decreased by 5% to $3,658,056 million as of Dec 31, 2024, compared to Sep 30, 2024[79] - Adjusted average assets decreased by 1% to $4.070 trillion in Q4 2024 compared to Q3 2024, but increased by 6% compared to Q4 2023[81]

U.S. stock futures advanced on Wednesday following Tuesday’s mixed close. Futures of all four major indices rose in premarket trade.Traders await the December Consumer Price Index will provide fresh insights into inflation’s trajectory, potentially influencing the Federal Reserve's policy stance amid mounting uncertainty over interest rates.The headline inflation rate is projected to rise 2.9% year-over-year, according to TradingEconomics, marking an increase from November’s 2.7% pace. On a monthly basis, h ...

Executive Changes at JPMorgan Chase - JPMorgan Chase announced significant executive role changes, raising questions about the potential successor to CEO Jamie Dimon [2][4] - Jennifer Piepszak, co-CEO of the Commercial and Investment Bank, will transition to the role of Chief Operating Officer (COO) after expressing her preference not to be considered for the CEO position [3][4] - Daniel Pinto, the current COO, will step down from his role at the end of June [3] - Doug Petno, co-head of Global Banking, will succeed Piepszak as co-CEO of the Commercial and Investment Bank alongside Troy Rohrbaugh [5] - John Simmons, head of Commercial Banking, will succeed Doug Petno in his current role [5] Market Performance and Earnings - JPMorgan Chase shares rose 1.3% to $247.47 on Tuesday, reflecting a 47% gain over the past 12 months [4] - The executive changes were announced ahead of the bank's fourth-quarter earnings report, scheduled for Wednesday [4][5] Potential CEO Successors - The executive reshuffle has shifted focus to Doug Petno, Troy Rohrbaugh, and Marianne Lake, CEO of Consumer and Community Banking, as potential candidates to succeed Jamie Dimon [5] - Jennifer Piepszak has expressed her preference for a senior operating role, working closely with Dimon and supporting the leadership team, rather than pursuing the CEO position [6]

Leadership Changes - Daniel Pinto, President and COO of J P Morgan Chase, is retiring after 40 years with the company and will be replaced by Jennifer Piepszak, co-CEO of commercial and investment banking [1] - Jennifer Piepszak will immediately take on the role of President and COO, overseeing areas including technology, operations, and data and analytics [2] - Doug Petno will succeed Piepszak as co-head of global banking alongside Troy Rohrbaugh, while John Simmons will succeed Petno as head of commercial banking [2] - Marianne Lake and Mary Erdoes will continue in their roles as CEOs of consumer and community banking, and asset and wealth management, respectively [3] Expansion Plans - J P Morgan Chase is planning to develop a digitally-centered consumer bank outside the United States, including launching a Chase bank in Germany [3] - The bank is also plotting expansions in Europe's Scandinavian countries and parts of Africa, aiming to open 500 US branches by 2027 and remodel another 1,700 locations [4] Digital Efforts - J P Morgan Chase's active mobile customers increased by 7% year over year to 57 million in the third quarter [4] - The convergence of digital enablement and in-branch settings is becoming a key feature as financial institutions revisit the role of technology in reshaping their physical footprints [5]

JPMorgan Chase’s Jennifer Piepszak, long seen as a strong contender to succeed CEO Jamie Dimon, exited the race on Tuesday and opted to become the chief operating officer of the biggest US bank instead.Piepszak will succeed Daniel Pinto, a top lieutenant of Dimon and a four-decade veteran at the investment bank. He will relinquish his role as president and COO on June 30 and retire at the end of 2026.“Piepszak has made clear her preference for a senior operating role, working closely with Jamie and in suppo ...

Expansion Strategy - J P Morgan plans to launch Chase in Germany in late 2024 or early 2026, aiming to attract customers from traditional lenders and FinTech startups [1] - The bank is already one of the largest in Germany by assets, serving major companies, trading securities, and processing payments [1] - J P Morgan is expanding its presence in Europe, including Scandinavia and parts of Africa, and plans to open 500 new branches in the US by 2027 while refurbishing 1,700 locations [4][6] Digital Banking Trends - The shift towards digital banking, accelerated by the COVID pandemic, has continued to grow, with nearly half of global consumers engaging with digital banking channels at least once a week [2][5] - J P Morgan's active mobile customers increased by 7% year-over-year to 57 million in Q3 2023 [5] - The convergence of digital enablement and in-branch services is reshaping the role of technology in physical banking locations [3] Challenges and Delays - Developing a digital bank from scratch has been more complex and time-consuming than initially anticipated, leading to delays in the German launch, which was originally targeted for 2022 [4]

J.P. Morgan Payments has unveiled two new proprietary payment terminals that integrate in-store biometric authentication with payment capabilities.The terminals — a payment tablet called J.P. Morgan Paypad and a payment pin pad called J.P. Morgan Pinpad — are scheduled to be released in the United States in the second half and rolled out internationally after that, the company said in a press release emailed to PYMNTS.The new hardware will join J.P. Morgan Payments’ full-stack omnichannel solution that is d ...

Jamie Dimon's Future Plans - Jamie Dimon hinted that he is "likely" to stay at JPMorgan as chairman once he steps down as CEO [7] - Dimon has not given a timetable for when he would step aside as CEO [5] - Potential successors to Dimon include Mary Erdoes, Jennifer Piepszak, and Troy Rohrbaugh [3] Dimon's Views on Economic Policies - Dimon supported Trump's use of tariffs as a tool to resolve trade disputes, though he cautioned about potential misuse [4] - Dimon expressed cautious pessimism about the US economy despite lower inflation and improving job numbers [4] - Dimon criticized the Biden administration's regulations, particularly the Basel III proposal, which would require major lenders to raise emergency buffers by 9% [6][10] Dimon's Role in Political Discussions - Dimon was used as a "sounding board" for Trump's economic policies during his presidency [2][9] - Dimon regularly held calls with Trump's inner circle to discuss banking regulation and taxes but ruled out joining the administration [5] - Reports surfaced that Dimon was considered for a role in a potential Kamala Harris administration, though he ruled himself out [8] JPMorgan's Business and Leadership - Dimon earned a salary of $34 5 million in 2023 [6] - Mary Erdoes represented JPMorgan at a VIP lunch with French President Emmanuel Macron [6] - JPMorgan's full-year results are set to be released amid a rebound in deal-making and investment banking fees [8]