JPMorgan Chase & Co. (JPM) Earnings Call Transcripts

JPMorgan Chase & Co.'s Latest Earnings Call - September 15, 2026

In the third quarter of fiscal year 2026, JPMorgan Chase & Co. reported strong performance driven by a robust investment banking pipeline and resilient client activity despite macroeconomic uncertainties. The firm generated revenues of nearly $25 billion in its Commercial and Investment Bank (CIB), reflecting a mid- to high teen percentage increase in both investment banking fees and market revenues. Management maintained a positive outlook, expecting continued strength in the fourth quarter, with guidance indicating a potential record trading revenue for the year.

Reported metrics

Guidance from management

Management expects continued strength in investment banking and market revenues for the fourth quarter, with trading revenues potentially reaching record levels for the year. They maintained a positive outlook absent major market disruptions.

What management said

It's the same as it's always been competition for high-quality operating deposits is intense. We ended the year last year at $1.2 trillion in deposits. It is up 14% year-over-year. Midyear this year, we were up 10%. We're investing in our deposit gathering businesses, and we're investing in the products and solutions that let us win that primary operating bank status. And I mean that's kind of the rapid fire answer. ...

I think it looks like anything else that people got rattled the private credit, sort of the disruptions you saw in private credit, and maybe looked at their margin levels and their collateral rights and sort of make sure they felt good about their market terms.

What analysts pressed on

Analysts expressed concerns about the sustainability of current market conditions and potential risks associated with geopolitical tensions and AI disruption. There was also inquiry into the competitive landscape for private credit and the impact of rising interest rates on credit quality.

Main topics on the call

• Strong Investment Banking Pipeline — Management noted a 'strong pipeline' for investment banking, expecting fees to be up 'mid- to high teens' for the quarter. This reflects a significant increase in M&A activity, driven by management and board confidence.
• Resilience in Client Activity — Despite geopolitical tensions and a hawkish Fed, management observed that clients are 'incredibly resilient' and that 'conditions are quite benign.' This resilience supports ongoing deal activity and credit performance.
• CIB Revenue Performance — CIB revenues reached nearly $25 billion, exceeding those of all U.S. banks except Bank of America. This performance underscores the scale and strength of JPMorgan's client franchise.
• Guidance for Q4 — Management signaled that absent a major market disruption, they expect Q4 revenues to reflect a 'very strong quarter' and potentially record trading revenues for the year, indicating confidence in sustained performance.

Read the full JPMorgan Chase & Co. transcript (September 15, 2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 84 JPMorgan Chase & Co. earnings call transcripts on record, spanning January 14, 2020 to September 15, 2026. Based on this history, JPMorgan Chase & Co. reports quarterly. The most recent call on file is dated September 15, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

JPM

Exchange

NYSE

Country

US

Sector

Financials

Industry

Banks

Calls on record

84

First call

January 14, 2020

Most recent

September 15, 2026

Reporting cadence

quarterly