How JPMorgan Chase Makes Money

JPMorgan Chase generates most of its revenue from Consumer & Community Banking

Reviewed by Amilcar Chavarria

JPMorgan Chase & Co. (JPM) is a global financial services holding company and the largest U.S. bank by assets. The company provides services like consumer banking, investment banking, commercial banking, and asset management for individuals, corporations, institutions, and governments globally.

Key Takeaways

• JPMorgan provides financial services to consumers, small businesses, large corporations, governments, and other clients.
• The company’s Consumer & Community Banking segment is the largest source of revenue.
• JPMorgan Chase is the largest U.S. bank by assets.

JPMorgan Chase’s Industry

JPMorgan competes internationally with a broad range of banks, brokerage firms, investment banking companies, hedge funds, commodity trading companies, private equity firms, insurance companies, and investment managers, including Bank of America Corp. (BAC), Citigroup Inc. (C), and Wells Fargo & Co. (WFC).JPMorgan Chase provides services through four business segments:

Consumer & Community Banking: Provides services to consumers and businesses including deposit and investment products, cash management, payment solutions, mortgage origination and servicing, credit-card issuance, and auto loans.

Corporate & Investment Bank: Offers investment banking, market-making, prime brokerage, and treasury and securities products and services to corporations, investors, financial institutions, and governments.

Commercial Banking: Provides financial solutions, including lending, payments, investment banking, and asset management products across three segments including Middle Market Banking, Corporate Client Banking, and Commercial Real Estate Banking.

Asset & Wealth Management: Holds client assets of $5.0 trillion and offers multi-asset investment management solutions across equities, fixed income, alternatives, and money market funds to institutional and retail investors.

Note

JPM’s Corporate segment is internal and consists of the Treasury, Chief Investment Office, and others responsible for monitoring and managing liquidity, funding, capital, structural interest rate, and foreign exchange risks. Corporate includes staff functions, real estate, technology, legal, corporate finance, and human resources.

JPMorgan Chase Financials

For 2023, JPMorgan Chase reported an annual revenue of $162.4 billion and a net income of $49.6 billion. As of Dec. 31, 2023, it had $3.4 trillion in assets, of which $2.7 trillion were held in the U.S.  

JPMorgan Chase kept its first-ranked position in Consumer & Community Banking, adding almost 3.6 million new customers in 2023. Corporate & Investment Bank increased its Investment Banking market share and Commercial Banking added over 5,000 new relationships, doubling figures from 2022. Client asset net inflows of $490 billion to Asset & Wealth Management realized a 20% increase for 2023.

History and Leadership

As of 2024, Jamie Dimon serves as Chairman and Chief Executive Officer (CEO) of JPMorgan Chase. JPM was founded in part by Alexander Hamilton and Aaron Burr in Manhattan in 1799, and chartered by the New York State legislature. The Bank of The Manhattan Company was the second commercial bank in New York City after Hamilton’s Bank of New York.

Through mergers with banks such as Chase Manhattan and Bank One, and acquisitions of firms like Bear Sterns, JPMorgan Chase has become the top bank for small businesses, corporate and investment banking, and asset management.

Recent Developments

In 2022, Chase became the first bank with nationwide branches in all lower 48 states. Following its collapse in 2023, JPM purchased First Republic Bank from the FDIC, providing stability to the U.S. banking system while acquiring over half a million First Republic customers.

How Does JPMorgan Chase Support a Diverse Workforce?

As of 2024, Globally, 49% of all hires are women. Since 2011, JPM has hired over 10,000 veterans. Within the United States, 58% of new hires are ethnically diverse.

What Industries Does JPMorgan Chase Serve?

JPM has solutions for every sector, including retail, commercial real estate, energy, healthcare, and telecommunications.

Where is JPMorgan Chase’s Headquartered?

JPMorgan Chase is headquartered in New York, NY.

The Bottom Line

JPMorgan Chase is the largest bank in the United States. The company offers financial services to consumers, small businesses, large corporations, and governments. The Consumer & Community Banking segment is the largest source of revenue for JPM, accounting for 43% of revenue in 2024.

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