JPMorgan Chase & Co (NYSE:JPM, XETRA:CMC) saw its shares fall 3.5% on Tuesday after the bank reported fourth-quarter 2025 results, with investment banking fees falling short of analyst expectations.
Fees totaled $2.35 billion, down 5% from a year earlier and 11% from the prior quarter, compared with the $2.5 to $2.6 billion that analysts had forecast, reflecting weaker-than-expected advisory and deal activity.
Overall net revenue for the quarter was $46 billion, slightly above the consensus of $45.8 billion, and adjusted earnings per share (EPS) were $5.23, beating the $4.85 estimate.
Including $2.2 billion in credit costs tied to JPMorgan’s recent acquisition of the Apple Card portfolio from Goldman Sachs, EPS was $4.63.
Markets revenue rose 17% year-over-year, driven by a 40% increase in equity markets and a 7% gain in fixed income.
In Consumer & Community Banking, average loans increased 9% year-over-year and deposits were up 6%, while Card Services reported a net charge-off rate of 3.14% and debit and credit card sales volume rose 7%.
Assets under management in Asset & Wealth Management reached $4.8 trillion, up 18% from a year earlier.
Overall expenses for the quarter were $24 billion, with a reported overhead ratio of 52%.
Credit costs totaled $4.7 billion, including $2.5 billion in net charge-offs and a $2.1 billion reserve build.
“These results were the product of strong execution, years of investment, a favorable market backdrop and selective deployment of excess capital,” JPMorgan CEO Jamie Dimon said in a statement.
“Looking ahead, we remain committed to investing our capital to drive future growth, and the Apple Card is one example of patient and thoughtful deployment of our excess capital into attractive opportunities.”
Dimon added that the bank remains vigilant amid the current macroeconomic conditions. “Markets seem to underappreciate the potential hazards—including from complex geopolitical conditions, the risk of sticky inflation and elevated asset prices,” he said.