JPMorgan posts record trading quarter

JPMorgan Chase opened bank earnings season with a record markets quarter that helped lift first-quarter profit to $16.5 billion. (jpmorganchase.com) Net income rose from $14.6 billion a year earlier, and earnings came in at $5.94 a share, above the $5.45 analysts expected, according to CNBC. Revenue increased 10% to $50.54 billion, also ahead of estimates. (cnbc.com) The biggest lift came from the bank’s trading desks and dealmakers. Markets revenue rose 20% to a record $11.6 billion, while investment banking fees increased 12% to $2.2 billion. (jpmorganchase.com) That matters because JPMorgan is the first big United States bank to report each quarter, and its results often set the tone for rivals including Bank of America, Citigroup and Wells Fargo. Reuters said the quarter’s trading surge reflected volatility across global markets. (reuters.com) The report also showed where the core lending business is slowing. JPMorgan cut its 2026 net interest income forecast to about $103 billion from $104.5 billion, while leaving its outlook excluding markets unchanged. (cnbc.com) Net interest income is the spread between what a bank earns on loans and securities and what it pays on deposits. JPMorgan said first-quarter net interest income was $25.5 billion, up 9% from a year earlier, but lower rates are starting to weigh on the full-year outlook. (jpmorganchase.com) Jamie Dimon paired the strong quarter with a warning about the backdrop. He said the world faces “significant turbulence,” citing tariffs, trade uncertainty, sticky inflation, high fiscal deficits and still-elevated asset prices. (jpmorganchase.com) JPMorgan said it ended March with $291 billion in common equity tier 1 capital and $1.5 trillion in cash and marketable securities. Dimon said those buffers leave the bank prepared to keep serving clients even if markets stay choppy. (jpmorganchase.com) For now, the message from the largest United States bank is that volatility is boosting Wall Street businesses faster than it is hurting Main Street credit. The next test comes when other major lenders report whether they saw the same split in the first three months of 2026. (reuters.com)