JPMORGAN CHASE

JPMorgan Chase is an American multinational investment bank and financial services holding company headquartered in New York City.

JPMorgan Chase is ranked by S&P Global as the largest bank in the United States and the sixth largest bank in the world by total assets. It is also the world’s most valuable bank by market capitalization. JPMorgan Chase is incorporated in Delaware.

The bank has a history dating back to 2000, when it was established in its current structure as the result of the combination of several large U.S. banking companies.

The bank’s oldest predecessor institution, the Bank of the Manhattan Company, was the third oldest banking corporation in the United States, and the 31st oldest bank in the world, having been established on September 1, 1799.

As a “Bulge Bracket” bank, JPMorgan Chase oversees a wide investment banking and financial services portfolio.

As such, it is one of America’s Big Four banks, along with Bank of America, Citigroup, and Wells Fargo.

JPMorgan Chase is considered to be a universal bank and a custodian bank. The J.P. Morgan brand is used by the investment banking, asset management, private banking, private wealth management, and treasury services divisions.

Fiduciary activity within private banking and private wealth management is done under the aegis of JPMorgan Chase Bank, N.A.—the actual trustee. The Chase brand is used for credit card services in the United States and Canada, the bank’s retail banking activities in the United States, and commercial banking.

Both the retail and commercial bank and the bank’s corporate headquarters are today located at 383 Madison Avenue in Midtown Manhattan, New York City.

While JPMorgan Chase has been hit by the sudden economic recession brought about by the effects of the global coronavirus pandemic, the results of its first quarter analysis in 2025 were better than expected.

The company’s reported losses were mainly due to a $ 6.8 billion addition to loan loss provisions, as management decided to set aside a large store of capital in anticipation of loan defaults skyrocketing.

The outbreak of the coronavirus has seen a synchronized sell-off in stocks, bonds and commodities as investors, companies and financial institutions have raced to boost cash in an effort to help buffer themselves from the widening economic damage caused by the virus. The rout in U.S. stocks has erased almost a third of the value in the three major equity benchmarks over the past few months.

J.P Morgan Chase economists’ views on the economic consequences of the virus shock have evolved dramatically with respect to the severity and duration of the outbreak.

J.P. Morgan Global Economics Research now expects the global economy to experience an unprecedented contraction during the first half of the year as containment measures are driving deep collapses in monthly economic activity.

Despite this, revenue, which is the best metric of determining the performance of a bank, was only 3% lower than the first quarter of 2019. This is largely due to the fact that the bank is well-capitalized and is therefore most likely able to make it through the recession, even if it lasts longer than expected.

Added to this, the bank has benefited from trading revenue as a result of the market volatility, adding to the bank’s already enormous trading operation. As evidence of this, bank’s equity trading volume in March peaked at more than double the average volume in January. For fixed-income and commodities trading, the spikes were even higher.

That said, the bank’s first quarter results are not necessarily a good determinant of its projected performance for the rest of the year. While JPMorgan Chase added $ 6.8 billion to its loan loss provisions, the effect of the pandemic on loan delinquencies and defaults is yet to be seen.

The hope is that the stimulus efforts will keep losses to a minimum, but this will only be evident later in the year.

JP Morgan Chase trades on the New York Stock Exchange (NYSE) where investors can buy shares under the stock symbol JPM

Data from the company’s 2025 financial analysis of its fiscal first quarter results shows Net income was $ 2.9 billion, down 69%, predominantly driven by reserve builds across the firm.

Net revenue was $ 29.1 billion, down 3%. Net interest income was $ 14.5 billion, flat versus the prior-year, with the impact of lower rates offset by balance sheet growth and mix as well as higher net interest income in CIB Markets.

Noninterest revenue was $ 14.5 billion, down 5%. This reduction in revenue included a $ 951 million loss in Credit Adjustments & Other in CIB predominantly driven by funding spread widening on derivatives and $ 896 million of markdowns on held-for-sale positions in the bridge book , that were largely offset by higher CIB Markets noninterest revenue.

The provision for credit losses was $ 8.3 billion, up $ 6.8 billion from the prior year driven by reserve builds which reflect deterioration in the macro-economic environment as a result of the impact of COVID-19 and continued pressure on oil prices.

The Consumer reserve build was $4.4 billion, predominantly in Card, and the Wholesale reserve build was $2.4 billion across multiple sectors, with the largest impacts in the Oil & Gas, Real Estate, and Consumer & Retail industries.

Consumer & Business Banking net revenue was $6.1 billion, down 9%, driven by the impact of deposit margin compression, partially offset by growth in deposit balances. Home Lending net revenue was $1.2 billion, down 14%, driven by lower net servicing revenue and lower net interest income on lower balances, partially offset by higher net production revenue.

As such, JPMorgan Chase has experienced losses in the first quarter, which were however not as bad as many analysts expected.

That said, the bank is yet to weather the oncoming storm of the projected economic recession, particularly in the US. The U.S. economy is projected to contract by 14% in the second quarter, after experiencing a 4% contraction in the first quarter, before recovering to 8% and 4% growth in the third and fourth quarters.

Euro area GDP will suffer an even deeper contraction, with double-digit declines of 15% and 22% in the first and second quarters, before rebounding by 45% and 3.5% in the third and fourth quarters.

All in all, despite delivering a better-than-expected performance in the first quarter, this does not necessarily account for strong dividends or a rising share price for investors who choose to purchase shares today, making this a dubious buy-in in 2025 and in the foreseeable future.

Financials

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• Can I buy JPMorgan Chase shares in South Africa?
  Yes, you can.

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• Is JPMorgan Chase a good share to buy?
  No, while JPMorgan Chase did better than expected in the first quarter of the year, the company has still reported losses. Investors would do well to monitor the effects of the projected economic recession and possible defaults on the company’s share price before investing in JP Morgan.

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