JPMorgan Chase reported a 12% jump in profits Tuesday as the Wall Street giant raked in billions from a wave of deals and trades driven by Donald Trump’s tariffs and loosened regulations.
The US’s biggest bank’s third-quarter revenue rose 9% to $47.12 billion, fueling earnings per share of $5.07 — blowing past analysts forecasts tallied by the London Stock Exchange Group, which predicted revenues of $45.4 billion and earnings per share of $4.48.
The bank’s 69-year-old CEO Jamie Dimon pointed to the firm’s investment banking unit, which took in $2.6 billion in fees, up 16% from the same period last year, in a sign that executives are feeling more optimistic about dealmaking nearly one year after Trump’s election win.
He also hailed a “record third-quarter” for its trading division, which reaped nearly $9 billion as investors rearrange their portfolios amid the White House’s bid to reshape America’s commercial relationships around the world.
That figure was up 25% from the same period in 2024.
“We think this will lead the momentum for the rest of 2025 and into 2026, in our view. The standout performance came from the capital markets businesses,” Kenneth Leon, director of equity research at CFRA Research.
The veteran chief executive, in the top job for nearly two decades, warned of “uncertainty stemming from complex geopolitical conditions, tariffs and trade uncertainty, elevated asset prices and the risk of sticky inflation.”
Dimon added that the US economy remained resilient, although he pointed to “signs of softening, particularly in job growth.”
JPMorgan worked on some of the year’s biggest deals this year, including the IPOs of Circle and Figma, as well as private equity giant Sycamore Partners’ take-private acquisition of Walgreens Boots Alliance.
The results from America’s biggest bank came one day after the company announced it would invest some $10 billion in strategic industries.
The new “security and resiliency initiative” would facilitate financing and investment across defense and aerospace, energy independence, and frontier technologies such as artificial intelligence and quantum computing.