JPMorgan Chase & Co.

Average deposits reached $2.6T in Q1 2026 with very high retention, and Asset & Wealth Management client assets hit $7.1T in FY2025, providing a recurring fee stream. The mix of NII, fees, and AUM-based revenue produced total revenue growth every fiscal year from FY2020 through FY2025, including through COVID and the 2023 regional-bank stress.

Revenue is split across Consumer & Community Banking, the Corporate & Investment Bank, Asset & Wealth Management, and Commercial Banking, with no segment below 10% of FY2025 revenue. CIB cyclicality concentrates net income (roughly $9B of ~$16.5B in Q1 2026), so diversification is meaningful on revenue but less balanced on earnings.

North America contributed roughly 77% of FY2025 revenue ($139.7B), with EMEA at 13%, Asia Pacific at 8%, and Latin America at 2%. U.S. concentration sits inside the 60-80% band, so meaningful international exposure exists across three additional regions but the home country dominates.

Deposit and loan scale drive incremental operating leverage, but JPMorgan also runs one of the largest technology and compliance cost bases in finance, with ~$105B adjusted expense guided for FY2026. Neither a negative scale story nor a software-like margin trajectory is present, placing scalability in line with peer money-center banks.

Approximately $2.6T in sticky deposits underpin recurring net interest income, and AWM's $4.8T AUM (FY2025) generates long-duration fees. The mix has transactional exposure through markets and investment banking, where Q1 2026 fixed-income trading revenue was $7.08B and IB fees $2.88B, introducing cycle-sensitive swings.