JPMorgan Chase & Co. (JPM)

The United States economy is full of innovation. It has to be. Manufacturing industries that dominated the economy decades ago - textiles, televisions, even automobiles to a large degree - have moved overseas, where labor and materials costs are lower. Yet the U.S. economy, even during the pandemic and the recent period of high inflation, has expanded to record levels. If U.S. corporations weren't innovating, creating new products (such as AI and vaccines) and services (such as Zoom calls and Netflix), as well as moving into new markets (clean energy, rare drugs), the domestic economy would not be growing, and capital would not be flooding into the country. Consider that U.S. GDP was approximately $1 trillion in 1930 but was almost $31.5 trillion at the end of 2025. That's growth of 30-times. Meanwhile, the U.S. population has grown less than 3-times during that time span, to 340 million from 120 million. The delta between GDP growth and population growth has been driven, in large part, by innovation.

JPMorgan Chase is a leading global financial-services firm with operations in 66 countries and nearly 323,000 employees as of September 2026. Under the JPMorgan brands, the bank holding company boasts a $5.1 trillion balance sheet and $2.78 trillion in deposits as of September 2026. The firm generates its revenue across three core operating segments: consumer and community banking, the commercial and investment bank, and asset and wealth management. It maintains the top global ranking in investment banking fees with an 8.4% market share, serves millions of consumers through its network of over 5,000 US branches, and manages nearly $7.9 trillion in client assets within its wealth and asset management franchise.

JPMorgan Chase is one of world's largest diversified-banking firms. The company operates a leading global corporate and investment bank and is the second-largest mortgage originator in the United States, after Wells Fargo. JPMorgan Chase also operates a large retail-banking network and is a leading credit card issuer.

The major stock indices are lower at midday. The big banks are reporting this morning, kicking off the new earnings season, and individual stocks are responding. As well, CEOs are commenting, with JP Morgan CEO Jamie Dimon offering his usual warning about challenges in the U.S. economy. Oil is at $94 per barrel. The yield on the 10-year Treasury note is lower and is now at 5.22%.