JPMorgan Chase & Co. (NYSE: JPM) reported third-quarter profit and adjusted revenue that exceeded Wall Street expectations, driven by a resurgence in dealmaking after trade tensions had slowed activity earlier in the year. However, CEO Jamie Dimon warned of labor market weakness and “complex forces” shaping a more uncertain outlook.
Investment banking fees rose 16% from a year earlier, while net revenue from the segment increased 17% to $19.88 billion. Net income from the division climbed 21% to $6.9 billion.
Doug Petno, head of the commercial and investment bank, said in September that most clients were “seeing through” geopolitical uncertainty and trade disruptions, noting that mergers and IPO activity picked up sharply during the summer following months of tariff-related hesitation.
Stronger client engagement and financing demand also helped the bank’s markets division post record revenue of nearly $9 billion. Assets under management grew 18% to $4.6 trillion, surpassing analyst estimates of $4.52 trillion, thanks to continued net inflows and favorable market performance.
Company-wide net income rose 12% to $14.4 billion, with diluted earnings per share of $5.07 and adjusted revenue of $47.12 billion—both above analyst forecasts. Net interest income increased 2% to $24.1 billion, while provisions for credit losses rose to $3.4 billion from $3.1 billion a year earlier.
Dimon said “each line of business performed well” but cautioned that the U.S. economy was showing “some signs of softening,” particularly in employment trends.
