What it does
JPMorganChase is a financial holding company. The company states that its activities include investment banking; financial services for consumers and small businesses; commercial banking; financial transaction processing; and asset management. For management reporting, it has three reportable segments: Consumer & Community Banking (CCB), Commercial & Investment Bank (CIB), and Asset & Wealth Management (AWM), with remaining activities in Corporate. CCB is its consumer business segment, while CIB and AWM are its wholesale business segments. Its principal bank subsidiary is JPMorgan Chase Bank, N.A., and its principal non-bank subsidiary is J.P. Morgan Securities LLC, a U.S. broker-dealer.
Source: JPMorgan Chase & Co. Form 10-K for fiscal 2025, Item 1 — sec.gov
How it makes money
The filing describes JPMorganChase as providing financial services across consumer, small-business, commercial, corporate, institutional and government client bases. Its consumer activities are reported in CCB, while its wholesale activities are reported in CIB and AWM. Corporate contains the Firm’s remaining activities. The supplied filing excerpt does not provide segment revenue amounts or a revenue breakdown. It does state that descriptions of each reportable segment’s products and services, along with Corporate activities, are provided elsewhere in the Form 10-K’s MD&A and Note 32.
Source: JPMorgan Chase & Co. Form 10-K for fiscal 2025, Item 1 — sec.gov
Customers and geography
Under the J.P. Morgan and Chase brands, the company states that it serves millions of customers, predominantly in the U.S., as well as corporate, institutional and government clients globally. Its bank and non-bank subsidiaries operate nationally and through overseas branches, subsidiaries, representative offices and subsidiary foreign banks. The filing identifies principal operating subsidiaries outside the U.S. in the U.K. and Germany. As of December 31, 2025, the company had employees in 66 countries, and the filing states that 58% of employees were located in the U.S.
Source: JPMorgan Chase & Co. Form 10-K for fiscal 2025, Item 1 — sec.gov
Competition
The filing states that JPMorganChase operates in highly competitive environments. It lists competitors including other banks, brokerage firms, investment banking companies, merchant banks, hedge funds, commodity trading companies, private equity firms, insurance companies, mutual fund companies, investment managers, credit card companies, mortgage banking companies, trust companies, securities processing companies, automobile financing companies, leasing companies, e-commerce and other internet-based companies, digital asset and other financial technology companies. The filing does not name individual competitors. It states that competition can be global, national or regional depending on the geography and products involved.
Source: JPMorgan Chase & Co. Form 10-K for fiscal 2025, Item 1 — sec.gov
Key risks
The filing’s risk-factor summary highlights:
- Legal and regulatory risks from extensive supervision and regulation, and changes in applicable law or executive branch actions.
- Differences in regulatory implementation across jurisdictions or for certain competitors.
- Governmental policies that discourage or penalize relationships with certain industries, or require specific business practices.
- Penalties and other repercussions when resolving litigation or governmental investigations.
- Country risks from hostilities and local economic, political, regulatory and social factors in countries where it operates.
Source: JPMorgan Chase & Co. Form 10-K for fiscal 2025, Item 1A — sec.gov
People and operations
As of December 31, 2025, JPMorganChase had 318,512 employees globally. The filing states that its employees were located in 66 countries, with 58% located in the U.S. The company says its human-capital approach focuses on identifying, attracting, developing, retaining and engaging employees, and on fostering an inclusive work environment. It describes voluntary training and educational resources, required training on Firm policies and standards, and compensation, benefits and wellness programs. The filing’s employee count covers full-time and part-time employees and excludes contractors.
Source: JPMorgan Chase & Co. Form 10-K for fiscal 2025, Item 1 — sec.gov