JPMorgan Guides to Mid-to-High Teens Growth in Q3 IB Fees and Markets Revenues

EarningsAnalyst
โดย Zacks Investment Research·US·Read original
Summary · why it matters

JPMorgan expects third-quarter 2026 investment banking fees and Markets revenues to each rise in the mid-to-high teens year over year, management said in its quarterly outlook. The IB fee guidance follows $2.6 billion in third-quarter 2025 and a stronger $3.2 billion in second-quarter 2026, so the expected moderation is largely a function of tough sequential comparisons rather than weaker deal activity. Markets revenues, which totaled $8.9 billion in third-quarter 2025 and a record $12.1 billion in second-quarter 2026, are also expected to normalize sequentially while still growing year over year on broad-based fixed income and equities strength. Those two lines feed JPMorgan's fee-driven revenue base, which sat within $22.5 billion of total non-interest revenues in third-quarter 2025, of which $13.8 billion came from the Commercial & Investment Bank segment. Higher client activity is expected to lift volume and compensation costs and limit operating leverage, leaving the ultimate earnings contribution dependent on how efficiently JPMorgan converts the revenue strength into incremental profitability. Among peers, Bank of America CEO Brian Moynihan guided to third-quarter 2026 IB fees of $1.6-$1.8 billion, below $2 billion a year earlier, with sales and trading roughly flat at an implied $5.36 billion, while Citigroup expects Markets revenues up in the mid-single digits and IB revenues up in the low-single digits.

Impact on stocks 3

Digital Finance & Tokenization▲ · 2 stocks
JPMorgan Chase & Co
JPM
▲ PositiveCapitalrelevance

JPMorgan guided Q3 2026 IB fees and Markets revenues each to rise mid-to-high teens year over year.

Citigroup Inc.
C
▲ PositiveCapitalrelevance

Citigroup expects Q3 2026 Markets revenues up mid-single digits and IB revenues up low-single digits.

Financials▼ · 1 stocks
Bank of America Corp
BAC
▼ NegativeCapitalrelevance

Bank of America CEO guided Q3 2026 IB fees to $1.6-$1.8B, below $2B a year earlier, with sales and trading roughly flat.

© 2026 MarketDXNews