New York, Jan 13, 2026, 11:02 ET — Regular session
JPMorgan Chase & Co shares were down 2.5% at $316.32 in late morning trade on Tuesday, after swinging between $331.00 and $313.96 earlier in the session.
The bank reported fourth-quarter net income of $13.0 billion, or $4.63 a share, after setting aside $2.2 billion tied to its forward purchase of the Apple credit card portfolio. “The Firm concluded the year with a strong fourth quarter,” CEO Jamie Dimon said in the release. 1
The print lands as Washington re-opens a fight over what credit should cost. Analysts at TD Cowen said a proposed one-year 10% cap on credit card rates would need legislation and carries low odds of passing, but it has already raised headline risk for card-heavy lenders. 2
Excluding the Apple-related reserve, JPMorgan’s adjusted profit was $5.23 per share, ahead of forecasts cited in market commentary, while revenue rose 7% from a year earlier to $45.8 billion. The reported profit was lower than the prior year’s as the bank built credit reserves ahead of the portfolio transfer from Goldman Sachs. 3
Trading was the bright spot. Markets revenue rose 17% in the quarter, with equity trading up 40% on strength in prime brokerage — the business that lends to and clears trades for hedge funds — while fixed-income trading rose 7%. “the bar for perfection is set pretty high,” said David Wagner, head of equities and portfolio manager at Aptus Capital Advisors; Argus Research analyst Stephen Biggar flagged “average loan growth” as a support for the lending side. 4
Investors also leaned on expense and credit signals. The bank expects about $105 billion in expenses this year, and it pointed to steadier credit trends in its card book even as the earnings release showed a sharp step-up in loss provisioning tied to the Apple deal. 5
But the credit card business is now a political target, and JPMorgan is not treating it as a thought experiment. “very bad for consumers, very bad for the economy,” CFO Jeremy Barnum said of the proposed cap, adding the bank would have to change the business significantly; he also warned “everything is on the table” if directives force a radical shift. 6
Rate expectations sit underneath all of it. U.S. consumer prices rose 0.3% in December and core inflation increased 0.2%, keeping investors focused on how long the Federal Reserve stays on hold and what that means for bank net interest income — the spread between what banks earn on loans and pay on deposits. 7
The next check comes quickly. Citigroup, Bank of America and Wells Fargo are all due to report fourth-quarter results on Wednesday, giving investors more data points on consumer credit, deal fees and trading after a volatile end to 2025. 8
Beyond earnings, traders are watching whether the credit-card cap proposal moves from headlines toward a legislative path ahead of Jan. 20 — and what that would do to pricing, rewards and credit availability across the sector. 9
