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. SEC
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.
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.
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. Reuters
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.
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. Reuters
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.
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.
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.
