{"id":6472,"date":"2022-07-12T23:56:00","date_gmt":"2022-07-12T15:56:00","guid":{"rendered":"https:\/\/www.granitefirm.com\/blog\/us\/?p=6472"},"modified":"2025-10-16T19:38:22","modified_gmt":"2025-10-16T11:38:22","slug":"jpmorgan-chase","status":"publish","type":"post","link":"https:\/\/www.granitefirm.com\/blog\/us\/2022\/07\/12\/jpmorgan-chase\/","title":{"rendered":"How does JPMorgan Chase make money?"},"content":{"rendered":"\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #ffffff;color:#ffffff\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #ffffff;color:#ffffff\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/07\/12\/jpmorgan-chase\/#The_History_of_Morgan_Group\" >The History of Morgan Group<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/07\/12\/jpmorgan-chase\/#Morgan_Financial_Empire\" >Morgan Financial Empire<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/07\/12\/jpmorgan-chase\/#Separation_from_Morgan_Bank\" >Separation from Morgan Bank<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/07\/12\/jpmorgan-chase\/#Key_Regulatory_Changes_in_the_United_States\" >Key Regulatory Changes in the United States<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/07\/12\/jpmorgan-chase\/#Glass-Steagall_Act\" >Glass-Steagall Act<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/07\/12\/jpmorgan-chase\/#Repealed_Glass-Steagall_Act\" >Repealed Glass-Steagall Act<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/07\/12\/jpmorgan-chase\/#Company_Profile\" >Company Profile<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/07\/12\/jpmorgan-chase\/#The_history_of_JPMorgan_Chase\" >The history of JPMorgan Chase<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/07\/12\/jpmorgan-chase\/#How_special_is_JPMorgan_Chase\" >How special is JPMorgan Chase?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/07\/12\/jpmorgan-chase\/#An_indicator_role_in_the_global_financial_world\" >An indicator role in the global financial world<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/07\/12\/jpmorgan-chase\/#JPMorgans_CEO\" >JPMorgan&#8217;s CEO<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/07\/12\/jpmorgan-chase\/#JPMorgan_Chases_operation\" >JPMorgan Chase&#8217;s operation<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/07\/12\/jpmorgan-chase\/#Major_M_A_History\" >Major M&amp;A History<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/07\/12\/jpmorgan-chase\/#Main_business\" >Main business<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/07\/12\/jpmorgan-chase\/#Overall_performance_review\" >Overall performance review<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/07\/12\/jpmorgan-chase\/#2021_Financial_Performance\" >2021 Financial Performance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/07\/12\/jpmorgan-chase\/#Market_valuation\" >Market valuation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/07\/12\/jpmorgan-chase\/#Stock_performance_in_past_10_years\" >Stock performance in past 10 years<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/07\/12\/jpmorgan-chase\/#Related_articles\" >Related articles<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\" id=\"block-5fb842ca-fb22-4ec2-bad6-d8a42823201a\"><span class=\"ez-toc-section\" id=\"The_History_of_Morgan_Group\"><\/span>The History of Morgan Group<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"block-8aa8d9ae-b6a3-4e55-a831-606defaef44c\"><span class=\"ez-toc-section\" id=\"Morgan_Financial_Empire\"><\/span>Morgan Financial Empire<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p id=\"block-00607de3-ed8b-4bdd-b1f3-b94647248e61\"><a href=\"https:\/\/www.morganstanley.com\/\" target=\"_blank\" rel=\"noopener\">Morgan Stanley (ticker: MS) <\/a>reigns supreme in investment banking, as JPMorgan Chase does in commercial banking. Both are irreplaceable kings. Crucially, they share a common origin: J.P. Morgan &amp; Co., the Morgan financial empire of nearly a century ago.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"block-ce98060e-7cea-4037-aa1e-700b8d5efc5d\"><span class=\"ez-toc-section\" id=\"Separation_from_Morgan_Bank\"><\/span>Separation from Morgan Bank<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p id=\"block-7e6fe7ba-cd43-4e01-a921-a75cb34f79c8\">The old Morgan Stanley (please see my post of &#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/10\/08\/morgan-stanley\/\">Morgan Stanley, the king of investment banks<\/a>&#8220;) was founded on September 16, 1935, by J.P. Morgan partner Henry Sturgess Morgan (grandson of John Pierpont Morgan) and Harold Stanley. The new company was established in response to the Glass-Steagall Act&#8217;s mandate to separate commercial and investment banking.<\/p>\n\n\n\n<p id=\"block-fca45396-13ad-4958-bc72-0f767ea11a35\">The Morgan empire was thus split into two: the old Morgan Stanley and Morgan Bank. Morgan Bank later merged with Chase Bank to become today&#8217;s JPMorgan Chase. For more information on this, please see my post of &#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/07\/12\/jpmorgan-chase\/\" target=\"_blank\" rel=\"noreferrer noopener\">How does JPMorgan Chase make money?<\/a>&#8220;<\/p>\n\n\n\n<p id=\"block-2765445e-a214-4d7c-a067-0c484c670a9f\">In 1941, Morgan Stanley partnered with the New York Stock Exchange and became a partner of the exchange.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Key_Regulatory_Changes_in_the_United_States\"><\/span>Key Regulatory Changes in the United States<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Glass-Steagall_Act\"><\/span>Glass-Steagall Act<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>In 1933, during the Great Depression, Congress passed the Glass-Steagall Act, prohibiting firms from providing both commercial and investment banking services.<\/p>\n\n\n\n<p>The Morgan empire was thus split into two: the old Morgan Stanley and Morgan Bank. Morgan Bank later merged with Chase Bank to become today&#8217;s JPMorgan Chase. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Repealed_Glass-Steagall_Act\"><\/span>Repealed Glass-Steagall Act<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Seventy-five years after Congress separated them from deposit-taking and lending banks, Morgan Stanley and Goldman Sachs, the last two major US investment banks, announced on September 22, 2008, that they would become traditional bank holding companies regulated by the Federal Reserve. The Federal Reserve&#8217;s approval of their bank status ended the dominant position of securities firms.<\/p>\n\n\n\n<p>Since then, the 1933 Glass-Steagall Act has been repealed, allowing firms to provide both commercial and investment banking services. In short, Morgan Stanley and JPMorgan Chase have since provided both commercial and investment banking services.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\"><span class=\"ez-toc-section\" id=\"Company_Profile\"><\/span><strong>Company Profile<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_history_of_JPMorgan_Chase\"><\/span>The history of JPMorgan Chase<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>JPMorgan Chase is named after the founder of one of the companies in the group, which has long been inseparable from the banking industry. The merger of its businesses involved many of its major competitors in the past. For example, Chemical Bank, Chase Bank, etc. were merged, and many subsidiaries of the same name were forced to give up their independence, and then merged into the JPMorgan Chase Group. JPMorgan Chase group remains a major provider of banking services to the high-net-worth group, despite in developed or emerging markets. JPMorgan Chase group has often taken advantage of every situation to enter emerging markets, where wealth is often concentrated in the hands of a few people. <\/p>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\"><span class=\"ez-toc-section\" id=\"How_special_is_JPMorgan_Chase\"><\/span><strong>How special is JPMorgan Chase?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>How important is the status of JPMorgan Chase &amp; Co. (ticker: JPM), please see the following statistics:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>It is the world&#8217;s largest bank by market capitalization (the world&#8217;s fifth largest bank by total assets).<\/li>\n\n\n\n<li>America&#8217;s oldest bank.<\/li>\n\n\n\n<li>America&#8217;s largest credit card issuer.<\/li>\n\n\n\n<li>America&#8217;s most diversified bank.<\/li>\n\n\n\n<li>The rep of Wall Street.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\"><span class=\"ez-toc-section\" id=\"An_indicator_role_in_the_global_financial_world\"><\/span><strong>An indicator role in the global financial world<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Since JPMorgan Chase &amp; Co. is not an ordinary bank, the moves are interesting. And the company is big enough to influence the government&#8217;s business or economic policies, and is a typical too big to fall business. Governments of various countries will also refer to the company&#8217;s practices when formulating financial policies. As for banks around the world, almost all of them use JPMorgan Chase as the main model for operation.<\/p>\n\n\n\n<p>The most obvious of these is that JPMorgan Chase &amp; Co. will hire outgoing political leaders (including the former Prime Minister of the United Kingdom) or government executives in charge of business, finance, or treasury (such as Li Xiaojia of the Hong Kong Stock Exchange) in various countries, and spending huge on policy lobbying shows the abundance of its political connections.<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\"><span class=\"ez-toc-section\" id=\"JPMorgans_CEO\"><\/span><strong>JPMorgan&#8217;s CEO<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>JPMorgan&#8217;s CEO is not a simple person enough. The current CEO, Jamie Dimon, was already a rising star in the U.S. banking industry before taking over as JPMorgan Chase &amp; Co., and he is expected to succeed JPMorgan Chase&#8217;s CEO sooner or later. He is the protagonist behind the birth of the current Citibank (ticker: C), and later took over as the CEO of Bank One, became Chief Operating Officer of JPMorgan Chase in 2006.<\/p>\n\n\n\n<p>Amazon (ticker: AMZN) founder Bezos (Note: Bezos was a senior executive at D. E. Shaw, a well-known quantitative investment firm on Wall Street before founding Amazon), once strongly praised JPMorgan Chase Bank Dimon. \u201c<a href=\"https:\/\/www.cnbc.com\/2018\/05\/16\/jeff-bezos-considers-these-3-ceos-his-role-models.html\" target=\"_blank\" rel=\"noreferrer noopener\">If I were a big shareholder in&nbsp;JPMorgan Chase, I would just show up every Monday morning with like pastries and coffee for Jamie<\/a>,\u201d says the Amazon founder. \u201cI think he\u2019s a terrific executive in a very complicated company.\u201d<\/p>\n\n\n\n<p>From 2016 to 2018, Dimon was the highest-paid CEO of publicly traded U.S. companies. Dimon not only has a huge influence on Wall Street, but has even served as the chairman of the &#8220;Corporate Roundtable&#8221; for many times.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"JPMorgan_Chases_operation\"><\/span>JPMorgan Chase&#8217;s operation<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\"><span class=\"ez-toc-section\" id=\"Major_M_A_History\"><\/span><strong>Major M&amp;A History<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The oldest predecessor institution of JPMorgan Chase &amp; Co., The Bank of the Manhattan Company is the third oldest banking company in the United States and the 31st oldest bank in the world. The earliest known predecessor is The Bank of the Manhattan Company, founded by Aaron Burr, who transformed the company from a water carrier&nbsp;company into a bank.<\/p>\n\n\n\n<p>The main body of the company, JP Morgan &amp; Co., is a commercial and investment banking institution founded in 1871 by John Pierpont Morgan, a legendary celebrity in American business history. This company is the common predecessor of the world&#8217;s three largest banking institutions, JPMorgan Chase, Morgan Stanley (ticker: MS) and Deutsche Bank (ticker: DB). <\/p>\n\n\n\n<p>JPMorgan&#8217;s current structure is the result of the merger of several large U.S. banking companies since 1996. JPMorgan Chase &amp; Co. has been able to achieve its current size and position mainly through years of uninterrupted mergers and acquisitions. The following are some of the most important large-scale mergers and acquisitions:<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"368\" height=\"88\" src=\"https:\/\/www.granitefirm.com\/blog\/us\/wp-content\/uploads\/sites\/2\/2022\/05\/a-1600x1200-4.png\" alt=\"\" class=\"wp-image-6497\" srcset=\"https:\/\/www.granitefirm.com\/blog\/us\/wp-content\/uploads\/sites\/2\/2022\/05\/a-1600x1200-4.png 368w, https:\/\/www.granitefirm.com\/blog\/us\/wp-content\/uploads\/sites\/2\/2022\/05\/a-1600x1200-4-300x72.png 300w\" sizes=\"auto, (max-width: 368px) 85vw, 368px\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\"><span class=\"ez-toc-section\" id=\"Main_business\"><\/span><strong>Main business<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The revenue performance of each segment in 2021 is as follows:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td>Group revenue<\/td><td>Number ($ million)<\/td><\/tr><tr><td>Investment banking<\/td><td>13,216 +39.32%<\/td><\/tr><tr><td>Trading<\/td><td>16,304 -9.53%<\/td><\/tr><tr><td>Deposit and lending<\/td><td>7,032 +8%<\/td><\/tr><tr><td>Wealth managment<\/td><td>21,029 +15.69%<\/td><\/tr><tr><td>Security investment<\/td><td>(345) vs 802<\/td><\/tr><tr><td>Mortgage<\/td><td>2,170 &#8211; 29.8%<\/td><\/tr><tr><td>Credit card<\/td><td>5,102 +15.04%<\/td><\/tr><tr><td>Other income<\/td><td>4,830 -0.72%<\/td><\/tr><tr><td><strong>Non-interest revenue (all items above this line)<\/strong><\/td><td><strong>69,338 +6.05%<\/strong><\/td><\/tr><tr><td><strong>Interest revenue<\/strong><\/td><td><strong>52,311<\/strong> <strong>-4.13%<\/strong><\/td><\/tr><tr><td><strong>Total revenue<\/strong><\/td><td><strong>121,649<\/strong> <strong>+1.42%<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Overall_performance_review\"><\/span>Overall performance review<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\"><span class=\"ez-toc-section\" id=\"2021_Financial_Performance\"><\/span><strong>2021 Financial Performance<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td>Index<\/td><td>Number ($ million)<\/td><\/tr><tr><td>Revenue<\/td><td>121,649 +1.42%<\/td><\/tr><tr><td>Pre-provision profit<\/td><td>50,306 -5.61%<\/td><\/tr><tr><td>Provision for credit losses<\/td><td>(9,256)<\/td><\/tr><tr><td>Net income<\/td><td>48,334 +65.92%<\/td><\/tr><tr><td>Market capitalization<\/td><td>466,206<\/td><\/tr><tr><td>Book value per share<\/td><td>88.07<\/td><\/tr><tr><td>ROE<\/td><td>19%<\/td><\/tr><tr><td>ROA<\/td><td>1.3<\/td><\/tr><tr><td>Loans<\/td><td>1,077,714<\/td><\/tr><tr><td>Total asset<\/td><td>3,743,567<\/td><\/tr><tr><td>Deposit<\/td><td>2,462,303<\/td><\/tr><tr><td>Long-term debt<\/td><td>301,005<\/td><\/tr><tr><td>Allowance for loan losses to total retained loans<\/td><td>1.62%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"373\" height=\"68\" src=\"https:\/\/www.granitefirm.com\/blog\/us\/wp-content\/uploads\/sites\/2\/2022\/07\/j-1.jpg\" alt=\"JPMorgan\" class=\"wp-image-11968\" srcset=\"https:\/\/www.granitefirm.com\/blog\/us\/wp-content\/uploads\/sites\/2\/2022\/07\/j-1.jpg 373w, https:\/\/www.granitefirm.com\/blog\/us\/wp-content\/uploads\/sites\/2\/2022\/07\/j-1-300x55.jpg 300w\" sizes=\"auto, (max-width: 373px) 85vw, 373px\" \/><figcaption class=\"wp-element-caption\">Credit: Wikimedia<\/figcaption><\/figure>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\"><span class=\"ez-toc-section\" id=\"Market_valuation\"><\/span><strong>Market valuation<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td>2021<\/td><td>JPMorgan Chase<\/td><td>Bank of America<\/td><td>Wells Fargo<\/td><td>Citigroup&nbsp;<\/td><\/tr><tr><td>Market capitalization ($ billion)<\/td><td>361.68<\/td><td>299.15<\/td><td>167.88<\/td><td>98.82<\/td><\/tr><tr><td>Share price<\/td><td>123.03<\/td><td>37.13<\/td><td>44.16<\/td><td>50.1<\/td><\/tr><tr><td>P\/E<\/td><td>9.13<\/td><td>10.58<\/td><td>9.18<\/td><td>5.91<\/td><\/tr><tr><td>Dividend yield<\/td><td>3.25%<\/td><td>2.26%<\/td><td>2.26%<\/td><td>4.07%<\/td><\/tr><tr><td>Total asset ($ billion)<\/td><td>3,743.567<\/td><td>3,169.495<\/td><td>1,948.068<\/td><td>2,291.413<\/td><\/tr><tr><td>ROA<\/td><td>1.3%<\/td><td>0.9%<\/td><td>0.9%<\/td><td>0.9%<\/td><\/tr><tr><td>ROE<\/td><td>19%<\/td><td>11.6%<\/td><td>10.4%<\/td><td>11.9%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\"><span class=\"ez-toc-section\" id=\"Stock_performance_in_past_10_years\"><\/span><strong>Stock performance in past 10 years<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The following is JPMorgan Chase (158.63%), Bank of America (203.35%), Wells Fargo (17.01%), Citibank (6.65%); 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I am not responsible for the correctness, opinions, and immediacy of the content and information of the article. Readers must make their own judgments.<\/em><\/li>\n\n\n\n<li><em>I shall not be liable for any damages or other legal liabilities for the direct or indirect losses caused by the readers&#8217; direct or indirect reliance on and reference to the information on this site, or all the responsibilities arising therefrom, as a result of any investment behavior.<\/em><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>JPMorgan Chase is named after the founder of one of the companies in the group, which has long been inseparable from the banking industry. The merger of its businesses involved many of its major competitors in the past.<\/p>\n","protected":false},"author":1,"featured_media":11968,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[469,321,222,491,106,105,108,420,543,544,141,88,73,542,34],"tags":[227,47,761,471,760,370],"class_list":["post-6472","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bank","category-bond","category-ceo","category-charter-and-license","category-consumer-banking","category-corp-banking","category-credit-card","category-founders","category-investing-advisory","category-investment-banks","category-leaderships","category-acquisition","category-quantitative-investing","category-scurities-broker","category-wealth-management","tag-amzn","tag-bac","tag-db","tag-jpm","tag-ms","tag-wfc"],"_links":{"self":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts\/6472","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/comments?post=6472"}],"version-history":[{"count":35,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts\/6472\/revisions"}],"predecessor-version":[{"id":39447,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts\/6472\/revisions\/39447"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/media\/11968"}],"wp:attachment":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/media?parent=6472"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/categories?post=6472"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/tags?post=6472"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}