JPMorgan Chase, the largest U.S. bank and one of New York City’s biggest private employers, opened the 2026 bank-earnings season with a record, reporting first-quarter net income of $16.5 billion — up 13% from a year earlier — as record markets revenue and stronger investment-banking fees powered results. The numbers, released April 14, 2026, came with a now-familiar caveat from Chairman and Chief Executive Jamie Dimon: the economy looks resilient, but the risks are piling up.

The quarter

Diluted earnings per share were $5.94, up 17% year-over-year, and total net revenue rose 10% to roughly $49.8 billion, according to the company’s first-quarter earnings release. Net interest income grew about 9%, while noninterest revenue climbed 11% on higher markets, asset-management and investment-banking activity.

The bank’s profitability metrics stayed elevated: return on common equity of 19% and return on tangible common equity of 23%. The balance sheet remained vast and liquid, with total assets near $4.9 trillion, deposits of about $2.7 trillion, and a standardized CET1 capital ratio of 14.3%.

Credit costs eased. JPMorgan’s provision for credit losses fell 24% to about $2.5 billion, with net charge-offs roughly stable at $2.3 billion — a signal that, for now, the consumer and corporate loan books are holding up.

Dimon’s warning

Even with a record print, Dimon struck a cautious note. He described the U.S. economy as resilient in the first quarter but warned of an “increasingly complex” set of risks: geopolitical tensions and active wars, energy-price volatility, trade and tariff uncertainty, large global fiscal deficits, and asset prices he and others consider stretched.

The pairing — strong results, hedged outlook — has become Dimon’s house style across recent earnings cycles, and it tends to set the tone for the rest of the big banks reporting in the same window.

The Apple Card factor

One notable item in the quarter was the Apple Card. JPMorgan has agreed to take over the co-branded credit-card program previously run by Goldman Sachs, and its 2026 outlook reflected the costs of absorbing that portfolio, including a reserve build tied to the incoming card balances. The move expands JPMorgan’s already-dominant U.S. card franchise and pulls one of the most closely watched consumer-fintech partnerships under the JPMorgan roof.

Management’s full-year 2026 guidance pointed to roughly $103 billion of net interest income and adjusted expenses near $105 billion, alongside growth initiatives including the Apple Card transition.

A New York anchor

For the city’s economy, JPMorgan’s results matter beyond the headline profit. The bank recently consolidated its global headquarters into a new tower at 270 Park Avenue in Midtown Manhattan, reinforcing its physical footprint at a moment when other firms have trimmed office space. As the largest U.S. bank, it sets the benchmark against which Goldman Sachs, Citi, Morgan Stanley and the rest of the New York-centered banking complex are measured each quarter.

The record quarter also lands as Wall Street dealmaking has rebounded, with investment-banking fees and trading revenue both contributing to the top line — a tailwind for the wider cluster of New York financial-services jobs that depend on capital-markets activity.

Verification

Frequently Asked Questions

How much did JPMorgan earn in the first quarter of 2026?
JPMorgan Chase reported net income of $16.5 billion for the first quarter of 2026, up 13% year-over-year, with diluted earnings per share of $5.94, up 17%. Net revenue rose 10% to roughly $49.8 billion. Results were released April 14, 2026.
Where is JPMorgan Chase headquartered?
JPMorgan Chase is headquartered in Manhattan and recently consolidated its global headquarters at 270 Park Avenue, a new tower on the Park Avenue corridor. It is the largest U.S. bank by assets and one of New York City's largest private employers.
What did Jamie Dimon say about the economy?
Chairman and CEO Jamie Dimon said the U.S. economy was resilient in the quarter but pointed to an increasingly complex set of risks, including geopolitical tensions, wars, energy-price volatility, trade uncertainty, large global fiscal deficits and elevated asset prices.
What was the Apple Card item in the results?
JPMorgan's outlook referenced its acquisition of the Apple Card portfolio; the bank took a loan-loss reserve build tied to absorbing those card balances. JPMorgan agreed to take over the Apple Card program from Goldman Sachs.