JPMorgan Q3 Profit Misses Estimates as Fixed-Income Trading Slows
JPMorgan Chase reported third-quarter net income of $15.31 billion, or $5.57 per share, falling short of the $5.92 consensus estimate. Adjusted revenue rose 8% year-over-year to $50.9 billion, but missed the projected $51.37 billion. The shortfall was driven by a 4% decline in fixed-income markets revenue to $5.4 billion, attributed to lower activity in commodities, rates, and credit, partially offset by gains in currencies and emerging markets. Investment banking fees rose 14% year-over-year to $3 billion, though they fell 8% from the previous quarter. The bank also recorded $658 million in net investment securities losses, which reduced per-share income by $0.18. Despite the miss, JPMorgan raised its 2026 net interest income guidance to $106.2 billion and provided a preliminary 2027 outlook of $107 billion, exceeding expectations. CEO Jamie Dimon noted that while client activity moderated, the U.S. economy remains supported by business investment and consumer spending, though he warned of underlying risks from fiscal deficits and sticky inflation.
