JPMorgan shares fell 4.19% as fourth-quarter investment-banking fees dropped 5% missing guidance

JPMorgan Chase & Co. shares fell 4.1881% in pre-market trading on Jan. 14, 2026, as investors reacted to a surprise 5% decline in fourth-quarter investment-banking fees, missing the bank’s own guidance for low-single-digit growth. The drop was driven by weaker-than-expected debt-underwriting revenue, which fell 2% instead of the anticipated 19% rise, signaling softness in corporate financing activity.

The bank also recorded a $2.2 billion provision for credit losses linked to its takeover of Apple Inc.’s credit-card portfolio from Goldman Sachs, a one-time charge that contributed to a 7% year-over-year decline in fourth-quarter profit. CEO Jamie Dimon highlighted resilient consumer spending and stable loan growth, with net interest income rising 7% and loans increasing 4% in the final quarter of 2025. Despite trading revenue exceeding forecasts—boosted by strong equity and fixed-income performance—the investment-banking miss overshadowed broader earnings optimism.

JPMorgan’s results set the tone for a critical earnings season, with peers like Bank of America and Citigroup set to report later in the week. While the bank projected $103 billion in net interest income for 2026, its fourth-quarter performance underscored lingering risks in deal execution and regulatory shifts, including potential interest-rate caps under President Donald Trump’s policies.

In addition to the banking-sector headwinds, JPMorgan’s credit-card business remains in early integration, with customer acquisition slower than expected. The bank is working to streamline Apple Card operations while maintaining profitability amid rising customer acquisition costs and competitive pressures from fintech firms offering zero-fee cards.

The recent regulatory uncertainty adds another layer of complexity to JPMorgan’s growth trajectory, especially as the U.S. Federal Reserve's potential rate cuts could reshape consumer lending and investment-banking revenue streams in 2026.