Compare · Financials
Bank of America vs. JPMorgan Chase: how they make money
The same facts for both companies, in the same order, from each company's own page and filings. This is not a ranking and says nothing about which share to own.
Each company in 5 points
Bank of America
1 · What it sells
Bank of America takes deposits, makes loans, runs the Merrill wealth business and trades for institutional investors, with revenue of $113.1 billion in FY2025.
Sources and detail on the Bank of America page2 · Who pays it
Bank of America does not split revenue by customer; in FY2025, 53% of revenue was net interest income from borrowers and securities and 47% was fees, trading and other income.
Sources and detail on the Bank of America page3 · What it keeps from $100
Of every $100 that came in during FY2025, Bank of America paid $41.0 in interest to depositors and lenders and kept $15.9 as profit, $15.2 of it for common stockholders.
Sources and detail on the Bank of America page4 · Where the operating profit comes from
Of FY2025 segment net income, Consumer Banking earned $12.2 billion, Global Banking $7.8 billion, Global Markets $6.1 billion and Global Wealth & Investment Management $4.7 billion, with a $0.3 billion loss in All Other.
Sources and detail on the Bank of America page5 · The one thing to watch
Bank of America's CET1 capital ratio was 10.9% at Sep 30, 2026, down from 11.9% at the end of FY2024, against a 10.0% regulatory minimum.
Sources and detail on the Bank of America page
JPMorgan Chase
1 · What it sells
JPMorgan Chase takes deposits, makes loans, runs investment banking and trading, and manages money, with total net revenue of $182.4 billion in FY2025.
Sources and detail on the JPMorgan Chase page2 · Who pays it
JPMorgan Chase does not split revenue by payer; on its managed basis, FY2025 net revenue was 42% from companies and investors, 41% from consumers and small businesses, 13% from wealth clients and 4% from Corporate.
Sources and detail on the JPMorgan Chase page3 · What it keeps from $100
Of every $100 that came in during FY2025, JPMorgan Chase paid $34.9 in interest and kept $20.3 as net income, after a $2.2 billion Apple Card provision; pre-provision profit (revenue minus operating costs) was $86.8 billion, and Q2 FY2026 included a $4.6 billion Visa share gain.
Sources and detail on the JPMorgan Chase page4 · Where the operating profit comes from
On JPMorgan Chase's managed basis, the Commercial & Investment Bank earned $27.8 billion of FY2025 net income, Consumer & Community Banking $18.2 billion, Asset & Wealth Management $6.5 billion and Corporate $4.5 billion.
Sources and detail on the JPMorgan Chase page5 · The one thing to watch
JPMorgan Chase bought back $1,057 million of its shares in Q3 FY2026, down from $8,315 million in Q3 FY2025, and its Standardized CET1 ratio was an estimated 13.9% against an 11.5% requirement.
Sources and detail on the JPMorgan Chase page
Where each $100 went
Each company's own receipt for its latest full fiscal year, with matching lines in the same order where both have them.
Bank of America
Where $100 went · FY2025
| Interest paid to depositors and lenders | $41.0 |
|---|---|
| Employees | $22.1 |
| Provision for credit losses | $3.0 |
| Technology, buildings, marketing and other costs | $14.3 |
| Income tax | $3.8 |
| Kept as profit | $15.9 |
| Total | $100 |
Cityfort calculation from the FY2025 10-K. Of every $100 that came in (interest income $138,566 million plus noninterest income $53,001 million = $191,567 million): each line = line ÷ $191,567 million × 100. Of the $15.9 kept, $15.2 was for common stockholders after preferred dividends.
JPMorgan Chase
Where $100 went · FY2025
| Interest paid to depositors and lenders | $34.9 |
|---|---|
| Employees | $19.4 |
| Provision for credit losses | $5.1 |
| Technology, offices, marketing and other costs | $14.7 |
| Income tax | $5.5 |
| Kept as net income | $20.3 |
| Total | $100 |
Cityfort calculation from the FY2025 10-K. Of every $100 that came in (interest income of $193,341 million plus noninterest revenue of $87,004 million = $280,345 million): each line = line ÷ $280,345 million × 100. Net income includes $1,367 million that went to preferred stockholders and participating securities.
Line items differ because each company groups its costs its own way in its filings. Only on Bank of America's receipt: Technology, buildings, marketing and other costs; Kept as profit. Only on JPMorgan Chase's receipt: Technology, offices, marketing and other costs; Kept as net income.
Revenue, net income and free cash flow
Up to five fiscal years for each company, drawn on one shared scale per measure. Amounts in US$ as reported (GAAP).
Revenue
Bank of America
JPMorgan Chase
See the numbers
Net income
Bank of America
JPMorgan Chase
See the numbers
Free cash flow
Bank of America
Not on the Bank of America page.
JPMorgan Chase
Not on the JPMorgan Chase page.
See the numbers
Sources: Bank of America S3, S1, S2 · JPMorgan Chase S3, S1, S8
Who pays each company
Bank of America
- Borrowers and the issuers of securities it holds · 53.1% of revenueInterest on loans, bonds and other assets, minus the interest Bank of America pays depositors and lenders (net interest income)
- Clients paying fees and trading spreads · 46.9% of revenueWealth and brokerage fees, investment banking fees, market making, card fees and account service charges (noninterest income)
JPMorgan Chase
- Companies, governments and investors · 42.0% of revenueCommercial & Investment Bank: advisory and underwriting fees, trading, payments and loan interest
- Consumers and small businesses · 41.0% of revenueConsumer & Community Banking: interest on cards, home and car loans, the margin on deposits, and fees
- Institutions and wealthy individuals · 13.0% of revenueAsset & Wealth Management: fees on money managed and advice
- Corporate (not a customer group) · 4.0% of revenueJPMorgan's own treasury and investment portfolio, including one-off gains such as those on Visa shares
Revenue by segment
Bank of America
FY2025
| Segment | Revenue | Share |
|---|---|---|
| Consumer Banking | $43.7B | 38.4% |
| Global Wealth & Investment Management | $24.9B | 21.9% |
| Global Banking | $24.1B | 21.2% |
| Global Markets | $24.1B | 21.2% |
JPMorgan Chase
FY2025
| Segment | Revenue | Share |
|---|---|---|
| Commercial & Investment Bank | $78.5B | 42.3% |
| Consumer & Community Banking | $76.0B | 41.0% |
| Asset & Wealth Management | $24.1B | 13.0% |
| Corporate | $7.0B | 3.8% |
Debt and cash
Bank of America
Not on the Bank of America page.
JPMorgan Chase
Not on the JPMorgan Chase page.
Who owns each company
Bank of America
- One class of shares.
- Officers and directors as a group: 0.1% of shares (as of Mar 13, 2026).
- Berkshire Hathaway (Warren E. Buffett): 7.8% (as of Nov 14, 2025).
- BlackRock: 6.9% (as of Jan 29, 2024).
- Vanguard Capital Management: 6.6% (as of Apr 29, 2026).
JPMorgan Chase
- One class of shares.
- Officers and directors as a group: 0.3% of shares (as of Mar 20, 2026).
- BlackRock: 7.2% (as of Feb 7, 2024).
- Vanguard Capital Management: 7.1% (as of Apr 30, 2026).
Sources: Bank of America S11, S5, S12, S15, S14, S13 · JPMorgan Chase S10, S5, S11, S12
Risks only one page tracks
Risks whose type the other company's page does not list. Both pages track risks of these types: pricing, regulation, legal cases. Every risk is on each company's page.
Bank of America
- Loan losses (other)Net charge-offs (loans written off, minus recoveries) rose from $2.2 billion in FY2021 to $6.0 billion in FY2024, then were $5.6 billion in FY2025. Credit card net charge-offs were 3.22% of card loans in Q3 FY2026.
- Market swings (demand)Global Markets and wealth fees depend on trading activity and asset prices, which the 10-K lists as risk factors. Sales and trading revenue fell 5% to $5.1 billion in Q3 FY2026.
- Cyberattacks (technology)The 10-K lists cybersecurity incidents at the bank and at third parties as a risk; about 49 million clients used its digital channels at the end of 2025.
JPMorgan Chase
- Loan losses (other)Net charge-offs rose from $2,865 million in FY2021 to $9,849 million in FY2025. The card net charge-off rate was 3.31% in FY2025 and 2.90% in Q3 FY2026.
- One-off gains and trading swings (other)Visa share gains added $7.9 billion to FY2024 revenue and $4.6 billion in Q2 FY2026. Markets revenue was $10.3 billion of Q3 FY2026 revenue.
- Deposit mix (liquidity)Noninterest-bearing deposits fell from 30.0% of deposits in FY2021 to 24.2% in FY2025 (Cityfort calculation from the FY2022 and FY2025 10-Ks).
- Leadership succession (governance)Jamie Dimon has been CEO since December 2005. In June 2026 the board named two Co-Presidents as part of its succession planning, and the head of consumer banking is retiring.
- Apple Card deal (execution)JPMorgan agreed on Dec 30, 2025 to buy the Apple Card portfolio, expecting to close about 24 months later. It booked a $2.2 billion provision for the commitment in Q4 FY2025.
Sources: Bank of America S1, S3, S8, S7 · JPMorgan Chase S3, S1, S8, S7, S6, S4, S14, S5
Key facts
- How does Bank of America make money compared with JPMorgan Chase?
- Bank of America's revenue by segment in FY2025: Consumer Banking 38.4%, Global Wealth & Investment Management 21.9%, Global Banking 21.2%, Global Markets 21.2%. JPMorgan Chase's revenue by segment in FY2025: Commercial & Investment Bank 42.3%, Consumer & Community Banking 41.0%, Asset & Wealth Management 13.0%, Corporate 3.8%.
- Which is bigger by revenue, Bank of America or JPMorgan Chase?
- Bank of America reported $113.1B of revenue in FY2025, and JPMorgan Chase reported $182.4B in FY2025.
- How much net income did Bank of America and JPMorgan Chase report?
- Bank of America reported net income of $29.1B in FY2025, and JPMorgan Chase reported $55.7B in FY2025.
- How much of every $100 did Bank of America and JPMorgan Chase keep as net income?
- Bank of America kept $15.9 of every $100 that came in during FY2025, and JPMorgan Chase kept $20.3 in FY2025 (Cityfort calculation from each company's annual report).
- When do Bank of America's and JPMorgan Chase's fiscal years end?
- Bank of America: December 31. JPMorgan Chase: December 31.
Sources: Bank of America S3, S1, S2 · JPMorgan Chase S3, S1, S8
Built from each company's page. Bank of America updated Nov 6, 2026; JPMorgan Chase updated Nov 6, 2026.
Sources
Bank of America
- S1Form 10-K, fiscal year 2025 (ended Dec 31, 2025), Bank of America Corporation (SEC EDGAR), Feb 25, 2026
- S2Form 10-K, fiscal year 2024 (ended Dec 31, 2024), as originally reported, Bank of America Corporation (SEC EDGAR), Feb 25, 2025
- S3Form 10-K, fiscal year 2023 (ended Dec 31, 2023), Bank of America Corporation (SEC EDGAR), Feb 20, 2024
- S5Form 10-Q, third quarter 2026 (ended Sep 30, 2026), Bank of America Corporation (SEC EDGAR), Oct 30, 2026
- S7Q3 2026 earnings press release (8-K Exhibit 99.1, Oct 14, 2026), Bank of America Corporation (SEC EDGAR), Oct 14, 2026
- S8Q3 2026 Supplemental Information (8-K Exhibit 99.3, Oct 14, 2026), Bank of America Corporation (SEC EDGAR), Oct 14, 2026
- S112026 proxy statement (DEF 14A), Bank of America Corporation (SEC EDGAR), Mar 23, 2026
- S12Schedule 13G/A on Bank of America common stock filed by Warren E. Buffett and Berkshire Hathaway Inc. (event date Sep 30, 2025), Berkshire Hathaway Inc. (SEC EDGAR), Nov 14, 2025
- S13Schedule 13G/A on Bank of America common stock filed by The Vanguard Group (Jan 30, 2026), The Vanguard Group (SEC EDGAR), Jan 30, 2026
- S14Schedule 13G/A on Bank of America common stock filed by The Vanguard Group, reporting 0 shares (event date Mar 13, 2026), The Vanguard Group (SEC EDGAR), Mar 26, 2026
- S15Schedule 13G on Bank of America common stock filed by Vanguard Capital Management (event date Mar 31, 2026), Vanguard Capital Management (SEC EDGAR), Apr 29, 2026
JPMorgan Chase
- S1Form 10-K, fiscal year 2025 (ended Dec 31, 2025), JPMorgan Chase & Co. (SEC EDGAR), Feb 13, 2026
- S3Form 10-K, fiscal year 2023 (ended Dec 31, 2023), JPMorgan Chase & Co. (SEC EDGAR), Feb 16, 2024
- S4Form 10-K, fiscal year 2022 (ended Dec 31, 2022), JPMorgan Chase & Co. (SEC EDGAR), Feb 21, 2023
- S5Form 10-Q, Q3 2026 (quarter ended Sep 30, 2026), JPMorgan Chase & Co. (SEC EDGAR), Nov 3, 2026
- S6Earnings release, Q3 2026 (Form 8-K, Ex. 99.1), JPMorgan Chase & Co. (SEC EDGAR), Oct 13, 2026
- S7Earnings release financial supplement, Q3 2026 (Form 8-K, Ex. 99.2), JPMorgan Chase & Co. (SEC EDGAR), Oct 13, 2026
- S8Earnings release financial supplement, Q4 2025 (Form 8-K, Ex. 99.2), JPMorgan Chase & Co. (SEC EDGAR), Jan 13, 2026
- S102026 proxy statement (DEF 14A), JPMorgan Chase & Co. (SEC EDGAR), Apr 6, 2026
- S11Schedule 13G: Vanguard Capital Management, 7.06% of common stock (as of Mar 31, 2026), Vanguard Capital Management (SEC EDGAR), Apr 30, 2026
- S12Schedule 13G/A (Amendment No. 10): The Vanguard Group, 0% of common stock (as of Mar 13, 2026), The Vanguard Group (SEC EDGAR), Mar 27, 2026
- S14Form 8-K, Item 5.02: Doug Petno and Troy Rohrbaugh elected Co-Presidents; Marianne Lake to retire, JPMorgan Chase & Co. (SEC EDGAR), Jun 25, 2026
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