Compare · Financials
JPMorgan Chase vs. Wells Fargo: 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
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
Wells Fargo
1 · What it sells
Wells Fargo takes deposits, makes consumer and business loans and sells wealth management and investment banking services, with $1,048.1 billion of loans at Sep 30, 2026.
Sources and detail on the Wells Fargo page2 · Who pays it
Wells Fargo gives no revenue by customer; by segment, people and small businesses brought in 44% of FY2025 segment revenue, large companies and institutions 23%, wealth clients 19% and commercial clients 14%.
Sources and detail on the Wells Fargo page3 · What it keeps from $100
Of every $100 that came in during FY2025, Wells Fargo paid $32.2 in interest to depositors and lenders and $29.4 to employees (including $953 million of severance, of which $612 million in Q4 the company called a notable item, and a special award after the asset cap was removed) and kept $17.3 as net income, with operating profit before credit losses and tax (pre-provision profit) of $28.9 billion.
Sources and detail on the Wells Fargo page4 · Where the operating profit comes from
Of FY2025 segment net income, Consumer Banking and Lending earned $7,865 million, Corporate and Investment Banking $7,283 million, Commercial Banking $4,184 million and Wealth and Investment Management $2,119 million.
Sources and detail on the Wells Fargo page5 · The one thing to watch
The net interest margin was 2.43% in Q3 FY2026, down from 2.61% in Q3 FY2025, while the company said average loans grew 11% over the same year.
Sources and detail on the Wells Fargo 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.
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.
Wells Fargo
Where $100 went · FY2025
| Interest paid to depositors and lenders | $32.2 |
|---|---|
| Employees | $29.4 |
| Provision for credit losses | $3.0 |
| Technology, offices, outside services and other costs | $15.0 |
| Income tax | $3.1 |
| Kept as net income | $17.3 |
| Total | $100 |
Cityfort calculation from the FY2025 10-K. Of every $100 that came in (interest earned $87,314 million plus noninterest income $36,215 million = $123,529 million): each line = line ÷ $123,529 million × 100. The $20 million paid to minority owners of subsidiaries rounds to $0.0 and is left out. Net income includes $1,053 million of preferred stock dividends and other. The employee line includes $953 million of severance (of which $612 million of Q4 FY2025 severance, which the company called a notable item in its Q4 2025 earnings release, S9) and a special award to employees after the asset cap was removed (amount not given).
Line items differ because each company groups its costs its own way in its filings. Only on JPMorgan Chase's receipt: Technology, offices, marketing and other costs. Only on Wells Fargo's receipt: Technology, offices, outside services and other costs.
Revenue, net income and free cash flow
Up to five fiscal years for each company, drawn on one shared scale per measure. Amounts in US$ as reported (GAAP).
Revenue
JPMorgan Chase
Wells Fargo
See the numbers
Net income
JPMorgan Chase
Wells Fargo
See the numbers
Free cash flow
JPMorgan Chase
Not on the JPMorgan Chase page.
Wells Fargo
Not on the Wells Fargo page.
See the numbers
Who pays each company
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
Wells Fargo
- People and small businesses · 44.0% of revenueInterest on cards and on home, auto and personal loans, plus account and card fees (Consumer Banking and Lending)
- Large companies and institutions · 22.7% of revenueInterest on corporate and real estate loans, deal fees and trading (Corporate and Investment Banking)
- Wealth and brokerage clients · 19.2% of revenueAdvisory and asset-based fees, commissions and interest (Wealth and Investment Management)
- Commercial clients · 14.1% of revenueInterest on loans and leases to private, family-owned and public companies, plus treasury management fees (Commercial Banking)
Revenue by segment
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% |
Wells Fargo
FY2025
| Segment | Revenue | Share |
|---|---|---|
| Consumer Banking and Lending | $37.4B | 44.0% |
| Corporate and Investment Banking | $19.2B | 22.7% |
| Wealth and Investment Management | $16.3B | 19.2% |
| Commercial Banking | $12.0B | 14.1% |
Debt and cash
JPMorgan Chase
Not on the JPMorgan Chase page.
Wells Fargo
Not on the Wells Fargo page.
Who owns each company
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).
Wells Fargo
- One class of shares.
- Officers and directors as a group: 0.1% of shares (as of Feb 9, 2026).
- BlackRock: 8.6% (as of Jan 26, 2024).
- Vanguard Capital Management: 7.5% (as of Apr 30, 2026).
- FMR LLC: 4.7% (as of Nov 5, 2026).
Sources: JPMorgan Chase S10, S5, S11, S12 · Wells Fargo S12, S5, S13, S14, S15
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, execution. Every risk is on each company's page.
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.
Wells Fargo
- Loan losses (demand)Net loan charge-offs rose from 0.18% of average loans in FY2021 to 0.52% in FY2024 and were 0.43% in FY2025. Commercial charge-offs rose to 0.18% (annualized) in Q3 FY2026 from 0.10% in Q2, driven by commercial real estate and business loans.
- Fee and trading income swings (demand)Noninterest income was $43,387 million in FY2021 and $29,418 million in FY2022. Q2 FY2026 included $847 million of net gains from equity securities, against $4 million in Q3 FY2026.
Sources: JPMorgan Chase S3, S1, S8, S7, S6, S4, S14 · Wells Fargo S4, S3, S2, S6, S7
Key facts
- How does JPMorgan Chase make money compared with Wells Fargo?
- 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%. Wells Fargo's revenue by segment in FY2025: Consumer Banking and Lending 44.0%, Corporate and Investment Banking 22.7%, Wealth and Investment Management 19.2%, Commercial Banking 14.1%.
- Which is bigger by revenue, JPMorgan Chase or Wells Fargo?
- JPMorgan Chase reported $182.4B of revenue in FY2025, and Wells Fargo reported $83.7B in FY2025.
- How much net income did JPMorgan Chase and Wells Fargo report?
- JPMorgan Chase reported net income of $55.7B in FY2025, and Wells Fargo reported $20.3B in FY2025.
- How much of every $100 did JPMorgan Chase and Wells Fargo keep as net income?
- JPMorgan Chase kept $20.3 of every $100 that came in during FY2025, and Wells Fargo kept $17.3 in FY2025 (Cityfort calculation from each company's annual report).
- When do JPMorgan Chase's and Wells Fargo's fiscal years end?
- JPMorgan Chase: December 31. Wells Fargo: Fiscal year ends on December 31 (calendar year).
Built from each company's page. JPMorgan Chase updated Nov 6, 2026; Wells Fargo updated Nov 6, 2026.
Sources
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
Wells Fargo
- S1Form 10-K, fiscal year 2025 (ended Dec 31, 2025), Wells Fargo & Company (SEC EDGAR), Feb 24, 2026
- S22025 Annual Report to Shareholders (Exhibit 13 to the FY2025 Form 10-K): Financial Review, risk factors, financial statements, Wells Fargo & Company (SEC EDGAR), Feb 24, 2026
- S32023 Annual Report to Shareholders (Exhibit 13 to the FY2023 Form 10-K), Wells Fargo & Company (SEC EDGAR), Feb 20, 2024
- S42022 Annual Report to Shareholders (Exhibit 13 to the FY2022 Form 10-K), Wells Fargo & Company (SEC EDGAR), Feb 21, 2023
- S5Form 10-Q, quarter ended Sep 30, 2026 (Q3 FY2026), Wells Fargo & Company (SEC EDGAR), Oct 28, 2026
- S6Q3 2026 earnings release (Form 8-K Ex. 99.1, filed Oct 13, 2026), Wells Fargo & Company (SEC EDGAR), Oct 13, 2026
- S7Q3 2026 Quarterly Financial Supplement (Form 8-K Ex. 99.2, filed Oct 13, 2026), Wells Fargo & Company (SEC EDGAR), Oct 13, 2026
- S122026 proxy statement (DEF 14A, filed Mar 18, 2026), Wells Fargo & Company (SEC EDGAR), Mar 18, 2026
- S13Schedule 13G by Vanguard Capital Management on Wells Fargo & Co (event date Mar 31, 2026), Vanguard Capital Management (SEC EDGAR), Apr 30, 2026
- S14Schedule 13G/A by The Vanguard Group on Wells Fargo & Co (event date Mar 13, 2026: 0 shares), The Vanguard Group (SEC EDGAR), Mar 27, 2026
- S15Schedule 13G/A by FMR LLC on Wells Fargo & Company (event date Sep 30, 2026: 4.7%), FMR LLC (SEC EDGAR), Nov 5, 2026
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