JPMorgan Chase & Co. (JPM): Business Model Canvas [Dec-2025 Updated]

You're looking at the engine behind one of the world's biggest banks, and honestly, the scale is staggering: JPMorgan Chase & Co. manages a $4.560 Trillion asset base while pouring $18 billion annually into tech to keep its lead. We've broken down exactly how this financial giant turns that massive scale-from its nearly 80 million consumer relationships to its top-tier investment banking fees-into predictable revenue, like the projected $95.5 billion in Net Interest Income for 2025. Dive below to see the nine building blocks that make this fortress balance sheet tick, because understanding their structure is key to understanding the market itself.

JPMorgan Chase & Co. (JPM) - Canvas Business Model: Key Partnerships

You're looking at the external relationships JPMorgan Chase & Co. relies on to execute its strategy as of late 2025. These aren't just vendor contracts; they are strategic integrations that touch everything from data access to climate finance.

Technology Agreements for Data Access

JPMorgan Chase & Co. renewed its data access agreement with Plaid on September 16, 2025. This deal continues the sharing of consumer permissioned data, ensuring continuity for millions of Chase customers connecting to fintech services. The renewed agreement includes a defined pricing structure where Plaid will now pay JPMorgan Chase for data access facilitation. As of June 30, 2025, JPMorgan Chase & Co. reported $4.6 trillion in assets and $357 billion in stockholders' equity.

• Agreement ensures data access for personal financial management, payment, and investment tools.
• Firms committed to joint investment in technology to improve data access speed and security.
• The deal sets a precedent amid the pause of the CFPB's Section 1033 rulemaking.

Strategic Alliance for Digital Assets

Announced July 30, 2025, the strategic partnership with Coinbase Global Inc. is designed to simplify crypto access for retail clients. The initial phase allows Chase credit card funding for Coinbase accounts starting in Fall 2025. This move positions JPMorgan Chase & Co. to bypass third-party data aggregators through secure APIs.

The planned 2026 features include a direct Bank-to-Wallet Connection and the ability to transfer loyalty points, which is a first for a major credit card rewards program funding a crypto wallet.

Feature	Launch Timeline	Redemption Value/Detail
Chase Credit Card Funding on Coinbase	Fall 2025	Direct funding capability
Direct Bank-to-Wallet Connection	2026	Via JPMorgan Chase's secure API
Chase Ultimate Rewards Points Transfer	2026	100 points equal $1.00 in redemption value for USDC

Co-lending Partnerships in Private Credit

JPMorgan Chase & Co. is aggressively expanding its direct lending presence by co-investing alongside private credit firms. The bank initially set aside $10 billion of its own balance sheet cash to support this effort. The co-lending group, which includes Cliffwater, has collectively allocated nearly $15 billion more capital to invest alongside JPMorgan Chase's originated deals. This strategy aims to recapture profit from the market ceded to direct lenders.

The structure involves JPMorgan Chase originating the loans and then investing side-by-side with partners, focusing on non-sponsored companies.

Partner Firm	Role in Co-Lending Group	Initial JPM Capital Allocation
Cliffwater	Select Group Co-Lender	$10 billion (JPM balance sheet)
FS Investments	Select Group Co-Lender	Nearly $15 billion (Partner allocation)
Shenkman Capital Management	Select Group Co-Lender	Over 100 private credit deals since 2021

Collaboration on Carbon Removal Financing

JPMorgan Chase & Co. spearheaded a landmark climate finance deal in July 2025, leading a $210 million non-recourse project finance credit facility for Chestnut Carbon. This financing is anchored by a long-term offtake agreement with Microsoft, which committed to purchasing over 7 million tons of carbon removal credits over 25 years. Chestnut Carbon's overall goal is to remove 100 million tonnes of carbon from the atmosphere by 2030.

• The deal is the largest-ever non-recourse project financing in the voluntary carbon market (VCM).
• The loan is repaid via future carbon credit revenues generated over a 30-year program.
• The project involves planting over 35 million native trees across roughly 60,000 acres.

Global Correspondent Banking Network

JPMorgan Chase & Co. supports cross-border payments and trade finance through its global network, which has adopted the ISO 20022 universal payments format since 2023. The firm's Wire 365 enhancement allows payments between J.P. Morgan clients every day, including weekends and U.S. holidays. The broader cross-border payments market is projected to grow from $194.6 trillion in 2024 to a projected $320 trillion by 2032. Other large U.S. banks, including Bank of America, Wells Fargo, and Citigroup, are exploring jointly operated stablecoins, which could further integrate with or supplement existing correspondent banking infrastructure.

Finance: draft Q1 2026 correspondent banking volume projection by end of next week.

JPMorgan Chase & Co. (JPM) - Canvas Business Model: Key Activities

You're mapping out the core engine of JPMorgan Chase & Co., the activities that drive their massive scale, so let's look at the hard numbers defining their operational focus as of late 2025.

Global market-making and securities trading across fixed income and equities

The trading desks are moving serious volume, which you can see in the revenue figures reported through the third quarter of 2025. This activity is central to the Commercial & Investment Bank segment.

Metric	Amount/Value	Period/Context
Markets Revenue	Nearly $9 billion	Q3 2025
Forecasted Full-Year Revenue	$182.45 billion	Full Year 2025 Estimate
Trading Fees Growth (Expected)	Jump of 15%	Q4 2024 (Informing early 2025)

It's a constant flow of activity, honestly.

Underwriting and advisory services for corporate mergers and acquisitions (M&A)

The advisory pipeline looks strong, signaling continued high-value deal execution across the firm's global platform. Deal volumes are back to levels not seen in years.

Metric	Amount/Value	Period/Context
Global M&A Volumes	$4.3 trillion	2025
Global M&A Volume Increase	39% increase	Year-over-year for 2025
Investment Banking Fees Growth	Surged 48%	Q4 2024 (Informing early 2025)
Advisory Fees (Specific Quarter)	Rose to $779 million	Q4 2024

Massive investment in technology, including $18 billion annually, focused on AI and cloud

The commitment to technology isn't just a line item; it's operational infrastructure now. They are pouring capital in to maintain scale and efficiency.

• Technology Spend Planned: Approximately $18B in 2025.
• AI-Specific IT Budget Allocation: About $2 billion of the annual IT budget.
• Current AI Use Cases: Approximately 600, expected to double next year.
• Cybersecurity Annual Spend: About $1 billion.
• Prior Annual Tech Spend Mentioned: $17 billion.

That $18 billion figure is the key number you need to track for 2025 spending.

Managing a global loan portfolio and maintaining a Fortress Balance Sheet

The term Fortress Balance Sheet isn't just marketing; the capital ratios back it up. Here's a look at the size and stability as of the third quarter of 2025.

Balance Sheet Component	Amount/Value	As of Q3 2025
Total Assets	$4.56 trillion	Quarter-end
Average Deposits	$2.53 trillion	Quarter-end
Average Loans	$1.4 trillion	Quarter-end
Standardized CET1 Ratio	14.8%	Q3 2025
Total Assets (Alternative Figure)	$4.6 trillion	September 30, 2025

Maintaining that CET1 ratio above regulatory minimums is definitely a core activity.

Expanding the physical branch network, adding 500+ new branches by 2027

While digital is key, JPMorgan Chase is aggressively expanding its physical footprint, especially in underserved markets, which requires significant hiring and capital deployment.

• New Branches Planned: More than 500 by 2027.
• Existing Locations to Renovate: Roughly 1,700.
• New Branch Network Hires: 3,500 employees planned.
• Total Branches (End of 2023): 4,897.
• Total Hires Since 2018 (Projected by 2027 completion): More than 10,500.

They view the branch as a storefront for the entire company, so this expansion is a major operational focus.

JPMorgan Chase & Co. (JPM) - Canvas Business Model: Key Resources

You're looking at the core assets that power JPMorgan Chase & Co.'s massive global operation right now. These aren't just numbers on a page; they represent the scale and technological moat the firm has built.

The sheer size of the balance sheet is the foundation. As of the end of the third quarter of 2025, JPMorganChase had $4.6 trillion in assets, showing consistent growth in its overall scale. Honestly, that kind of balance sheet is a resource in itself, allowing for massive capital deployment and absorbing shocks that smaller institutions can't handle.

Financial Metric	Value (as of September 2025)
Total Assets	$4.560 Trillion USD
Stockholders' Equity	$360 Billion USD

The firm's investment in proprietary technology is a clear differentiator. They aren't just buying off-the-shelf software; they are building systems that integrate deeply into their workflows. This tech stack is definitely a key resource for efficiency and new product development.

• JPM Coin: This internal digital currency infrastructure is already handling over a billion dollars in daily settlements, streamlining internal and client cross-border payments.
• Internal Generative AI (GenAI) Models: JPMorgan Chase has been an early mover, focusing on productivity plays. They rolled out the LLM Suite, their proprietary generative AI platform, which onboarded 200,000 employees within the first 8 months of its launch in the summer of 2024. The firm is actively exploring over 450+ proofs of concept across the enterprise.

Despite the digital shift, the physical distribution network remains a critical asset, especially for deposit gathering and relationship building. JPMorgan Chase has maintained the largest brick-and-mortar footprint among large U.S. banks. As of mid-2025, the firm operates nearly 5,000 branches across 48 states and the District of Columbia, supported by an ongoing expansion initiative aimed at adding 500 new locations by early 2027.

The human element-intellectual capital-is what makes the technology and balance sheet effective. This means having top-tier talent, particularly in the high-stakes areas of investment banking and global trading, where complex deal structuring and market-making require deep expertise. That talent pool is constantly being refined through internal training and strategic hiring.

Finally, the customer base itself is a massive, sticky resource. These relationships drive revenue across all lines of business. As of August 2025 data, JPMorgan Chase serves more than 85 million consumers and 7 million small businesses across the United States with its Chase brand offerings.

Here's a quick look at the scale of those customer relationships:

• Consumer Relationships: More than 85 million.
• Small Business Relationships: 7 million.
• Multi-Line of Business (LOB) Customers: Over 24 million at the end of 2023, showing success in deepening relationships.

Finance: draft 13-week cash view by Friday.

JPMorgan Chase & Co. (JPM) - Canvas Business Model: Value Propositions

You're looking at the core reasons clients choose JPMorgan Chase & Co. (JPM) over the competition, especially now that the firm is solidifying its lead in the market. The value proposition centers on unmatched scale, security, and integrated service delivery across all financial needs.

Integrated Global Services: Single-point access for banking, investment, and wealth management.

JPMorgan Chase & Co. offers the sheer scale of a financial giant, reporting total assets of $\text{\$4.6 trillion}$ as of June 30, 2025. This massive foundation supports the integrated offering, meaning you can manage your commercial banking, investment needs, and personal wealth all under one roof. The firm is leveraging this scale to drive digital convenience, which is key for modern client interaction. For instance, a recent Chase survey from February 2025 showed that $\text{78\%}$ of consumers use banking apps weekly, and $\text{62\%}$ reported they couldn't live without those apps. Furthermore, $\text{85\%}$ of those polled expressed a preference for managing all their banking activities within a single application, directly supporting this integrated value proposition.

Fortress Security: A $1.5 Trillion security and resiliency initiative for critical industries.

The commitment to security isn't just about protecting your deposits; it's a strategic investment in the broader economic landscape. JPMorgan Chase & Co. launched the Security and Resiliency Initiative, a $\text{10-year}$ plan committing $\text{\$1.5 trillion}$ to bolster industries vital to national security. As part of this, the firm will make direct equity and venture capital investments of up to $\text{\$10 billion}$ in select U.S.-based companies. This commitment is underpinned by the firm's own financial strength, evidenced by its fortress balance sheet, which maintained a standardized Common Equity Tier 1 (CET1) ratio of $\text{14.8\%}$ at the end of the third quarter of 2025. This level of capital provides significant stability, which is a core part of the security promise to all clients.

Premier Investment Banking: World's largest investment bank by revenue and deal flow.

In Corporate & Investment Banking (CIB), JPMorgan Chase continues to set the pace. For the third quarter of 2025, the CIB segment delivered a net income of $\text{\$6.9 billion}$, reflecting strong performance across its offerings. You can see this dominance clearly in the global fee rankings, where JPMorgan Chase ranked $\text{#1}$ in global investment banking fees year-to-date in Q3 2025, holding an $\text{8.7\%}$ wallet share. Investment banking fees themselves grew $\text{16\%}$ year-over-year in that quarter, reaching $\text{\$2.6 billion}$.

Here's a quick look at the CIB segment's Q3 2025 financial snapshot:

Metric	Amount (Q3 2025)	Year-over-Year Change
CIB Net Income	$\text{\$6.9 billion}$	Up $\text{21\%}$
CIB Net Revenue	$\text{\$19.9 billion}$	Up $\text{17\%}$
Investment Banking Fees	$\text{\$2.6 billion}$	Up $\text{16\%}$
Markets Revenue (Record)	Nearly $\text{\$9 billion}$	Up $\text{25\%}$

Omnichannel Convenience: Seamless experience across digital platforms and physical branches.

While digital adoption is high, JPMorgan Chase & Co. understands that physical presence still matters, especially for complex transactions or high-touch service. The firm maintains a vast physical footprint, operating $\text{4,800}$ branches nationwide, which includes $\text{300}$ designated as underserved 'Community Centers.' This physical network complements the digital experience where $\text{78\%}$ of consumers use banking apps weekly. The strategy is to offer convenience wherever you are, whether that's through a mobile app or a local branch. Honestly, the blend of digital efficiency and physical access is a major differentiator for the Chase brand.

Personalized Wealth Advice: Dedicated J.P. Morgan Financial Centers for affluent clients.

To capture more of the investing wallet from affluent households, JPMorgan Chase is aggressively expanding its premium physical footprint. The bank plans to nearly double the number of its specialized J.P. Morgan Financial Centers by the end of 2025. This expansion builds on the $\text{14}$ new centers opened in 2025, bringing the total to $\text{16}$ locations, many of which are former First Republic Bank sites. This physical experience is tiered to match client wealth:

• J.P. Morgan Private Client services are available for clients with qualifying balances of $\text{\$750,000}$ or more, offering dedicated bankers and wealth management teams.
• Chase Private Client is available at all $\text{5,000}$ Chase branches for those with balances of $\text{\$150,000}$ or more.
• The Asset & Wealth Management (AWM) division itself posted a strong pre-tax margin of $\text{36\%}$ in Q3 2025, showing the profitability of this focus area.

The goal is to convert the $\text{50\%}$ of affluent households that bank with Chase into investing clients, a segment where the firm currently holds a smaller share of assets. Finance: draft $\text{13}$-week cash view by Friday.

JPMorgan Chase & Co. (JPM) - Canvas Business Model: Customer Relationships

You're looking at how JPMorgan Chase & Co. manages its relationships across its massive client base as of late 2025. It's a multi-tiered approach, blending high-touch service for the wealthiest with digital efficiency for the masses.

Dedicated relationship managers for institutional and commercial clients (high-touch).

For institutional and commercial clients, the relationship is deeply personal, often involving dedicated teams. Even in the commercial space, business leaders surveyed in June 2025 showed caution, with only 32% expressing optimism for the national economy, down from 65% in January 2025. Still, 40% of these leaders reported making no changes to their strategic plans. The firm's wealth management arm reflects success in high-net-worth relationships, reporting a 23 percent year-on-year rise in net income, reaching $1.583 billion in the first quarter of 2025.

Hybrid model for affluent clients blending digital tools with in-person financial centers.

JPMorgan Chase & Co. is actively expanding its physical footprint to cater to affluent clients, using a tiered service model. The firm operates J.P. Morgan Financial Centers, which are curated hubs designed for personalized service. As of late 2025, they launched 14 new Financial Centers in 2025, adding to two opened in late 2024, bringing the total to 16 J.P. Morgan Financial Centers, with plans to nearly double that number by the end of 2026. The goal is to capture clients with $750,000+ in assets, targeting a segment valued at an estimated $1.08 trillion in retail client assets. Chase Private Client, the premium level, is available in more than 4,800 Chase branches for clients with $150,000 or more in qualifying balances.

The relationship tiers are clearly defined to facilitate upselling:

• Chase Private Client: $150,000+ in qualifying balances.
• J.P. Morgan Private Client: More than $750,000 in qualifying balances.
• J.P. Morgan Private Bank: $5 million+ in assets.

Digital self-service and automated tools for the mass-market consumer base.

For the broader consumer base, digital tools are central, though physical access remains a priority. JPMorgan Chase & Co. has about 5,000 branches across the lower 48 states, serving nearly 1 million clients a day in these locations. The bank is pursuing a goal of being within an hour's drive of 75% of its U.S. customers, currently standing at 68%. The Consumer & Community Banking segment reports having over 59 million top-of-wallet customers. The firm is spending billions to open about 500 new branches by early 2027 as part of this accessibility push.

JPMorgan Chase & Co. had $4.4 trillion in assets as of March 31, 2025.

Loyalty programs like Chase Ultimate Rewards to drive credit card engagement.

The Ultimate Rewards program is a key driver for credit card engagement and spending. The firm continues to enhance its premium offerings, with 2025 updates showing the Chase Sapphire Reserve cards offer over $2,700 in annual value. Redemption values are a focus; for travel booked through Chase Travel℠ with Points Boost, cardmembers can achieve up to 2 cents per point value. For the Pay Yourself Back feature, Sapphire Reserve cardholders receive a 1.25 cents per point value for most categories. Travel bookings via Chase Travel show a 36% increase for 2025 compared to the prior year.

Key loyalty metrics and values include:

Metric/Feature	Value/Rate (Late 2025)
Chase Sapphire Reserve Annual Value	Over $2,700
Max Redemption Value (Travel w/ Boost)	Up to 2 cents per point
Pay Yourself Back Value (Sapphire Reserve)	1.25 cents per point
2025 Travel Booking Increase (YOY)	36%
Southwest Co-Branded Card Sign-ups Share	Over 30% of Southwest loyalty program sign-ups

Community-focused banking through Community Centers in underserved areas.

The commitment to underserved areas is executed through specialized physical locations. JPMorgan Chase & Co. operates 19 Community Centers nationwide. These centers are part of a broader community-inspired branch network that includes 300 locations in underserved areas. This effort supports a corporate responsibility strategy focused on financial stability, resilience, and wealth building for low- and moderate-incomes (LMI) communities. The firm deployed over $100 million in philanthropic and impact finance capital over the past three years to catalyze innovation in these areas.

The physical presence strategy involves specific branch formats:

• Total Chase Branches (Approximate): 5,000.
• Community Centers: 19.
• Locations in Underserved Areas: 300.
• New Branches Planned by Early 2027: About 500.

Finance: draft Q4 2025 customer acquisition cost analysis by Tuesday.

JPMorgan Chase & Co. (JPM) - Canvas Business Model: Channels

You're looking at how JPMorgan Chase & Co. reaches its diverse customer base, which spans from local consumers to the world's largest corporations. The channel strategy is a blend of massive physical presence and leading-edge digital platforms.

Physical Branch Network

The physical footprint remains a core channel for consumer and small business interaction. JPMorgan Chase & Co. maintains a significant brick-and-mortar presence, which, as of the prompt's reference point, stands at 4,975 Chase branches across the US. This network has been actively managed, with plans to add more locations, particularly in underrepresented areas. For instance, Chase has added 650 branches in the past six years, surpassing rivals to claim the largest U.S. bank brick-and-mortar footprint. The bank also operates specialized formats, including 19 Community Centers aimed at underserved areas, and is expanding its affluent offering with plans for 31 J.P. Morgan Financial Centers by the end of next year (late 2026). Every day, nearly one million customers visit these branches to manage finances or get advice.

Digital Access: Mobile App and Website

The digital channels, Chase Mobile App and Chase.com, are central to serving the firm's vast consumer and small business base. As of mid-2025, Chase serves nearly 80 million consumers and close to 6 million small businesses in the United States through these platforms. Consumer engagement is high; a June 2025 survey showed that 78% of consumers use banking apps weekly, and 62% say they can't live without them. Furthermore, 85% of consumers would prefer to manage all their banking activities in one app, which Chase aims to provide. Digital tools for financial health are also seeing adoption growth, with credit score monitoring usage jumping to 52% among consumers surveyed.

Global Institutional Reach: Sales and Trading Desks

For corporate and investor clients, the channels are the global sales and trading desks operating under the J.P. Morgan banner. This division is the engine room for institutional finance. JPMorgan Chase & Co. operates the largest investment bank in the world by revenue. Market volatility in 2025 has been a major driver for this channel; for example, the bank's equity trading revenue was projected to surge by more than 30% year-over-year in 2025. These desks provide access to complex products like CLOs, large-size execution in cash equities, and various fixed income products, which are often inaccessible to clients through other means.

High-Touch Advisory: Private Bank and Wealth Management Offices

The J.P. Morgan Private Bank and Wealth Management advisory offices serve the ultra-high-net-worth (UHNW) and high-net-worth segments. The Private Bank focuses on clients with investable assets exceeding $5 million and oversees significant capital, with a reported $3.2 trillion in assets under management in its Swiss operations alone as of late 2024, showing nearly 20% client asset surge in 2025. Separately, J.P. Morgan Wealth Management, which serves clients across the 5,000 Chase branches and dedicated offices, has approximately 6,000 advisors managing $1.2 trillion in assets under supervision. These offices provide comprehensive services including estate planning and family office management.

Self-Service Infrastructure: ATMs and Merchant Terminals

The self-service infrastructure is critical for transactional convenience. As of mid-2025, Chase operates nearly 15,000 ATMs across the US. For small businesses, Chase Payment Solutions provides merchant services, offering point-of-sale (POS) terminals and digital acceptance methods like QuickAccept®, integrating payment processing directly into Chase Business Online or the Chase Mobile app.

Here's a quick look at the scale across the primary channels as of the latest available data:

Channel Type	Metric	Value (as of late 2025 or closest date)
Physical Network	Chase Branches (US)	4,975 (March 2025 reference)
Physical Network	J.P. Morgan Financial Centers (Planned)	31 (by end of next year)
Digital Engagement	Weekly App Users (Consumers)	78% of consumers
Digital Preference	Prefer One App for All Banking	85% of consumers
Self-Service	Chase ATMs	Nearly 15,000
Institutional Sales & Trading	Projected Equity Trading Revenue Surge (2025)	More than 30% YoY
Wealth Management	J.P. Morgan Wealth Management Advisors	~6,000
Wealth Management	J.P. Morgan Wealth Management Assets Under Supervision	$1.2 trillion
Private Bank	J.P. Morgan Private Bank Global Client Assets (as of 9/30/2024)	More than $2.8 trillion

You can see the firm uses its physical presence to drive adoption for digital services, while the institutional side relies on market expertise and scale. The sheer volume of clients served digitally-nearly 80 million consumers-highlights the importance of the app and website as primary touchpoints.

Finance: draft 13-week cash view by Friday.

JPMorgan Chase & Co. (JPM) - Canvas Business Model: Customer Segments

You're looking at the core client base of JPMorgan Chase & Co. as of late 2025; it's a massive, tiered structure, which is key to their stability.

Mass Market Consumers

• Chase serves more than 85 million consumers across its banking and credit card platforms.
• Nearly 1 million customers visit a Chase branch every day.
• 71 million customers were digitally active as of year-end 2024.
• The firm ended 2024 with 44 million Consumer Banking relationships.

This segment is the engine for the Consumer & Community Banking (CCB) franchise, which is expected to be the largest revenue driver for JPMorgan Chase in fiscal year 2025, accounting for 42% of total revenues.

Small Businesses

Chase targets small businesses with dedicated banking services, which is a natural adjacency to the consumer business.

• Chase serves more than 7 million small businesses as of late 2025 reports.
• The firm ended 2024 with 7 million small business clients.
• Chase maintained the #1 small business primary bank share at 9.7%, up 25 basis points year-over-year (as of year-end 2024 data).

Large Corporations & Governments

This group is served primarily through the Commercial & Investment Bank (CIB), which combines the former Corporate & Investment Bank and Commercial Banking segments.

• The Global Corporate Bank serves over 5,000 of the largest companies globally.
• CIB generated total revenues of $70 billion in 2024, with net income of $25 billion.
• J.P. Morgan Payments, part of CIB, reported $4.7 billion in revenue in Q2 2025.

The CIB segment has leadership positions across advisory, markets, and treasury services, which provides enduring, repeatable revenues.

Affluent & High-Net-Worth Individuals

This segment receives specialized attention through J.P. Morgan Wealth Management and the Private Bank, often leveraging the expansion of J.P. Morgan Financial Centers.

• Wealth Management reached a milestone of $1 trillion in client investment assets ahead of schedule (as of 2024 data).
• J.P. Morgan Financial Centers totaled 16 locations as of May 2025, with plans to nearly double that figure by 2026.
• The firm retained nearly 80% of advisors and assets from the First Republic integration.

Institutional Investors

This segment includes asset managers, pension funds, insurance companies, and hedge funds, often served through Securities Services within the CIB.

Here's a quick look at the scale in custody and collateral services as of mid-2025:

Segment Detail	Metric	Amount/Value
J.P. Morgan SE Safekeeping Volume (Q2 2025)	Total Volume	€3.96 trillion
CIB Securities Services (End of 2024)	Assets Under Custody	Over $35 trillion
CIB Securities Services Market Share (End of 2024)	Share	10.7%

The client base is well-diversified across geographies, with over 60% of CIB revenue generated outside the U.S..

Finance: draft 13-week cash view by Friday.

JPMorgan Chase & Co. (JPM) - Canvas Business Model: Cost Structure

You're looking at the core expenses that keep JPMorgan Chase & Co. running across its global operations. Honestly, for a firm this size, the cost structure is dominated by people and the technology that enables them. Here's the quick math on what it takes to operate as the largest U.S. bank.

The overarching figure for the year is the management expectation for total operating costs. Full-year 2025 adjusted non-interest expense is guided by management to be approximately $95.0 billion, market dependent. This figure is what the firm targets when planning for efficiency gains against growth investments.

The commitment to digital transformation is a massive, non-negotiable cost driver. JPMorgan Chase & Co. plans to spend approximately $18 billion in technology for 2025. This investment is squarely aimed at improving employee efficiency and absorbing continued growth in business volume, with a strong emphasis on artificial intelligence integration. This is up from a $17 billion technology budget in the prior year.

Employee compensation and benefits form the bedrock of the expense base, supporting a large global workforce. While the total compensation figure isn't explicitly stated for 2025, the scale of the investment in its people is clear through benefit structures and hiring focus. For instance, the average base salary for an AVP in Employee Benefits was estimated around $90k in 2025, with a range generally between $78k and $130k per year based on available data. The overall benefits package value per employee is estimated to be around $7,998, covering insurance, health, wellness, and retirement plans. The firm continues to invest in 'high certainty' areas like bankers and advisors.

The cost of being systemically important translates directly into regulatory compliance and legal expenses. These costs are lumpy but significant. For example, in the first half of 2023, JPMorgan Chase & Co. spent a stunning $1.085 billion on legal expenses across just two quarters. More recently, the firm faced a $350 million fine in March 2024 for systemic failures in trade surveillance. Quarterly noninterest expense reports show the impact of legal costs; for instance, Q2 2025 noninterest expense was $23.8 billion, which, when excluding a prior-year Visa share contribution, was up 5% driven partly by higher brokerage expense and distribution fees, though it was partially offset by lower legal expense in that specific quarter.

Physical infrastructure costs are managed alongside a strategy of physical expansion and renovation. JPMorgan Chase & Co. operates more than 15,000 ATMs. The bank reached its 1,000th branch milestone in July 2025 as part of an expansion initiative. Furthermore, the firm plans to have 31 J.P. Morgan Financial Centers open by the end of 2025, doubling the number from the previous year. This expansion is a direct cost, even as the firm renovates existing locations; since 2021, Chase has renovated approximately 1,700 locations.

Here's a look at the key cost-related financial metrics we have for 2025 guidance and recent reporting:

Cost Component	Financial Figure (2025 or most recent)	Context/Period
Adjusted Non-Interest Expense Guidance	$95.0 billion	Full-Year 2025 Expectation
Technology Investment Budget	$18 billion	Full-Year 2025 Plan
Noninterest Expense (Reported)	$23.8 billion	Q2 2025
Noninterest Expense (Reported)	$9.7 billion	Q3 2025
Legal Expenses	$1.085 billion	H1 2023 (Six Months)
Regulatory Fine Example	$350 million	March 2024 Penalty

The operational costs also include specific employee-related expenditures:

• ESPP maximum share purchase limit of $25,000 quarterly.
• Automatic pay credits of 3% to 5% of Eligible Compensation for certain employees.
• Adoption and surrogacy benefits with a combined lifetime maximum of up to $50,000.
• Minimum base pay for U.S. overtime-eligible employees between $20 - $25 per hour.

You should keep an eye on the efficiency ratio, which management is focusing on as headcount has grown about 4% per year over the last five years. Finance: draft 13-week cash view by Friday.

JPMorgan Chase & Co. (JPM) - Canvas Business Model: Revenue Streams

You're looking at the core ways JPMorgan Chase & Co. makes money as of late 2025. It's a diversified giant, but the numbers tell you where the real muscle is right now. We're focusing only on the hard figures we have from the latest reports.

Net Interest Income (NII) remains foundational, representing the spread between what the bank earns on loans and pays on deposits. Management has been consistently raising its outlook here. You were looking for the guidance of approximately $95.5 billion for the full year 2025, and that figure was indeed the guidance provided after Q2 2025 results. More recently, after Q3 2025, the expected full-year NII was revised slightly higher to roughly $95.8 billion. For the third quarter itself, the reported NII was $24.1 billion.

The fee-based businesses are showing serious momentum, especially Markets and Asset & Wealth Management. Investment Banking Fees, covering M&A advisory and underwriting, saw a strong rebound. For instance, Q3 2025 saw Investment Banking fees hit $2.6 billion, which was up 16% year-over-year, showing deal momentum picked up as the year progressed.

Sales and Trading Revenue, what we call Markets revenue, delivered a record performance in Q3 2025. The actual reported Markets revenue for Q3 2025 was nearly $8.9 billion, marking a 25% increase year-over-year. This was driven by significant growth in both Fixed Income Markets, which rose 21%, and Equity Markets, which surged 33%.

Asset & Wealth Management Fees are clearly a growth engine, benefiting from both market levels and net inflows. The division reported net income of $1.7 billion in Q3 2025, up 23% year-over-year, achieving a 40% Return on Equity (ROE). The underlying assets supporting these fees are substantial:

Metric	Q3 2025 Value	Year-over-Year Change
Assets Under Management (AUM)	$4.6 trillion	up 18%
Client Assets	$6.8 trillion	up 20%
Total Net Inflows (Quarter)	$109 billion	N/A

Card and Payment Fees are also a reliable stream, with Payments revenue hitting a new quarterly high in Q3 2025. The revenue from the Payments segment in Q3 2025 was $4.9 billion, a 13% increase over the prior year. On the lending side, Card Services & Auto net revenue was $7.2 billion in Q3 2025, up 12%. Management is watching credit quality closely, with the expected full-year 2025 Card Services net charge-off rate maintained around 3.6%.

Here's a quick look at the key revenue drivers from the Q3 2025 period:

• Net Interest Income (NII): $24.1 billion.
• Markets Revenue (Trading): $8.9 billion.
• Investment Banking Fees: $2.6 billion.
• Asset & Wealth Management Revenue Growth: up 12% year-over-year.
• Payments Revenue: $4.9 billion.

The bank's overall performance in Q3 2025 saw total revenue reach $47.1 billion, up 9% year-over-year. Finance: draft 13-week cash view by Friday.