Unexpectedly, JPMorgan Chase's investment banking revenue declined in the fourth quarter, with both underwriting and mergers and acquisitions advisory fees falling.

JPMorgan Chase's fourth quarter investment banking fees unexpectedly declined, falling short of the guidance provided by the bank last month, with underwriting and merger advisory fees both dropping. The bank announced on Tuesday that investment banking revenues for the last three months of 2025 were $23.5 billion, a 5% decrease compared to the previous year. JPMorgan Chase had previously stated in December that they expected to achieve low single-digit percentage growth. However, in a presentation accompanying the earnings release, JPMorgan Chase projected net interest income of approximately $103 billion for 2026, higher than analysts' expectations. JPMorgan Chase kicked off the new round of earnings season for the U.S. banking industry on Tuesday, with Bank of America, Wells Fargo, Citigroup, Goldman Sachs, and Morgan Stanley expected to announce their earnings on Wednesday and Thursday. Boosted by policy adjustments under President Donald Trump, the industry as a whole is expected to record the second highest annual profits in history.