Major ClientsWide moat

JPMorgan Chase (JPM) — moat facet

Every other company here discloses a concentration table and several are alarming. JPMorgan has nothing to disclose, and the absence is the asset.

Every other company in this collection discloses a customer concentration table, and several of them are alarming. JPMorgan has nothing to disclose, and the absence is the asset.

Four client bases, one economyTens of millions of householdsNo concentration to discloseCorporate treasuries$25.3bn of coverage revenueInstitutions and wealth clients$5.1tn under managementThe regulator, in a crisisFirst Republic, 2023No customer reaches 10% of revenue. Compare a chipmaker at 22% from one buyer.
The absence of a concentration table is the asset.

The consumer bank serves tens of millions of households and small businesses; it opened 1.7 million net new checking accounts and 10.4 million new credit card accounts in 2025 alone1. No single one of them is material. That is what a deposit franchise is: $2.56 trillion assembled in increments too small to matter individually and impossible to replicate in aggregate2.

The wholesale bank is more concentrated by name and no more concentrated in substance. Global Corporate Banking and Global Investment Banking produced $25.3 billion of revenue in 2025 and Commercial Banking $11.9 billion3, spread across essentially every large company in the United States and a great many outside it. Payments revenue reached a record $5.1 billion in the fourth quarter alone4.

Asset & Wealth Management holds $5.1 trillion of other people's money5, from sovereign funds and pension schemes down to the three million wealth households the branch network recruited.

And there is a fourth client, unlike any of the others. When a bank fails on a Friday, the Federal Deposit Insurance Corporation needs an institution able to absorb it by Monday, and the list of candidates is short. JPMorgan took First Republic in 2023 and booked a $2.8 billion bargain purchase gain for doing it6.

The risk in this customer base is not that any of them leaves. It is that all of them are exposed to the same economy at the same time.

Moat trajectory: Holding steady

There is no concentration to deteriorate. What changes is the mix — 10.4 million new card accounts and three million wealth households in a year — and the correlation underneath it does not change at all.

The number that tests this moat
Reported
Average deposit growth
+7% year on year in Q2 2026

No customer is large enough to disclose; the franchise rests on millions of depositors and clients. Deposits growing faster than peers' says that base keeps choosing JPMorgan; outflows would be the first sign it is not.

Source: JPMorgan Chase Q2 2026 results ↗
Dig deeper
DIG DEEPER 01
Eighty Million Relationships, and Not One That Matters
Granularity is diversification of name, not of exposure -- tens of millions of households stop paying their cards in the same quarter.
DIG DEEPER 02
The Corporate Treasurer
Once payroll, collections and settlement run through one bank's systems, moving is a multi-year project touching every subsidiary the company has.
DIG DEEPER 03
The Institutions Whose Money JPMorgan Holds
Five trillion dollars under management, and the wealth half of it was recruited through a branch network the firm had already paid for.
DIG DEEPER 04
The Client of Last Resort
When a bank fails on a Friday the regulator needs a buyer by Monday, and the list of institutions that can take the call is very short.
References
  1. ReportedThe firm opened 10.4 million new credit card accounts and grew wealth management households past three million in 2025.
    JPMorgan Chase & Co., fourth-quarter and full-year 2025 earnings release (Form 8-K, exhibit 99.1) — fourth-quarter net income $13.0bn ($4.63 per share), or $14.7bn ($5.23) excluding a significant item; full-year 2025 net income $57.0bn ($20.02 per share), 2025 ROE 17% and ROTCE 20%. Fourth-quarter reported revenue $45.8bn and managed revenue $46.8bn; net interest income $25.1bn, up 7%; expense $24.0bn; credit costs $4.7bn with $2.5bn of net charge-offs. CET1 Standardized 14.5% and Advanced 14.1%, total loss-absorbing capacity $564bn, Standardized RWA $2.0tn, cash and marketable securities $1.5tn; book value per share $126.99 up 9% and tangible book value per share $107.56 up 11%; Basel III CET1 capital $288bn; supplementary leverage ratio 5.8%; net payout over the last twelve months 82%. Segment returns: CCB 4Q ROE 25% and 2025 ROE 32% with a Card Services net charge-off rate of 3.14%, debit and credit card sales volume up 7% and active mobile customers up 7%; CIB 4Q ROE 19% and 2025 ROE 18%, investment banking fees down 5% year on year with a #1 ranking for global investment banking fees at 8.4% wallet share for the year, markets revenue up 17%; AWM 4Q ROE 44% and 2025 ROE 40%, AUM $4.8tn up 18%. Payments revenue reached a record $5.1bn. In 2025 the firm opened 1.7 million net new checking accounts and 10.4 million new credit card accounts and grew wealth management households to over 3 million. The significant item in 4Q25 was a $2.2bn credit reserve established for the forward purchase commitment of the Apple credit card portfolio, a $0.60 decrease in EPS. — Q4 and FY2025 · publ. 2026-01-13 · source ↗
  2. ReportedTotal assets $4,424,900M, deposits $2,559,320M, loans $1,493,429M and 318,512 employees at 31 December 2025.
    JPMorgan Chase & Co., Form 10-K FY2025 — consolidated financial statements and management's discussion (SEC, CIK 19617). Total net revenue $182,447M (2024 $177,556M, 2023 $158,104M); total noninterest expense $95,640M (2023 $87,172M); pre-provision profit $86,807M; provision for credit losses $14,212M; net income $57,048M; diluted EPS $20.02; ROE 17%, ROTCE 20% (2024 22%, 2023 21%); overhead ratio 52% (2024 52%, 2023 55%); loans-to-deposits 58% (56%, 55%); deposits 63% of total liabilities. Total assets $4,424,900M, loans $1,493,429M, deposits $2,559,320M, tangible common equity $290,018M, book value per share $126.99, tangible book value per share $107.56, dividends declared per share $5.80 (2024 $4.80, 2023 $4.10). Segment total net revenue: CCB $76,029M / $71,507M / $70,148M; CIB $78,454M / $70,114M / $64,353M; AWM $24,073M / $21,578M / $19,827M. Banking & Payments by client coverage: Global Corporate Banking and Global Investment Banking $25,285M, Commercial Banking $11,851M. Deposit average balances and rates: US non-interest-bearing $572,014M (2024 $611,734M, 2023 $635,791M); US interest-bearing demand $321,145M at 3.26%; US savings $875,519M at 1.41%; total deposits 1.80% (2024 2.08%, 2023 1.70%). An estimated bargain purchase gain of $2.8bn was recorded for the year ended 31 December 2023 on the First Republic acquisition, with a further $588M First Republic-related gain in the first quarter of 2025; 2024 revenue included a $7.9bn net gain on Visa shares. — FY2025 · publ. 2026-02-13 · source ↗
  3. ReportedGlobal Corporate Banking and Global Investment Banking produced $25,285M of revenue in 2025 and Commercial Banking $11,851M.
    JPMorgan Chase & Co., Form 10-K FY2025 — consolidated financial statements and management's discussion (SEC, CIK 19617). Total net revenue $182,447M (2024 $177,556M, 2023 $158,104M); total noninterest expense $95,640M (2023 $87,172M); pre-provision profit $86,807M; provision for credit losses $14,212M; net income $57,048M; diluted EPS $20.02; ROE 17%, ROTCE 20% (2024 22%, 2023 21%); overhead ratio 52% (2024 52%, 2023 55%); loans-to-deposits 58% (56%, 55%); deposits 63% of total liabilities. Total assets $4,424,900M, loans $1,493,429M, deposits $2,559,320M, tangible common equity $290,018M, book value per share $126.99, tangible book value per share $107.56, dividends declared per share $5.80 (2024 $4.80, 2023 $4.10). Segment total net revenue: CCB $76,029M / $71,507M / $70,148M; CIB $78,454M / $70,114M / $64,353M; AWM $24,073M / $21,578M / $19,827M. Banking & Payments by client coverage: Global Corporate Banking and Global Investment Banking $25,285M, Commercial Banking $11,851M. Deposit average balances and rates: US non-interest-bearing $572,014M (2024 $611,734M, 2023 $635,791M); US interest-bearing demand $321,145M at 3.26%; US savings $875,519M at 1.41%; total deposits 1.80% (2024 2.08%, 2023 1.70%). An estimated bargain purchase gain of $2.8bn was recorded for the year ended 31 December 2023 on the First Republic acquisition, with a further $588M First Republic-related gain in the first quarter of 2025; 2024 revenue included a $7.9bn net gain on Visa shares. — FY2025 · publ. 2026-02-13 · source ↗
  4. ReportedPayments revenue reached a record $5.1 billion in the fourth quarter of 2025 on deposit and fee growth.
    JPMorgan Chase & Co., fourth-quarter and full-year 2025 earnings release (Form 8-K, exhibit 99.1) — fourth-quarter net income $13.0bn ($4.63 per share), or $14.7bn ($5.23) excluding a significant item; full-year 2025 net income $57.0bn ($20.02 per share), 2025 ROE 17% and ROTCE 20%. Fourth-quarter reported revenue $45.8bn and managed revenue $46.8bn; net interest income $25.1bn, up 7%; expense $24.0bn; credit costs $4.7bn with $2.5bn of net charge-offs. CET1 Standardized 14.5% and Advanced 14.1%, total loss-absorbing capacity $564bn, Standardized RWA $2.0tn, cash and marketable securities $1.5tn; book value per share $126.99 up 9% and tangible book value per share $107.56 up 11%; Basel III CET1 capital $288bn; supplementary leverage ratio 5.8%; net payout over the last twelve months 82%. Segment returns: CCB 4Q ROE 25% and 2025 ROE 32% with a Card Services net charge-off rate of 3.14%, debit and credit card sales volume up 7% and active mobile customers up 7%; CIB 4Q ROE 19% and 2025 ROE 18%, investment banking fees down 5% year on year with a #1 ranking for global investment banking fees at 8.4% wallet share for the year, markets revenue up 17%; AWM 4Q ROE 44% and 2025 ROE 40%, AUM $4.8tn up 18%. Payments revenue reached a record $5.1bn. In 2025 the firm opened 1.7 million net new checking accounts and 10.4 million new credit card accounts and grew wealth management households to over 3 million. The significant item in 4Q25 was a $2.2bn credit reserve established for the forward purchase commitment of the Apple credit card portfolio, a $0.60 decrease in EPS. — Q4 and FY2025 · publ. 2026-01-13 · source ↗
  5. ReportedAssets under management reached $5.1 trillion in the June 2026 quarter, up 18% year on year.
    JPMorgan Chase & Co., second-quarter 2026 earnings release (Form 8-K, exhibit 99.1) — net income $21.2bn ($7.70 per share), or $16.9bn ($6.14) excluding significant items; ROE 24%, ROTCE 29% and ROTCE excluding significant items 23%. Reported revenue $57.3bn and managed revenue $58.0bn; expense $27.3bn with a reported overhead ratio of 48%; credit costs $2.5bn with $2.4bn of net charge-offs and a $149M net reserve build. Average loans up 10% year on year and average deposits up 7%. CET1 Standardized 14.1% and Advanced 14.2%, total loss-absorbing capacity $590bn, Standardized RWA $2.1tn, cash and marketable securities $1.5tn; book value per share $133.01 up 9% and tangible book value per share $113.35 up 10%; Basel III CET1 capital $303bn; supplementary leverage ratio 5.5%; net payout over the last twelve months 73%. Segment returns: CCB ROE 34% with client investment assets up 21%, a Card Services net charge-off rate of 3.34%, card sales volume up 10% and active mobile customers up 6%; CIB ROE 22% with investment banking fees up 30% year on year, a #1 ranking for global investment banking fees at 9.3% wallet share year to date, markets revenue up 35% with fixed income up 6% and equity markets up 86%, and average client deposits up 11%; AWM ROE 48% with AUM of $5.1tn, up 18%. Significant items were a $4.6bn net gain related to Visa shares ($1.27 of EPS) and $1.0bn of gains on certain equity investments ($0.29). Jamie Dimon: 'These results were the product of a particularly favorable environment with an elevated level of market activity, as well as rigorous execution, years of consistent investment and thoughtful capital deployment.' — Q2 2026 · publ. 2026-07-14 · source ↗
  6. ReportedAn estimated bargain purchase gain of $2.8bn was recorded for the year ended 31 December 2023 on the First Republic acquisition.
    JPMorgan Chase & Co., Form 10-K FY2025 — consolidated financial statements and management's discussion (SEC, CIK 19617). Total net revenue $182,447M (2024 $177,556M, 2023 $158,104M); total noninterest expense $95,640M (2023 $87,172M); pre-provision profit $86,807M; provision for credit losses $14,212M; net income $57,048M; diluted EPS $20.02; ROE 17%, ROTCE 20% (2024 22%, 2023 21%); overhead ratio 52% (2024 52%, 2023 55%); loans-to-deposits 58% (56%, 55%); deposits 63% of total liabilities. Total assets $4,424,900M, loans $1,493,429M, deposits $2,559,320M, tangible common equity $290,018M, book value per share $126.99, tangible book value per share $107.56, dividends declared per share $5.80 (2024 $4.80, 2023 $4.10). Segment total net revenue: CCB $76,029M / $71,507M / $70,148M; CIB $78,454M / $70,114M / $64,353M; AWM $24,073M / $21,578M / $19,827M. Banking & Payments by client coverage: Global Corporate Banking and Global Investment Banking $25,285M, Commercial Banking $11,851M. Deposit average balances and rates: US non-interest-bearing $572,014M (2024 $611,734M, 2023 $635,791M); US interest-bearing demand $321,145M at 3.26%; US savings $875,519M at 1.41%; total deposits 1.80% (2024 2.08%, 2023 1.70%). An estimated bargain purchase gain of $2.8bn was recorded for the year ended 31 December 2023 on the First Republic acquisition, with a further $588M First Republic-related gain in the first quarter of 2025; 2024 revenue included a $7.9bn net gain on Visa shares. — FY2025 · publ. 2026-02-13 · source ↗
Sources
Generated September 23, 2026