Consumer & Community BankingWide moat

JPMorgan Chase (JPM) — moat facet

The deposit franchise with a card business attached, and the mix is shifting toward the card business.

Consumer & Community Banking is the retail bank: checking and savings accounts, credit cards, auto loans and leases, mortgages and small-business banking, sold to 86.6 million consumers and 7.4 million small businesses through 5,083 branches and the Chase app.1 It brought in $76,029 million in 2025 and earned $18,245 million.2

Consumer & Community Banking net income ($bn)$9.7bn2016$9.4bn2017$14.9bn2018$16.5bn2019$8.2bn2020$20.9bn2021$14.9bn2022$21.2bn2023$17.6bn2024$18.2bn2025JPMorgan Chase Forms 10-K FY2018-FY2025, as reported in each
Profit halved in 2020 and more than doubled in 2021: the credit cycle, not the franchise.

What is inside the line is three businesses. Banking & Wealth Management, the deposit franchise and the Chase wealth business, brought in $42,862 million; Card Services & Auto $28,201 million; Home Lending $4,966 million.3

The history is long and uneven. On the definitions of each year's filing, revenue was $44,915 million in 2016, $55,133 million in 2019, $51,268 million in 2020, $54,814 million in 2022 and $70,148 million in 2023, about 6.0% a year to 2025.4567 The 2023 jump of 28% came from deposit margin expansion on higher rates, higher card interest income on revolving balances, and First Republic in Home Lending.89

It is paid mostly by the spread. Banking & Wealth Management earns the difference between what deposits cost and what the firm pays the segment for them internally; Card Services earns interest on revolving balances and fees on spending; auto earns interest and lease income. That internal price matters. In 2025 the 10-K attributed higher Banking & Wealth Management interest income to higher deposit margin, reflecting the impact of changes in funds transfer pricing, partially offset by lower average deposit balances.10 The page The Funding Advantage Is Allocated, Not Observed explains why that makes the segment's profit partly a management choice.

Profitability follows the credit cycle more than the revenue. Net income was $8,217 million in 2020, when the provision for credit losses was $12,312 million, and $20,930 million in 2021, when a reserve release of $6,989 million ran through the same line.11 Return on equity was 38% in 2023 and 32% in 2024 and 2025, and the segment kept 24.0% of its 2025 revenue as net income.1213

The mix is moving toward lending. Banking & Wealth Management revenue fell from $43,199 million in 2023 to $40,943 million in 2024 before recovering to $42,862 million, while Card Services & Auto grew from $22,809 million to $28,201 million, 23.6% in two years.1415

The two latest quarters show the same shape. Revenue was $19,568 million in the first quarter of 2026, up 7%, and $20,272 million in the second, up 8%; second-quarter net income was $5,311 million, up only 3%, because expense rose 13%.1617 The Card Services net charge-off rate was 3.34% in the second quarter, and the segment's return on equity 34%.18

The outlook includes a portfolio JPMorgan has agreed to buy but does not yet own. The Apple Card will land in Card Services when the transaction closes, a story told under The Apple Card, and the credit question it raises is under Ten Million New Card Accounts Is Also Ten Million New Borrowers.

This is a wide moat, the deposit franchise, carrying a lending business that is ordinary by comparison. The number to watch is Card Services & Auto as a share of the segment's revenue: 32.5% in 2023 and 37.1% in 2025.19 A share still rising into a weaker labour market would mean the consumer bank earns more from credit and less from deposits, at exactly the point in the cycle where credit costs the most.

Moat trajectory: Holding steady

Revenue up 8% in the June 2026 quarter but net income up 3% as expense rose 13%; card is a growing share.

The number that tests this moat
Moat Explorer calc
Card Services & Auto share of CCB revenue, latest quarter
38.3% in Q2 2026, from 37.1% in 2025 and 32.5% in 2023

A rising share means the consumer bank earns more from credit and less from deposits.

How it's calculated: 7,758 / 20,272; 28,201 / 76,029; 22,809 / 70,148.
Source: JPMorgan Chase Form 10-K FY2025 and Q2 2026 release (Moat Explorer calc) ↗
References
  1. ReportedConsumer & Community Banking is the retail bank: checking and savings accounts, credit cards, auto loans and leases, mortgages and small-business banking, sold to 86.6 million consumers and 7.4 million small businesses through 5,083 branches and the Chase app.
    JPMorgan Chase Form 10-K, FY2025 - segment results 2023-2025: CIB revenue $64,353M/$70,114M/$78,454M, net income $20,272M/$24,846M/$27,761M, ROE 14%/18%/18%, overhead 49% in 2025; CIB revenue by business 2025: Investment Banking $10,198M, Payments $19,331M, Lending $7,601M, Fixed Income Markets $22,532M, Equity Markets $13,250M, Securities Services $5,599M; CCB revenue $70,148M/$71,507M/$76,029M, net income $21,232M/$17,603M/$18,245M, ROE 38%/32%/32%, Banking & Wealth Management $43,199M/$40,943M/$42,862M, Home Lending $4,140M/$5,097M/$4,966M, Card Services & Auto $22,809M/$25,467M/$28,201M; AWM revenue $19,827M/$21,578M/$24,073M, net income $5,227M/$5,421M/$6,522M, ROE 31%/34%/40%, overhead 64%/67%/64%, asset management fees $11,826M/$13,693M/$15,494M, AUM $3,422B/$4,045B/$4,791B, client assets $7,118B; firm net revenue $182,447M and net income $57,048M; business segment reorganization in the second quarter of 2024; Corporate consists of Treasury and CIO and Other Corporate; 2024 included a $7.9bn net gain on Visa shares — FY2023-FY2025 · publ. February 2026 · source ↗
  2. ReportedIt brought in $76,029 million in 2025 and earned $18,245 million.
    JPMorgan Chase Form 10-K, FY2025 - segment results 2023-2025: CIB revenue $64,353M/$70,114M/$78,454M, net income $20,272M/$24,846M/$27,761M, ROE 14%/18%/18%, overhead 49% in 2025; CIB revenue by business 2025: Investment Banking $10,198M, Payments $19,331M, Lending $7,601M, Fixed Income Markets $22,532M, Equity Markets $13,250M, Securities Services $5,599M; CCB revenue $70,148M/$71,507M/$76,029M, net income $21,232M/$17,603M/$18,245M, ROE 38%/32%/32%, Banking & Wealth Management $43,199M/$40,943M/$42,862M, Home Lending $4,140M/$5,097M/$4,966M, Card Services & Auto $22,809M/$25,467M/$28,201M; AWM revenue $19,827M/$21,578M/$24,073M, net income $5,227M/$5,421M/$6,522M, ROE 31%/34%/40%, overhead 64%/67%/64%, asset management fees $11,826M/$13,693M/$15,494M, AUM $3,422B/$4,045B/$4,791B, client assets $7,118B; firm net revenue $182,447M and net income $57,048M; business segment reorganization in the second quarter of 2024; Corporate consists of Treasury and CIO and Other Corporate; 2024 included a $7.9bn net gain on Visa shares — FY2023-FY2025 · publ. February 2026 · source ↗
  3. ReportedBanking & Wealth Management, the deposit franchise and the Chase wealth business, brought in $42,862 million; Card Services & Auto $28,201 million; Home Lending $4,966 million.
    JPMorgan Chase Form 10-K, FY2025 - segment results 2023-2025: CIB revenue $64,353M/$70,114M/$78,454M, net income $20,272M/$24,846M/$27,761M, ROE 14%/18%/18%, overhead 49% in 2025; CIB revenue by business 2025: Investment Banking $10,198M, Payments $19,331M, Lending $7,601M, Fixed Income Markets $22,532M, Equity Markets $13,250M, Securities Services $5,599M; CCB revenue $70,148M/$71,507M/$76,029M, net income $21,232M/$17,603M/$18,245M, ROE 38%/32%/32%, Banking & Wealth Management $43,199M/$40,943M/$42,862M, Home Lending $4,140M/$5,097M/$4,966M, Card Services & Auto $22,809M/$25,467M/$28,201M; AWM revenue $19,827M/$21,578M/$24,073M, net income $5,227M/$5,421M/$6,522M, ROE 31%/34%/40%, overhead 64%/67%/64%, asset management fees $11,826M/$13,693M/$15,494M, AUM $3,422B/$4,045B/$4,791B, client assets $7,118B; firm net revenue $182,447M and net income $57,048M; business segment reorganization in the second quarter of 2024; Corporate consists of Treasury and CIO and Other Corporate; 2024 included a $7.9bn net gain on Visa shares — FY2023-FY2025 · publ. February 2026 · source ↗
  4. ReportedOn the definitions of each year's filing, revenue was $44,915 million in 2016, $55,133 million in 2019, $51,268 million in 2020, $54,814 million in 2022 and $70,148 million in 2023, about 6.0% a year to 2025.
    JPMorgan Chase Form 10-K, FY2018 - segment results, managed basis, 2016-2018: total net revenue CCB $44,915M/$46,485M/$52,079M, Corporate & Investment Bank $35,340M/$34,657M/$36,448M, Commercial Banking $7,453M/$8,605M/$9,059M, AWM $12,822M/$13,835M/$14,076M; net income CCB $9,714M/$9,395M/$14,852M, CIB $10,815M/$10,813M/$11,773M, CB $2,657M/$3,539M/$4,237M, AWM $2,251M/$2,337M/$2,853M — FY2016-FY2018 · publ. February 2019 · source ↗
  5. ReportedOn the definitions of each year's filing, revenue was $44,915 million in 2016, $55,133 million in 2019, $51,268 million in 2020, $54,814 million in 2022 and $70,148 million in 2023, about 6.0% a year to 2025.
    JPMorgan Chase Form 10-K, FY2021 - segment results, managed basis, 2019-2021: total net revenue CCB $55,133M/$51,268M/$50,073M, Corporate & Investment Bank $39,265M/$49,284M/$51,749M, Commercial Banking $9,264M/$9,313M/$10,008M, AWM $13,591M/$14,240M/$16,957M; CCB provision for credit losses $4,954M/$12,312M/($6,989M) and net income $16,541M/$8,217M/$20,930M — FY2019-FY2021 · publ. February 2022 · source ↗
  6. ReportedOn the definitions of each year's filing, revenue was $44,915 million in 2016, $55,133 million in 2019, $51,268 million in 2020, $54,814 million in 2022 and $70,148 million in 2023, about 6.0% a year to 2025.
    JPMorgan Chase Form 10-K, FY2023 - segment results, managed basis, 2021-2023: CCB $49,879M/$54,814M/$70,148M, Corporate & Investment Bank $51,943M/$48,102M/$48,807M, Commercial Banking $10,008M/$11,533M/$15,546M, AWM $16,957M/$17,748M/$19,827M; CCB 2023 net revenue up 28% on deposit margin expansion on higher rates, higher Card Services NII on revolving balances and the impact of First Republic in Home Lending — FY2021-FY2023 · publ. February 2024 · source ↗
  7. Moat Explorer calcOn the definitions of each year's filing, revenue was $44,915 million in 2016, $55,133 million in 2019, $51,268 million in 2020, $54,814 million in 2022 and $70,148 million in 2023, about 6.0% a year to 2025.
    Moat Explorer calculation from JPMorgan Chase Forms 10-K FY2018-FY2025 and the Q1 and Q2 2026 releases: shares, margins, compound growth rates and combined CIB-plus-Commercial-Banking series as stated — 2016 to Q2 2026 · publ. 2026-09-23 · source ↗
  8. ReportedThe 2023 jump of 28% came from deposit margin expansion on higher rates, higher card interest income on revolving balances, and First Republic in Home Lending.
    JPMorgan Chase Form 10-K, FY2023 - segment results, managed basis, 2021-2023: CCB $49,879M/$54,814M/$70,148M, Corporate & Investment Bank $51,943M/$48,102M/$48,807M, Commercial Banking $10,008M/$11,533M/$15,546M, AWM $16,957M/$17,748M/$19,827M; CCB 2023 net revenue up 28% on deposit margin expansion on higher rates, higher Card Services NII on revolving balances and the impact of First Republic in Home Lending — FY2021-FY2023 · publ. February 2024 · source ↗
  9. Moat Explorer calcThe 2023 jump of 28% came from deposit margin expansion on higher rates, higher card interest income on revolving balances, and First Republic in Home Lending.
    Moat Explorer calculation from JPMorgan Chase Forms 10-K FY2018-FY2025 and the Q1 and Q2 2026 releases: shares, margins, compound growth rates and combined CIB-plus-Commercial-Banking series as stated — 2016 to Q2 2026 · publ. 2026-09-23 · source ↗
  10. ReportedIn 2025 the 10-K attributed higher Banking & Wealth Management interest income to higher deposit margin, reflecting the impact of changes in funds transfer pricing, partially offset by lower average deposit balances.
    JPMorgan Chase Form 10-K, FY2025 - segment results 2023-2025: CIB revenue $64,353M/$70,114M/$78,454M, net income $20,272M/$24,846M/$27,761M, ROE 14%/18%/18%, overhead 49% in 2025; CIB revenue by business 2025: Investment Banking $10,198M, Payments $19,331M, Lending $7,601M, Fixed Income Markets $22,532M, Equity Markets $13,250M, Securities Services $5,599M; CCB revenue $70,148M/$71,507M/$76,029M, net income $21,232M/$17,603M/$18,245M, ROE 38%/32%/32%, Banking & Wealth Management $43,199M/$40,943M/$42,862M, Home Lending $4,140M/$5,097M/$4,966M, Card Services & Auto $22,809M/$25,467M/$28,201M; AWM revenue $19,827M/$21,578M/$24,073M, net income $5,227M/$5,421M/$6,522M, ROE 31%/34%/40%, overhead 64%/67%/64%, asset management fees $11,826M/$13,693M/$15,494M, AUM $3,422B/$4,045B/$4,791B, client assets $7,118B; firm net revenue $182,447M and net income $57,048M; business segment reorganization in the second quarter of 2024; Corporate consists of Treasury and CIO and Other Corporate; 2024 included a $7.9bn net gain on Visa shares — FY2023-FY2025 · publ. February 2026 · source ↗
  11. ReportedNet income was $8,217 million in 2020, when the provision for credit losses was $12,312 million, and $20,930 million in 2021, when a reserve release of $6,989 million ran through the same line.
    JPMorgan Chase Form 10-K, FY2021 - segment results, managed basis, 2019-2021: total net revenue CCB $55,133M/$51,268M/$50,073M, Corporate & Investment Bank $39,265M/$49,284M/$51,749M, Commercial Banking $9,264M/$9,313M/$10,008M, AWM $13,591M/$14,240M/$16,957M; CCB provision for credit losses $4,954M/$12,312M/($6,989M) and net income $16,541M/$8,217M/$20,930M — FY2019-FY2021 · publ. February 2022 · source ↗
  12. ReportedReturn on equity was 38% in 2023 and 32% in 2024 and 2025, and the segment kept 24.0% of its 2025 revenue as net income.
    JPMorgan Chase Form 10-K, FY2025 - segment results 2023-2025: CIB revenue $64,353M/$70,114M/$78,454M, net income $20,272M/$24,846M/$27,761M, ROE 14%/18%/18%, overhead 49% in 2025; CIB revenue by business 2025: Investment Banking $10,198M, Payments $19,331M, Lending $7,601M, Fixed Income Markets $22,532M, Equity Markets $13,250M, Securities Services $5,599M; CCB revenue $70,148M/$71,507M/$76,029M, net income $21,232M/$17,603M/$18,245M, ROE 38%/32%/32%, Banking & Wealth Management $43,199M/$40,943M/$42,862M, Home Lending $4,140M/$5,097M/$4,966M, Card Services & Auto $22,809M/$25,467M/$28,201M; AWM revenue $19,827M/$21,578M/$24,073M, net income $5,227M/$5,421M/$6,522M, ROE 31%/34%/40%, overhead 64%/67%/64%, asset management fees $11,826M/$13,693M/$15,494M, AUM $3,422B/$4,045B/$4,791B, client assets $7,118B; firm net revenue $182,447M and net income $57,048M; business segment reorganization in the second quarter of 2024; Corporate consists of Treasury and CIO and Other Corporate; 2024 included a $7.9bn net gain on Visa shares — FY2023-FY2025 · publ. February 2026 · source ↗
  13. Moat Explorer calcReturn on equity was 38% in 2023 and 32% in 2024 and 2025, and the segment kept 24.0% of its 2025 revenue as net income.
    Moat Explorer calculation from JPMorgan Chase Forms 10-K FY2018-FY2025 and the Q1 and Q2 2026 releases: shares, margins, compound growth rates and combined CIB-plus-Commercial-Banking series as stated — 2016 to Q2 2026 · publ. 2026-09-23 · source ↗
  14. ReportedBanking & Wealth Management revenue fell from $43,199 million in 2023 to $40,943 million in 2024 before recovering to $42,862 million, while Card Services & Auto grew from $22,809 million to $28,201 million, 23.6% in two years.
    JPMorgan Chase Form 10-K, FY2025 - segment results 2023-2025: CIB revenue $64,353M/$70,114M/$78,454M, net income $20,272M/$24,846M/$27,761M, ROE 14%/18%/18%, overhead 49% in 2025; CIB revenue by business 2025: Investment Banking $10,198M, Payments $19,331M, Lending $7,601M, Fixed Income Markets $22,532M, Equity Markets $13,250M, Securities Services $5,599M; CCB revenue $70,148M/$71,507M/$76,029M, net income $21,232M/$17,603M/$18,245M, ROE 38%/32%/32%, Banking & Wealth Management $43,199M/$40,943M/$42,862M, Home Lending $4,140M/$5,097M/$4,966M, Card Services & Auto $22,809M/$25,467M/$28,201M; AWM revenue $19,827M/$21,578M/$24,073M, net income $5,227M/$5,421M/$6,522M, ROE 31%/34%/40%, overhead 64%/67%/64%, asset management fees $11,826M/$13,693M/$15,494M, AUM $3,422B/$4,045B/$4,791B, client assets $7,118B; firm net revenue $182,447M and net income $57,048M; business segment reorganization in the second quarter of 2024; Corporate consists of Treasury and CIO and Other Corporate; 2024 included a $7.9bn net gain on Visa shares — FY2023-FY2025 · publ. February 2026 · source ↗
  15. Moat Explorer calcBanking & Wealth Management revenue fell from $43,199 million in 2023 to $40,943 million in 2024 before recovering to $42,862 million, while Card Services & Auto grew from $22,809 million to $28,201 million, 23.6% in two years.
    Moat Explorer calculation from JPMorgan Chase Forms 10-K FY2018-FY2025 and the Q1 and Q2 2026 releases: shares, margins, compound growth rates and combined CIB-plus-Commercial-Banking series as stated — 2016 to Q2 2026 · publ. 2026-09-23 · source ↗
  16. ReportedRevenue was $19,568 million in the first quarter of 2026, up 7%, and $20,272 million in the second, up 8%; second-quarter net income was $5,311 million, up only 3%, because expense rose 13%.
    JPMorgan Chase Q1 2026 earnings release (8-K exhibit 99.1) - CCB net revenue $19,568M, up 7%; CIB $23,379M, up 19%, net income $9,044M; AWM $6,374M, up 11% — Q1 2026 · publ. 14 April 2026 · source ↗
  17. ReportedRevenue was $19,568 million in the first quarter of 2026, up 7%, and $20,272 million in the second, up 8%; second-quarter net income was $5,311 million, up only 3%, because expense rose 13%.
    JPMorgan Chase Q2 2026 earnings release (8-K exhibit 99.1) - CCB net revenue $20,272M, up 8%, net income $5,311M, expense up 13%, ROE 34%, Card Services net charge-off rate 3.34%; CIB $24,853M, up 27%, net income $9,678M, up 46%, Banking & Payments $11,162M, up 21%, Markets & Securities Services $13,691M, up 33%, ROE 22%; AWM $6,851M, up 19%, net income $1,957M, up 33%, AUM $5.1 trillion, up 18% — Q2 2026 · publ. 14 July 2026 · source ↗
  18. ReportedThe Card Services net charge-off rate was 3.34% in the second quarter, and the segment's return on equity 34%.
    JPMorgan Chase Q2 2026 earnings release (8-K exhibit 99.1) - CCB net revenue $20,272M, up 8%, net income $5,311M, expense up 13%, ROE 34%, Card Services net charge-off rate 3.34%; CIB $24,853M, up 27%, net income $9,678M, up 46%, Banking & Payments $11,162M, up 21%, Markets & Securities Services $13,691M, up 33%, ROE 22%; AWM $6,851M, up 19%, net income $1,957M, up 33%, AUM $5.1 trillion, up 18% — Q2 2026 · publ. 14 July 2026 · source ↗
  19. Moat Explorer calcThe number to watch is Card Services & Auto as a share of the segment's revenue: 32.5% in 2023 and 37.1% in 2025.
    Moat Explorer calculation from JPMorgan Chase Forms 10-K FY2018-FY2025 and the Q1 and Q2 2026 releases: shares, margins, compound growth rates and combined CIB-plus-Commercial-Banking series as stated — 2016 to Q2 2026 · publ. 2026-09-23 · source ↗
Sources
Generated September 23, 2026