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Back of Napkin

JPMorgan Chase & Co. JPM

Three-pass checkedFresh as companies report

JPMorgan reported a 29% return on tangible common equity last quarter. About six points of that came from exchanging Visa shares it has held since 2007.

Strip the one-time gains and the bank earned roughly 23%, which is still the best result of any large bank and is a different number from the headline.

JPM · price with moving averages

Daily · 6MWeekly · 3Y
$118$183$249$315$381 Sep '23Apr '24Nov '24Jun '25Jan '26Aug '26 BID
EMAs82140

Source: market data.

The business

JPMorgan does everything a bank can do. Consumer and Community Banking runs branches, mortgages and the largest credit card book in the country. The Commercial and Investment Bank lends to companies, advises on deals and runs the markets desks. Asset and Wealth Management looks after money for institutions and wealthy families.

Scale is the moat and it compounds. The deposit base funds the markets business, that business supports the investment bank, and the card franchise earns returns nobody else can match at that size.

Inside the complete Back of Napkin

  1. 01The business
  2. 02The numbers
  3. 03Management
  4. 04How it fails or surprises you
  5. 05The shape of the payoff
  6. 06Closing thoughts
  7. 07Methodology

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