Net revenue in this segment rose to $5.439 billion in Q3 2024 from $5.005 billion a year earlier; noninterest costs rose to $3.639 billion from $3.138 billion a year earlier. Provision for credit losses was $4 million, against a $13 million net release in Q3 2023, the US-listed banking group said. 

Assets under management were $3.9 trillion and client assets were $5.7 trillion, each up 23 per cent, driven by higher market levels and continued net inflows. 

Across the whole of JP Morgan’s business lines, net income fell to $12.898 billion in Q3 2024, from $13.151 billion; revenues – on a reported basis – rose on a year earlier, while noninterest costs also rose. Provision for credit losses rose 125 per cent year-on-year to $3.111 billion, adding to the drop in the net income result. 

At the end of September, JP Morgan said it had a Basel III Common Equity Tier capital ratio of 15.3 per cent – a standard international measure of a bank’s shock absorber capital. 

CEO Jamie Dimon did not mince his words about the economic and geopolitical outlook.

“We have been closely monitoring the geopolitical situation for some time, and recent events show that conditions are treacherous and getting worse. There is significant human suffering, and the outcome of these situations could have far-reaching effects on both short-term economic outcomes and more importantly on the course of history,” he said. “Additionally, while inflation is slowing and the US economy remains resilient, several critical issues remain, including large fiscal deficits, infrastructure needs, restructuring of trade and remilitarisation of the world. While we hope for the best, these events and the prevailing uncertainty demonstrate why we must be prepared for any environment.”