JPMorgan Chase is America's largest bank, run by Jamie Dimon since the start of 2006.
The bank has a market capitalisation of $730bn, representing 30% of the total among America's big banks, up from 12% when Dimon took charge. It employs 317,233 staff, nearly twice as many as in 2005. Its share of American deposits has doubled to 12%, with a deposit base of $2.5trn. Over a recent two-year period it paid out $190bn in interest on deposits while collecting $374bn in interest on loans. The bank spends about $18bn on technology annually, some 40% more than Bank of America. Its efficiency ratio (non-interest expenses as a share of total revenue) has dropped from 61% in 2015 to 51%, a figure 15 percentage points lower than any competitor.
In 2021 JPMorgan became the first lender with branches in every one of America's 48 contiguous states. Over the past six years it has established a physical presence in 25 new states, though in dozens of cities—Boston, Salt Lake City and Washington included—it still oversees less than 3% of deposits. Despite the scale of its investment, the bank employs more people in Texas than in New York.
In late 2025 employees moved into JPMorgan's immense new headquarters at 270 Park Avenue in midtown Manhattan. The building boasts 2.5m square feet of office space and is almost 1,400 feet tall—roughly the same as the Empire State Building. It measures an entire city block across.
Almost four years after launching a digital consumer bank in Britain, it has 2m customers. Germany is the next target for digital retail banking.
JPMorgan moved some digital operations to a big new office building in Glasgow. The bank says that the cost of its technologists in Glasgow is closer to that in India than in Texas. A coder in India once cost roughly 25% of a Glaswegian equivalent; the gap has narrowed to over 50%. About a third of JPMorgan's Glasgow work is for its American division.
JPMorgan bought Bear Stearns and Washington Mutual as the financial crisis worsened in 2008. In 2023, during a smaller banking crisis, it acquired the lion's share of assets from First Republic, America's 14th-largest bank. The First Republic acquisition drew criticism from Elizabeth Warren, a left-wing senator, and J.D. Vance (now vice-president), who attacked the sale for making "the nation's largest bank grow even bigger".
After Silicon Valley Bank failed in 2023, JPMorgan hired John China, former president of SVB Capital (Silicon Valley Bank's venture-capital arm), to jointly run its "innovation economy" business. In May 2025 the bank announced plans to increase the size of its offices in San Francisco by 30%.
As of mid-2025, the four most likely candidates to succeed Dimon are Troy Rohrbaugh and Douglas Petno, co-heads of the commercial and investment bank; Mary Erdoes, who has run the wealth-management arm since 2009; and Marianne Lake, leader of retail operations. Rohrbaugh is the most recent hire among them, having worked at JPMorgan for 20 years; Petno has worked at the firm for 35 years.
JPMorgan has been relatively scandal-free under Dimon, with the exception of the "London Whale" episode, when a rogue trader cost the institution over $6bn.
JPMorgan Chase has said it will bankroll companies involved in "security and resiliency" to the tune of $1.5trn.
JPMorgan Chase says it has rolled out AI tools to most of its 320,000 employees. Jamie Dimon says the bank has 450 use cases for AI.
In mid-2025 JPMorgan Chase announced plans for a stablecoin-like product called JPMorgan Deposit Token (JPMD), despite Jamie Dimon's long-held crypto scepticism.
JPMorgan and Bank of America were criticised by members of Congress for underwriting a sale of shares by CATL, a Chinese battery manufacturer, on May 20th 2025. CATL is blacklisted by the Pentagon for links to China's armed forces but does not face American sanctions.
At the turn of the 21st century, Citigroup similarly accounted for about 30% of the market capitalisation of American banks after a barrage of mergers and acquisitions. Its lead was eroded by scandals in the 2000s and a bad financial crisis; today it accounts for less than 6% of the industry's market capitalisation.
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