JPMorgan Investment-Banking Fees Drop on Underwriting Miss

JPMorgan Chase & Co.’s investment-banking fees unexpectedly fell in the fourth quarter, missing the firm’s own guidance from just last month as revenue from both underwriting and advising on mergers declined.

The biggest US bank generated $2.35 billion from the business in the last three months of 2025, down 5% from a year earlier, according to a statement Tuesday. The firm said in December that it expected a percentage gain in the “low single digits.”