JPMorgan and Bank of America Comparison | Generated by AI
Overview
JPMorgan Chase & Co. (JPM) and Bank of America Corporation (BAC) are two of the largest banks in the United States, both offering comprehensive financial services including retail banking, investment banking, wealth management, and commercial lending. JPM, formed in 2000 through the merger of J.P. Morgan & Co. and Chase Manhattan Bank (with roots dating back to 1799), is headquartered in New York City and led by CEO Jamie Dimon. BAC, originally founded in 1904 as the Bank of Italy and rebranded in 1930, is headquartered in Charlotte, North Carolina, and led by CEO Brian Moynihan. Both banks have extensive global operations but differ in scale, with JPM generally larger across most metrics.
Key Comparison Metrics
Here’s a side-by-side comparison of key financial and operational metrics as of late 2025 (primarily Q3 2025 data where applicable):
| Metric | JPMorgan Chase | Bank of America |
|---|---|---|
| Total Assets | $3.64 trillion (July 2025) | $2.62 trillion (July 2025) |
| Market Capitalization | $809 billion (Oct 21, 2025) | $379 billion (Oct 23, 2025) |
| Q3 2025 Revenue | $47.1 billion | $28.1 billion |
| Q3 2025 Net Income | $14.4 billion | $8.5 billion |
| Employees | 300,000+ (2025) | 213,000 (Oct 2025) |
| Retail Branches | ~5,000 (expanding; 4,972 as of Q1 2025) | ~3,600 (expanding by 150 by 2027) |
| Founded | 2000 (roots: 1799) | 1904 |
| Headquarters | New York, NY | Charlotte, NC |
| CEO | Jamie Dimon | Brian Moynihan |
Financial Performance
JPM outperforms BAC in absolute scale, with roughly 68% higher Q3 revenue and 69% higher net income, reflecting its dominance in investment banking and trading (record trading revenue in Q3). Both banks saw year-over-year growth—JPM’s net income up 12%, BAC’s up 23%—driven by strong wealth management and fee income. However, JPM’s return on tangible common equity (ROTCE) was 20% vs. BAC’s 15.4%, indicating better capital efficiency. Stock-wise, JPM has delivered stronger long-term returns (228% over 10 years vs. BAC’s lower growth), trading at a premium valuation.
Services and Customer Focus
- Retail Banking: Both excel, but Chase (JPM’s consumer arm) leads in branch network and digital tools, with no minimum deposits on many accounts and rewards programs. BAC offers competitive CDs and wire transfers, plus its virtual assistant Erica for personalized advice.
- Investment Banking: JPM is the global leader, with higher fees from M&A and capital markets.
- Wealth Management: BAC’s Merrill Lynch integration gives it an edge in client assets under management, while JPM’s J.P. Morgan Private Bank targets ultra-high-net-worth individuals.
- Innovation: JPM invests heavily in tech (e.g., expanding affluent centers), while BAC focuses on sustainability and community banking.
Strengths and Considerations
- JPM Strengths: Larger scale, diversified revenue (strong in markets), and aggressive expansion (1,000+ new branches since 2020).
- BAC Strengths: More accessible for everyday consumers, robust wealth advisory, and faster recent profit growth.
- Investment Angle: JPM may suit growth-oriented investors due to its size and performance; BAC offers better value at a lower price-to-earnings ratio (~11.8 forward vs. JPM’s higher multiple).
- Risks: Both face interest rate volatility and regulatory pressures, but JPM’s size provides more resilience.
For consumers, Chase often ranks higher for beginners and rewards, while BAC shines in CDs and advice. As investors, JPM edges out for stability.
References
- Largest Banks in the U.S.A. by Asset Size (2025)
- Which Is a Better Investment, Bank of America Corp or JPMorgan Chase & Co Stock
- Bank Of America Market Cap 2011-2025
- Bank of America Fast Facts
- CORP Q1 2025 - JPMorganChase
- JPMorgan Chase (JPM) earnings Q3 2025
- Bank of America Reports Third Quarter 2025 Financial Results
- BAC Stock Analysis & JPM Stock Analysis: August 2025 Outlook
- Chase vs. Bank of America: Which Bank Is Best for You?