JPM vs BAC: JPMorgan vs Bank of America Stock Comparison
JPMorgan Chase (JPM) and Bank of America (BAC) are the two largest US banks by deposits. JPMorgan is the more profitable, with a 20% return on tangible equity and a bigger investment bank; Bank of America is more rate-sensitive, with a large consumer deposit base, and trades at a lower valuation.
JPM vs BAC: 1-year performance
Our take
Best-in-class vs. catching up. JPMorgan earned $15.3B in Q3 2026 with a 20% ROTCE, 13.9% CET1 and about $30B of excess capital. Bank of America earned $6.9B, cut by a $1.2B anti-money-laundering penalty, with ROTCE of 12.6% (14.9% adjusted) against a 16–18% medium-term target. JPM is the quality compounder at a premium; BAC is the cheaper stock with more upside if it hits its targets and rates help net interest income.
Prices and returns on this page update live; company figures are from company filings and announcements. Not investment advice.
JPM strengths
JPMorgan- Top-tier profitability. Q3 2026 net income $15.3B, ROTCE 20%; record $21.2B in Q2 2026.
- Diversified earnings. Net interest income $27.1B (+13%) and investment banking fees of $3.0B; managed revenue $50.9B (+8%).
- Capital strength. CET1 13.9% vs an 11.5% requirement; ~$30B excess capital and a $50B buyback authorization.
BAC strengths
Bank of America- Rate leverage. Net interest income $16.4B (+8%); guides at least 8% NII growth in 2027.
- Large shareholder returns. $8.3B returned in Q3 2026 ($6.0B buybacks); dividend raised 14% to $0.32 a quarter.
- Valuation upside. Lower P/E than JPMorgan and a medium-term ROTCE target of 16–18%.
Key risks
- JPM Premium valuation leaves less room for a credit cycle.
- JPM CEO succession: co-presidents Doug Petno and Troy Rohrbaugh named in 2026; timing of Jamie Dimon’s exit uncertain.
- JPM Card charge-offs around 3.2% and a cautious 2027 NII outlook.
- BAC Regulatory: OCC and FinCEN anti-money-laundering consent orders with $1.2B of penalties (Oct 2026).
- BAC Lower capital buffer: CET1 10.9%, down from 11.2%.
- BAC Profitability gap: ROTCE 12.6% reported vs JPMorgan’s 20%; FICC trading revenue fell 17% in Q3.
Total return
Split- and dividend-adjusted.
Quarterly net income
Net income, Q2 2025 – Q3 2026. Revenue is not comparable across banks’ reporting.
Net income growth y/y
Net income growth vs the same quarter a year earlier.
JPMBAC
JPM vs BAC returns
Split- and dividend-adjustedTotal return includes reinvested dividends. The 5-year return is in the table only.
Risk (1 year)
| Metric | JPM | BAC |
|---|---|---|
| Annualized volatility | – | – |
| Max drawdown | – | – |
| Below 52-week high | – | – |
| Correlation of daily returns | – | |
Quarterly net income ($M)
| Symbol | Q2 25 | Q3 25 | Q4 25 | Q1 26 | Q2 26 | Q3 26 |
|---|---|---|---|---|---|---|
| JPM | 14,987.0 | 14,393.0 | 13,025.0 | 16,494.0 | 21,155.0 | 15,305.0 |
| BAC | 7,116.0 | 8,469.0 | 7,528.0 | 8,584.0 | 9,074.0 | 6,933.0 |
JPM vs BAC fundamentals
Q3 2026 unless noted| Metric | JPM | BAC | Edge |
|---|---|---|---|
| Market cap (live) | – | – | – |
| P/E ratio (live, trailing) | – | – | – |
| Dividend yield (live, on current annual rate) | – | – | – |
| Net income | $15.3B | $6.9B ($8.1B ex AML charge) | JPM |
| Diluted EPS | $5.57 | $0.91 ($1.08 ex charge) | – |
| Revenue | $50.9B managed (+8%) | $30.0B (+3%) | JPM |
| Net interest income | $27.1B (+13%) | $16.4B (+8%) | JPM |
| Investment banking fees | $3.0B | $1.8B (−11%) | JPM |
| Return on tangible equity | 20% | 12.6% (14.9% adjusted) | JPM |
| CET1 ratio (standardized) | 13.9% | 10.9% | JPM |
| Deposits | ~$2.7T (average) | ~$2.04T (period end) | JPM |
| NII outlook | 2027 NII ex-Markets ~$107B | 2026 +8%, 2027 ≥+8% | – |
| Annual dividend per share | $6.60 | $1.28 | – |
| Buybacks (Q3 2026) | $0.7B net | $6.0B | BAC |
Deals, contracts and corporate actions timeline
| Date | Co. | Counterparty | Deal | Value |
|---|---|---|---|---|
| Oct 19, 2026 | JPM | US national-security companies | Investments under its Security and Resiliency Initiative (reported) | $5B |
| Oct 13–14, 2026 | BAC | OCC, FinCEN | Anti-money-laundering and sanctions consent orders; OCC penalty of $750M is its largest ever | $1.2B |
| Oct 13, 2026 | JPM | Q3 results | Net income $15.3B, NII +13%, ROTCE 20%, CET1 13.9% | – |
| Jul 24, 2026 | BAC | Shareholders | Quarterly dividend raised 14% to $0.32 | – |
| Jul 14, 2026 | JPM | Q2 results | Record quarterly net income | $21.2B |
| Jun 24, 2026 | JPM | Federal Reserve | Stress test: both banks at the 2.5% minimum stress capital buffer; JPM raises dividend to $1.65 and authorizes $50B of buybacks | $50B |
| Jun 2026 | JPM | Leadership | Doug Petno and Troy Rohrbaugh named co-presidents; Marianne Lake retires | – |
| Mar 19, 2026 | BAC | Fed, FDIC, OCC | Basel III endgame re-proposal lowers expected capital requirements for large banks | – |
| Nov 2025 | BAC | Investor day | First since 2011: medium-term ROTCE target raised to 16–18% | – |
| Oct 2025 | JPM | US industry | Launch of the Security and Resiliency Initiative to finance strategic industries; new 270 Park Avenue headquarters opens | $1.5T over 10 years |
JPM vs BAC analysis
The profitability gap
JPMorgan earns about twice Bank of America’s net income on a balance sheet that is only modestly larger, which shows up in a 20% ROTCE vs 12.6%. Its edge comes from a bigger investment bank and markets business, a stronger card franchise and lower funding costs.
Interest rates
Bank of America has a large base of low-cost consumer deposits and a big securities portfolio bought when rates were low, so it benefits more as those assets reprice. Its guidance for at least 8% NII growth in 2027 assumes rate increases; JPMorgan calls its own 2027 NII outlook “highly uncertain.”
Capital and returns
JPMorgan holds roughly $30B of excess capital but is buying back relatively little; Bank of America is returning more through buybacks despite a thinner CET1 cushion. Basel III re-proposal and the frozen stress capital buffer are tailwinds for both.
Valuation
JPMorgan trades at a premium P/E to Bank of America (live figures above), justified by higher returns. BAC’s discount narrows if it delivers its 16–18% ROTCE target.
What to watch
Rate path and NII guidance for 2027, credit quality in cards and commercial real estate, final capital rules, JPMorgan’s CEO succession and Bank of America’s remediation of its AML orders.
JPM vs BAC FAQ
Which bank is more profitable, JPMorgan or Bank of America?
JPMorgan. It earned $15.3 billion in Q3 2026 with a 20% return on tangible common equity, versus $6.9 billion and 12.6% (14.9% adjusted) for Bank of America.
Which pays a higher dividend, JPM or BAC?
JPMorgan pays $6.60 a year per share and Bank of America $1.28. Yields depend on share prices; live figures are in the table above.
Why did Bank of America’s Q3 2026 profit fall?
It took a $1.2 billion non-deductible charge for anti-money-laundering consent orders with the OCC and FinCEN. Excluding the charge, net income was $8.1 billion.
How much capital do JPM and BAC hold?
JPMorgan’s standardized CET1 ratio was 13.9% and Bank of America’s 10.9% at the end of Q3 2026.