Jpmorgan Chase &reason 04 of 4it makes it for less than anyone else canderived 2026-09-11accession 0001628280-26-054343
The Firm's average interest-earning assets were $4.3 trillion, up $442 billion, and the yield was 4.75%
For the second quarter of 2026, JPMorganChase reported net income of $21.2 billion, with ROE of 24% and ROTCE of 29%
Noninterest expense was $27.3 billion, up 15%, predominantly driven by higher compensation expense as a result of higher revenue-related compensation, wage inflation and growth in the number of employees
two findings, in the order they were read
Noninterest expense increased from $26.9 billion (up 14%) to $27.3 billion (up 15%), with wage inflation now explicitly cited as a driver alongside higher revenue-related compensation and employee growth.
The report says this changed. It does not say whether that is good or bad, so neither do we.
before · MD&A · 2026-03-31 → 2026-06-30
“Noninterest expense was $26.9 billion, up 14%, predominantly driven by higher compensation expense, including higher revenue-related compensation and growth in the number of employees”
→ after
this sentence is in the evidence below · not printed twice
Noninterest expense rose 11.7%, consistent with the stated 15% increase in consolidated noninterest expense driven by higher revenue-related compensation, wage inflation, and employee growth.
the sentence · figures · latest period
“Noninterest expense: 611.0 (+11.7%)”
the phrase the reading rests on
Noninterest expense: 547.0
the evidence · every sentence checkedthree sentences · whole, uncut
the claims it rests on
“The Firm's average interest-earning assets were $4.3 trillion, up $442 billion, and the yield was 4.75%”
“For the second quarter of 2026, JPMorganChase reported net income of $21.2 billion, with ROE of 24% and ROTCE of 29%”
“Noninterest expense was $27.3 billion, up 15%, predominantly driven by higher compensation expense as a result of higher revenue-related compensation, wage inflation and growth in the number of employees”