JP Morgan reported strong but uneven growth in its markets business in the fourth quarter of 2025, and CEO Jamie Dimon is bullish on the long-term outlook for the business.
“We have the best FICC business in the world, and one of the best equity businesses in the world,” Dimon said on a conference call, following the firm’s Q4 earnings report that showed 7% growth in fixed income and 40% growth in equities.
“We are growing the business by building technology, adding research, adding sales, doing a better job in parts of the world where we don’t have a great market share but someone else is doing better than us,” Dimon said. “The capital markets of the world are going to grow dramatically over the next 20 years.”
Also on the call, JP Morgan CFO Jeremy Barnum, said fixed income results were driven by strong performance in securitized products, rates, currencies, and emerging markets, though gains were “largely offset by lower revenue in credit trading.” In equities, Barnum cited “robust performance across the franchise, particularly in Prime.”
