JPMorgan Chase’s second quarter showcased resilience in a complex environment, as management highlighted robust activity in investment banking and markets, alongside increased lending across wholesale and card portfolios. The company attributed its performance to broad-based growth, with particular strength in card services and asset and wealth management. CFO Jeremy Barnum pointed to higher revolving balances and continued account acquisition in the card business, as well as strong net inflows in asset management. CEO Jamie Dimon emphasized that, despite some segment variability, “essentially every part of the company is firing,” driven by organic growth and investments across business lines.

Is now the time to buy JPM? Find out in our full research report (it’s free).

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions JPMorgan Chase’s Q2 Earnings Call

• Christopher McGratty (QBW) asked about management's stance on financial deregulation and capital deployment. CFO Jeremy Barnum reiterated that all capital allocation options remain open, including organic and inorganic growth, but acquisitions face a high strategic and cultural bar.
• Betsy Graseck (Morgan Stanley) questioned the drivers behind increased wholesale lending and the bank’s approach to stablecoins and open banking. Barnum described broad-based lending activity and emphasized involvement in both deposit tokens and stablecoins, while clarifying that open banking pricing should prioritize customer rights and liability clarity.
• Steven Alexopoulos (TD Cowen) inquired whether JPMorgan would consider acquiring a large language model (LLM) or similar AI technology. CEO Jamie Dimon and Barnum responded that the company will use such technology but sees no need to own one outright, preferring to leverage its own data and expertise.
• Ebrahim Poonawala (Bank of America Merrill Lynch) asked about credit quality trends in the middle market and consumer segments. Barnum stated that consumer credit remains solid, with only minor stress in lower income bands, while commercial credit is stable but closely monitored for sector-specific risks.
• John McDonald (Truist Securities) sought clarification on the apparent uptick in consumer non-performing assets, to which Barnum explained that technical factors related to wildfire forbearance in the Los Angeles area were responsible, with little actual loss expected.

Catalysts in Upcoming Quarters

In the months ahead, the StockStory team will focus on (1) deposit and loan growth trends across consumer and wholesale segments, (2) further development and uptake of digital payments and tokenization initiatives, and (3) the impact of evolving regulatory policies—including capital requirements and liquidity rules—on capital deployment and profitability. Execution on technology investments and the bank’s ability to sustain momentum in investment banking and markets will also be closely watched.

JPMorgan Chase currently trades at $291.47, up from $288.58 just before the earnings. In the wake of this quarter, is it a buy or sell? See for yourself in our full research report (it’s free).

The Best Stocks for High-Quality Investors

Donald Trump’s April 2024 "Liberation Day" tariffs sent markets into a tailspin, but stocks have since rebounded strongly, proving that knee-jerk reactions often create the best buying opportunities.

The smart money is already positioning for the next leg up. Don’t miss out on the recovery - check out our Top 5 Growth Stocks for this month. This is a curated list of our High Quality stocks that have generated a market-beating return of 183% over the last five years (as of March 31st 2025).

Stocks that made our list in 2020 include now familiar names such as Nvidia (+1,545% between March 2020 and March 2025) as well as under-the-radar businesses like the once-micro-cap company Kadant (+351% five-year return). Find your next big winner with StockStory today.

StockStory is growing and hiring equity analyst and marketing roles. Are you a 0 to 1 builder passionate about the markets and AI? See the open roles here.