The US banking giant J.P. Morgan has solidified its leadership position, with its US banking subsidiary generating nearly one-fifth of the industry’s profits in the first nine months of the year. According to the Financial Times, the bank earned $38.9 billion in profit during this period, accounting for approximately 18% of the total industry profits. This figure surpasses the combined profits of its competitors Citigroup and Bank of America. If J.P. Morgan can maintain this momentum throughout the year, it will achieve its highest share of industry profits since 2009.

The report highlights that these figures do not include J.P. Morgan’s earnings from its corporate and retail banking divisions, as well as certain parts of its investment banking and trading activities, which is not the case for all of its rivals. However, the data demonstrates the profitability of J.P. Morgan’s acquisition of First Republic, a California-based lender that went bankrupt in March. Following the acquisition, J.P. Morgan earned nearly 20 cents per dollar of US banking industry profits in its quarterly results, compared to 12 cents in the same quarter of the previous year.

Under CEO Jamie Dimon’s leadership, J.P. Morgan initially held approximately 8% of US bank deposits, placing it behind Bank of America and slightly ahead of Citigroup, according to the Financial Times. However, the bank now holds deposits amounting to $2.5 trillion, which represents over 13% of the industry’s total deposits. This surpasses Bank of America, whose share of deposits has only marginally increased during this period.

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Information	Details
Geography	North America
Countries	🇺🇸
Sentiment	very positive
Relevance Score	1
People	Jamie Dimon
Companies	J.P. Morgan, Bank of America, Citigroup, First Republic
Currencies	None
Securities	None