{"slug":"jpmorgan-chase","name":"JPMorgan Chase","name_en":"JPMorgan Chase","ticker":"JPM","updated_at":"2026-07-12T04:18:52.212+00:00","canonical":"https://valuechain.wiki/jpmorgan-chase","same_as":["https://finance.yahoo.com/quote/JPM","https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=19617"],"citable":"밸류체인 그래프 기준 JPMorgan Chase의 직접 연결 기업은 2곳(관계 기준 공급 2·매출 0)이고, 사슬을 2차까지 넓히면 2곳에 닿는다. 링크의 근거 출처는 4건이며 그중 1차공시가 2건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, JPMorgan Chase is directly linked to 2 companies (2 supply, 0 revenue relationships) and reaches 2 companies within two hops; the links are backed by 4 dated sources, 2 of them primary filings (as of 2026-07-12).","kicker":"뉴욕증시 · 미국 최대 은행 · AI 부채 대주+금리 시계","kicker_en":"NYSE · Largest US bank · AI-debt lender + rate clock","lead":"JP모건 체이스는 자산 4.4조 달러의 미국 최대 은행이자 세계에서 가장 돈을 많이 버는 은행으로, 2025 회계연도 순이익 570억 달러라는 기록을 세웠다. 핵심 엔진은 순이자이익 954억 달러로, 2.56조 달러 예금에서 벌어들이는 예대마진이며 연준 금리 시계에 따라 오르내린다. 동시에 데이터센터 부채 붐 뒤에 선 최대 대출·인수 기관 중 하나로, Vantage 데이터센터에 220억 달러 대출을 공동 주선했다.","lead_en":"JPMorgan Chase is the largest US bank by assets ($4.4 trillion) and the most profitable in the world, posting record FY2025 net income of $57.0 billion. Its core engine is net interest income of $95.4 billion, the spread it earns on $2.56 trillion of deposits, which rises and falls with the Fed's rate clock. It is also one of the biggest lenders and underwriters behind the data-center debt wave, co-leading a $22 billion loan for Vantage Data Centers.","segments":{"fy":2025,"parts":[{"desc":"예금·카드·주택/오토 대출. 2025 ROE 32%. 최대 카드 발급사","name":"CCB 소비자·커뮤니티 은행"},{"desc":"글로벌 IB 수수료 1위(월렛 8.4%). 상업은행 통합","name":"CIB 기업·투자은행"},{"desc":"AUM 4.8조(+18%), ROE 40%","name":"AWM 자산·자산관리"},{"desc":"재무·자기자본 포지션","name":"Corporate"}],"total":"자산 4.4조 달러 미국 최대 은행. FY2025 총순수익 1,824억 달러, 순이자이익(NII) 954억 달러(+3%), 순이익 570억 달러(사상 최대). 예금 2.56조.","source":"https://www.sec.gov/Archives/edgar/data/19617/000162828026008131/jpm-20251231.htm","concentration":"핵심 엔진 NII는 금리 시계. 데이터센터 부채 붐 최대 대주(Vantage $22B 공동주선). 2026 NII 가이던스 약 1,030억."},"segments_en":{"fy":2025,"parts":[{"desc":"Deposits, cards, home/auto loans. 2025 ROE 32%. Largest US card issuer","name":"CCB (Consumer & Community)"},{"desc":"#1 global IB fees (8.4% wallet); commercial banking merged in","name":"CIB (Commercial & Investment Bank)"},{"desc":"AUM $4.8T (+18%), ROE 40%","name":"AWM (Asset & Wealth Mgmt)"},{"desc":"Treasury and principal positions","name":"Corporate"}],"total":"Largest US bank, $4.4T assets. FY2025 total net revenue $182.4B, net interest income (NII) $95.4B (+3%), record net income $57.0B. Deposits $2.56T.","source":"https://www.sec.gov/Archives/edgar/data/19617/000162828026008131/jpm-20251231.htm","concentration":"Core engine NII is the rate clock. Largest lender behind the data-center debt wave (co-led Vantage's $22B loan). 2026 NII guided to ~$103B."},"returns_yearly":{"2021":27.7,"2022":-12.6,"2023":30.6,"2024":44.3,"2025":37.3,"2026":5.9},"return_asof":"2026-07-10","value_chain":{"leading":[],"benefiting":[{"slug":"visa","name":"Visa Inc","name_en":"Visa Inc","tier":1,"returns_yearly":{"2021":-0.3,"2022":-3.4,"2023":26.3,"2024":22.3,"2025":11.8,"2026":-0.1}},{"slug":"mastercard","name":"Mastercard Inc","name_en":"Mastercard Inc","tier":1,"returns_yearly":{"2021":1.2,"2022":-2.7,"2023":23.4,"2024":24.2,"2025":9,"2026":-7.3}}],"analysis":"자산 4.4조 달러의 미국 최대·세계 최고 수익 은행으로, FY2025 순이익 $570억(사상 최대)의 핵심 엔진은 2.56조 달러 예금에서 버는 순이자이익 $954억이라 연준 금리 시계에 실적이 오르내린다. 동시에 데이터센터 부채 붐 뒤에 선 최대 대출·인수 기관 중 하나로, Vantage 텍사스 캠퍼스에 MUFG와 220억 달러 대출을 공동 주선해 AI capex를 신용으로 매개하며 이자·인수수수료를 받는다. 성장 축은 IB 수수료 1위(월렛 8.4%)·AUM 4.8조(+18%) 자산관리이고, 리스크는 금리 하락 시 NII 축소와 데이터센터 신용 익스포저의 사이클 반전이다. 그래프상 이 노드는 소비·기업·AI 인프라에 자본을 대는 금융 척추로, 금리와 AI 신용 두 사이클에 동시 노출된다.","analysis_en":"The largest US bank ($4.4T assets) and the most profitable in the world, whose FY2025 record net income of $57.0B runs on net interest income of $95.4B earned on $2.56T of deposits — so results rise and fall with the Fed's rate clock. It is also one of the biggest lenders and underwriters behind the data-center debt wave, co-leading a $22B loan (with MUFG) for Vantage's Texas campus, intermediating AI capex through credit for interest and underwriting fees. Growth axes are #1 IB fees (8.4% wallet) and AWM (AUM $4.8T, +18%); risks are NII compression if rates fall and a cycle reversal in data-center credit exposure. On the graph, this node is the financial backbone funding consumers, corporates and AI infrastructure, exposed to both the rate and AI-credit cycles.","analysis_asof":"2026-07-09"},"edges":[{"direction":"revenue","counterparty":"순이자이익 (예대마진)","counterparty_slug":null,"confidence":"high","metric":{"type":"revenue","unit":"$M","basis":"net interest income","value":95443,"period":"FY2025","basis_en":"net interest income"},"note":"순이자이익(NII) FY2025 954억 달러(+3%) — 2.56조 예금 기반. 금리 시계의 핵심 라인. 2026 가이던스 약 1,030억.","note_en":"Net interest income FY2025 $95.4B (+3%) on $2.56T deposits, the rate-clock line. 2026 guided to ~$103B.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-13","url":"https://www.sec.gov/Archives/edgar/data/19617/000162828026008131/jpm-20251231.htm","title":"JPMorgan Chase FY2025 Form 10-K","title_en":"JPMorgan Chase FY2025 Form 10-K","excerpt":"순이자이익 95,443백만 달러(FY2025).","excerpt_en":"Net interest income $95,443M (FY2025)."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-01-13","url":"https://www.sec.gov/Archives/edgar/data/19617/000162828026001902/a4q25erfexhibit991narrative.htm","title":"JPMorgan Chase 4Q25 실적 발표(8-K 첨부)","title_en":"JPMorgan Chase 4Q25 Earnings Release (8-K exhibit)","excerpt":"Record full-year net income of $57.0 billion; net interest income $95.4 billion.","excerpt_en":"Record full-year net income of $57.0 billion; net interest income $95.4 billion."}]},{"direction":"cost","counterparty":"임직원 보상·기술 투자","counterparty_slug":null,"confidence":"high","metric":{"type":"cost","unit":"$M","basis":"compensation expense","value":54487,"period":"FY2025","basis_en":"compensation expense"},"note":"임직원 보상 FY2025 544.9억 달러. 2026 기술·AI 예산 약 198억 달러(내부 생성형AI LLM Suite).","note_en":"Compensation FY2025 $54.5B. 2026 technology & AI budget ~$19.8B (internal generative-AI LLM Suite).","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-13","url":"https://www.sec.gov/Archives/edgar/data/19617/000162828026008131/jpm-20251231.htm","title":"JPMorgan Chase FY2025 Form 10-K","title_en":"JPMorgan Chase FY2025 Form 10-K","excerpt":"보상비용 54,487백만 달러(FY2025).","excerpt_en":"Compensation expense $54,487M (FY2025)."}]},{"direction":"revenue","counterparty":"투자은행 수수료","counterparty_slug":null,"confidence":"high","metric":{"unit":"%","basis":"global IB wallet share","value":8.4,"basis_en":"global IB wallet share","qualifier":"ib_fees_rank_1"},"note":"글로벌 투자은행 수수료 1위(월렛 점유 8.4%).","note_en":"#1 in global investment-banking fees (8.4% wallet share).","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-01-13","url":"https://www.sec.gov/Archives/edgar/data/19617/000162828026001902/a4q25erfexhibit991narrative.htm","title":"JPMorgan Chase 4Q25 실적 발표(8-K 첨부)","title_en":"JPMorgan Chase 4Q25 Earnings Release (8-K exhibit)","excerpt":"#1 global investment banking fees with 8.4% wallet share.","excerpt_en":"#1 global investment banking fees with 8.4% wallet share."}]},{"direction":"cost","counterparty":"예금 이자비용","counterparty_slug":null,"confidence":"high","metric":{"basis":"$2.56T deposits","basis_en":"$2.56T deposits","qualifier":"deposit_interest"},"note":"2.56조 예금에 지급하는 이자(NII의 지급측). 금리 상승 시 확대.","note_en":"Interest paid on $2.56T of deposits (the paid side of NII), which rises with rates.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-13","url":"https://www.sec.gov/Archives/edgar/data/19617/000162828026008131/jpm-20251231.htm","title":"JPMorgan Chase FY2025 Form 10-K","title_en":"JPMorgan Chase FY2025 Form 10-K","excerpt":"예금 2,559,320백만 달러.","excerpt_en":"Total deposits $2,559,320M."}]},{"direction":"revenue","counterparty":"AI·데이터센터 부채 (Vantage·CoreWeave 등, 공동주선)","counterparty_slug":null,"confidence":"mid","metric":{"unit":"$B","as_of":"2025-08-20","basis":"Vantage data-center loan (co-lead)","value":22,"basis_en":"Vantage data-center loan (co-lead)","qualifier":"syndicated_co_lead"},"note":"데이터센터 부채 붐의 최대 주선사 중 하나 — Vantage 텍사스 캠퍼스에 MUFG와 220억 달러 대출 공동주선, 코어위브 신용라인 등. 이자·인수수수료 수취.","note_en":"One of the largest arrangers in the data-center debt wave, co-leading a $22B loan (with MUFG) for Vantage's Texas campus and CoreWeave facilities, earning interest and underwriting fees.","sources":[{"stance":"confirms","publisher":"DataCenterDynamics","publisher_en":"DataCenterDynamics","kind":"news","lang":"en","published_at":"2025-08-20","url":"https://www.datacenterdynamics.com/en/news/jpmorgan-and-mufg-close-to-securing-22bn-financing-for-vantages-texas-data-center-project/","title":"JP모건·MUFG, Vantage 텍사스 데이터센터에 220억 달러 대출 주선","title_en":"JPMorgan and MUFG close to securing $22bn financing for Vantage's Texas data center","excerpt":"JPMorgan and MUFG are close to underwriting a $22bn loan for the 1,200-acre campus.","excerpt_en":"JPMorgan and MUFG are close to underwriting a $22bn loan for the 1,200-acre campus."}]},{"direction":"cost","counterparty":"Visa Inc","counterparty_slug":"visa","confidence":"mid","metric":{"unit":"$T","as_of":"2024","basis":"2024 card purchase volume","value":1.344,"basis_en":"2024 card purchase volume","qualifier":"largest_us_card_issuer"},"note":"미국 최대 카드 발급사(6년 연속) — 2024년 매입액 1.344조 달러(17.3%). 체이스 카드 대부분이 비자 네트워크라 비자에 네트워크·수수료 지급.","note_en":"Largest US card issuer for the sixth straight year, with $1.344T of 2024 purchase volume (17.3%). Chase's cards run predominantly on Visa, paying Visa network/assessment fees.","sources":[{"stance":"confirms","publisher":"Nilson Report","publisher_en":"Nilson Report","kind":"news","lang":"en","published_at":"2025-03-06","url":"https://www.globenewswire.com/news-release/2025/03/06/3038338/0/en/JP-Morgan-Tops-Nilson-Report-Ranking-of-US-Credit-Card-Issuers.html","title":"닐슨 리포트: JP모건, 미국 최대 신용카드 발급사","title_en":"JP Morgan Tops Nilson Report Ranking of US Credit Card Issuers","excerpt":"For the sixth year in a row, JP Morgan Chase was the top issuer, based on more than $1.344 trillion in purchase volume.","excerpt_en":"For the sixth year in a row, JP Morgan Chase was the top issuer, based on more than $1.344 trillion in purchase volume."}]},{"direction":"cost","counterparty":"Mastercard Inc","counterparty_slug":"mastercard","confidence":"low","metric":{"as_of":"2026-01-13","qualifier":"secondary_issuer_apple_card"},"note":"마스터카드 네트워크 카드도 발급(부차적). 2026년부터 마스터카드 네트워크의 Apple Card 신규 발급사가 되어 마스터카드 물량 증가 예정.","note_en":"Also issues Mastercard-network cards (secondary). From 2026 it becomes the new issuer of the Apple Card, which runs on Mastercard, increasing its Mastercard volume.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-01-13","url":"https://www.sec.gov/Archives/edgar/data/19617/000162828026001902/a4q25erfexhibit991narrative.htm","title":"JPMorgan Chase 4Q25 실적 발표(8-K 첨부)","title_en":"JPMorgan Chase 4Q25 Earnings Release (8-K exhibit)","excerpt":"Looking ahead, we are excited to become the new issuer of the Apple Card.","excerpt_en":"Looking ahead, we are excited to become the new issuer of the Apple Card."}]}]}