JPM 8-K: Smart Summary

On June 24, 2026, JPMorgan Chase & Co. released its company-run 2026 Dodd-Frank Act Stress Test (DFAST) results for both JPMorgan Chase & Co. and JPMorgan Chase Bank, National Association, covering a nine-quarter projection period from 1Q26 through 1Q28 under the Federal Reserve's Supervisory Severely Adverse Scenario. The results represent hypothetical estimates and do not represent JPMorganChase's forecasts of actual expected results. Under the stress scenario, JPMorganChase's CET1 ratio declined from 14.6% at 4Q25 to a projected minimum of 12.4%, remaining well above the 4.5% regulatory minimum.

• The 2026 Supervisory Severely Adverse Scenario was prescribed by the Federal Reserve on February 4, 2026, and assumes a hypothetical severe global recession with the following key economic variables: U.S. real GDP declining (4.6%) from 4Q25 to trough, U.S. unemployment rate peaking at 10.0%, 3-month Treasury yield troughing at 0.1%, 10-year Treasury yield troughing at 2.3%, BBB spreads rising 4.7% from 4Q25 to peak, stock market index declining (58%), house price index declining (30%), and CRE price index declining (39%)
• The stress test also includes two add-on components: (1) a global market shock applied to trading and certain fair-valued positions, with the 'as-of' date being any date during the business week of October 13-17, 2025, and (2) a counterparty default component assuming the unexpected default of the Firm's largest counterparty across derivatives and securities financing transactions
• JPMorgan Chase & Co. projected stressed capital ratios: CET1 ratio actual 4Q25 14.6%, projected 1Q28 14.4%, projected minimum 12.4%; Tier 1 risk-based capital ratio actual 4Q25 15.5%, projected 1Q28 15.3%, projected minimum 13.3%; Total risk-based capital ratio actual 4Q25 17.4%, projected 1Q28 17.5%, projected minimum 15.3%; Tier 1 leverage ratio actual 4Q25 6.9%, projected 1Q28 6.9%, projected minimum 6.2%; Supplementary leverage ratio actual 4Q25 5.8%, projected 1Q28 5.8%, projected minimum 5.3%
• JPMorgan Chase & Co. Basel III Standardized RWA increased from $1,982B at actual 4Q25 to $2,089B projected 1Q28; CET1 capital moved from $288B at 4Q25 launch point to $300B at 1Q28 end point, with key drivers including PPNR (pretax) +$136B, provision for credit losses (pretax) -$96B, trading and counterparty losses (pretax) -$11B, other losses (pretax) -$18B, OCI included in capital +$10B, RWA impact -$9B
• JPMorgan Chase & Co. nine-quarter cumulative (1Q26–1Q28) P&L projections: pre-provision net revenue $135.9B (2.9% of average assets), net interest income $235.2B (5.1%), noninterest income $136.2B (2.9%), noninterest expense $235.5B (5.1%), provision for credit losses $95.6B, credit losses on investment securities $0.2B, trading and counterparty losses $10.9B, other losses $17.8B, net income before taxes $11.4B (0.2%); other comprehensive income $9.8B; AOCI included in capital moved from $(2.9)B at 4Q25 to $6.9B at 1Q28
• JPMorgan Chase & Co. nine-quarter cumulative projected total loan losses were $70.2B (5.0% portfolio loss rate), with major components including: credit cards $27.1B (12.1%), commercial & industrial $26.2B (12.8%), commercial real estate domestic $7.2B (1.6%), first lien mortgages domestic $1.4B (0.5%), junior liens and home equity lines of credit domestic $0.1B (1.1%), other consumer $6.9B (4.5%), other $1.3B (1.8%)
• JPMorgan Chase Bank, N.A. projected stressed capital ratios: CET1 ratio actual 4Q25 15.3%, projected 1Q28 15.3%, projected minimum 13.2%; Tier 1 risk-based capital ratio actual 4Q25 15.3%, projected 1Q28 15.3%, projected minimum 13.2%; Total risk-based capital ratio actual 4Q25 16.5%, projected 1Q28 16.5%, projected minimum 14.4%; Tier 1 leverage ratio actual 4Q25 7.8%, projected 1Q28 7.7%, projected minimum 6.9%; Supplementary leverage ratio actual 4Q25 6.4%, projected 1Q28 6.4%, projected minimum 5.7%
• JPMorgan Chase Bank, N.A. nine-quarter cumulative (1Q26–1Q28) P&L projections: pre-provision net revenue $132.3B (3.3% of average assets), net interest income $226.3B (5.7%), noninterest income $120.8B (3.0%), noninterest expense $214.7B (5.4%), provision for credit losses $95.1B, credit losses on investment securities $0.2B, trading and counterparty losses $8.7B, other losses $13.3B, net income before taxes $15.1B (0.4%); other comprehensive income $10.4B; AOCI included in capital moved from $(2.2)B at 4Q25 to $8.2B at 1Q28
• In February 2026, the Federal Reserve announced that the Stress Capital Buffer (SCB) requirements for large banks, including JPMorganChase, will remain at current levels through September 30, 2027, with new requirements to be calculated in 2027 based on revised supervisory models incorporating public feedback; this report does not include further information on the Firm's 2026 SCB requirement
• Capital action assumptions applied per the DFAST Rule for the projection period include: no dividends on CET1 qualifying instruments; payments on additional tier 1 or tier 2 capital instruments equal to stated dividend, interest, or principal due; no redemption or repurchase of any capital instrument eligible for inclusion in regulatory capital ratio numerators; and no issuances of common stock or preferred stock