JPMorgan Chase 8-K

Summary

JPMorganChase’s 2026 Dodd-Frank stress-test results. Under the Federal Reserve’s hypothetical severely adverse scenario, the company-run projections cover 1Q26–1Q28; they are not forecasts of actual results or capital ratios. The results show modeled capital levels and losses under a severe global recession scenario, rather than a change to the Firm’s outlook.

Key Figures

• Scenario assumptions include a 4.6% peak-to-trough decline in U.S. real GDP, a 10.0% peak unemployment rate and a 58% decline in the stock market index.
• JPMorganChase’s minimum stressed capital ratios during 1Q26–1Q28: common equity tier 1 12.4%, Tier 1 risk-based 13.3%, total risk-based 15.3%, Tier 1 leverage 6.2% and supplementary leverage 5.3%. The common equity tier 1 minimum compares with the 4.5% regulatory minimum.
• JPMorgan Chase Bank, N.A.’s minimum stressed ratios: common equity tier 1 13.2%, Tier 1 risk-based 13.2%, total risk-based 14.4%, Tier 1 leverage 6.9% and supplementary leverage 5.7%.
• Nine-quarter cumulative projections for JPMorganChase: pre-provision net revenue $135.9B, provision for credit losses $95.6B and net income before taxes $11.4B. Projected cumulative loan losses are $70.2B, a 5.0% portfolio loss rate.
• Nine-quarter cumulative projections for JPMorgan Chase Bank, N.A.: pre-provision net revenue $132.3B, provision for credit losses $95.1B and net income before taxes $15.1B.

Investor Takeaways

• The Federal Reserve plans to calculate new stress capital buffer requirements in 2027 using revised supervisory models; current requirements remain in place through 9/30/2027.