JPMorgan Raises Income Outlook As Bond Trading Slips Thornton McEnery Tue, October 13, 2026 at 9:00 AM EDT 2 min read NVDA -0.63% JPM +0.69% Explore stocks on Coinbase Trading disclosure Trading disclosure The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
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Nobody on Wall Street can tell you a mixed quarter was great and the world might end in the same morning quite like Jamie Dimon.
The great part of JPMorgan's third quarter results, per CEO Dimon, was "another quarter of strong results," and parts of it were. Stock traders had their best third quarter ever, up 49% to nearly $5 billion. Net interest income beat and got a raise, with the bank now penciling in about $106 billion for the year and about $107 billion for next year, both ahead of what analysts had. Investors heard that part loudest, and shares shook off an early drop to trade up 1%.
The parts Dimon spent less time on were the bond desk, which had its first down quarter in more than two years and came in about half a billion dollars light, and the cost line, which grew 12% in a quarter when revenue grew 8%, the kind of math that gets analysts writing sternly worded notes. JPMorgan raised its full-year expense forecast, set aside another $539 million for loans that might go bad, and cut back on buybacks.
Higher yields knock down the value of bonds already out there, which cools the appetite for trading them, and they fatten what a bank earns on its loans, so the Fed's September hike took from the bond desk and handed it to the lending side.
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In the release, the $658 million in securities losses were "discretionary," a word we plan to use the next time someone asks about our expense report, and leaving them out gets you a 21% return on tangible equity. Investment banking activity "did moderate somewhat," which in Dimon means fees landed at the low end of the range the bank floated a month ago. And the buyback cut came "in line with our hierarchy," which sounds like something a monk says right before skipping dessert.
Then he checked the sky. Fiscal deficits, sticky inflation, elevated asset prices, rising rates, and geopolitics "continue to shift under the surface," Dimon wrote, and while "these forces may be manageable," the bank remains "prepared for a wide range of outcomes," delivered with the calm of a man who keeps a go-bag by his office door, packed and labeled. Jamie, you just raised your income forecast.
