JPM · 10-Q · 2026Q2 · Full report
Operating Expense Trends
JPMORGAN CHASE & CO · 2026-08-06 · Importance 54 · Surprise 40 · No source text
Firmwide managed noninterest expense increased 14% year over year to $54.2 billion for the six months ended June 30, 2026, and increased 15% to $27.3 billion in the second quarter. CCB first-half expense rose 12% to $22.1 billion, CIB expense rose 16% to $22.5 billion, and AWM expense rose 12% to $8.4 billion. CCB expense growth reflected continued marketing and technology investment, higher auto lease depreciation, higher legal expense and increased compensation for advisors and bankers. CIB and AWM expense growth primarily reflected higher revenue-related compensation, while CIB also incurred higher brokerage expense and AWM incurred higher distribution fees.
Key facts
- Outlook guidance provided on July 14, 2026: management expects adjusted expense for full-year 2026 to be approximately $107.5 billion (market dependent) source
- Total noninterest expense was $27,316 million for the three months ended June 30, 2026 and $23,779 million for the three months ended June 30, 2025. source
- For the six months ended June 30, 2026, total noninterest expense was $54,166 million versus $47,376 million for the six months ended June 30, 2025. source
- Compensation expense was $15,159 million for the three months ended June 30, 2026 and $13,710 million for the three months ended June 30, 2025. source
- Total noninterest expense for the three months ended June 30, 2026: $27,316 million, versus $23,779 million in the prior-year period source
- Noninterest expense components for the three months ended June 30, 2026: compensation expense $15,159 million; technology, communications and equipment $3,107 million; professional and outside services $3,855 million; marketing $1,670 million; occupancy $1,482 million; other expense $2,043 million source
- Compensation expense year-to-date for six months ended June 30, 2026: $30,498 million, versus $27,803 million in prior-year period source
- Accrual of estimated costs of share-based awards to be granted in future periods for three months ended June 30, 2026: $1,441 million; for six months ended June 30, 2026: $1,208 million. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| operating_income | negative | realized | -11.8% | For the six months ended June 30, 2026, total noninterest expense was $54,166 million versus $47,376 million for the six months ended June… |
| operating_income | negative | realized | -6.2% | Total noninterest expense was $27,316 million for the three months ended June 30, 2026 and $23,779 million for the three months ended June… |
| operating_income | negative | realized | -4.7% | Compensation expense year-to-date for six months ended June 30, 2026: $30,498 million, versus $27,803 million in prior-year period |
| operating_income | negative | realized | -2.5% | Compensation expense was $15,159 million for the three months ended June 30, 2026 and $13,710 million for the three months ended June 30,… |
| operating_income | negative | committed | — | Outlook guidance provided on July 14, 2026: management expects adjusted expense for full-year 2026 to be approximately $107.5 billion… |
| operating_income | negative | realized | — | Noninterest expense components for the three months ended June 30, 2026: compensation expense $15,159 million; technology, communications… |