JPMorgan Q3 2025: Investment Banking Up ~17%, Markets Revenue Jumps ~25%

JPMorgan entered Q3 2025 with modest expectations: investment banking revenue was forecast to grow in the low double digits year-over-year, and markets-related revenue was expected to rise in the high teens. [1] These projections reflected optimism around deal-making rebounding—M&A and large IPO activity—despite global uncertainty from trade tensions and geopolitical risk. [1] The bank also noted strong pipelines, particularly in its advisory, underwriting, and equity capital markets businesses. [1]

When results were published, JPMorgan exceeded its guidance. Investment banking fees came in up ~16–17% YoY, driven by large gains in debt underwriting (up ~53%), modest growth in equity underwriting, and solid advisory performance. [5],[2] Markets revenue rose ~25% YoY, with fixed income up ~21% and equity markets up ~33%. [5] These results outpaced many analyst expectations (notably for IB fees), implying better-than-anticipated client demand and execution. [5],[10]

This performance suggests JPMorgan’s Commercial & Investment Bank (CIB) division is benefiting from several tailwinds: companies are engaging in more capital markets activity; underwriting and advisory demand is strong; trading desks are profiting from volatility and renewed investor engagement; and investment in personnel is translating into revenue gains. [1],[6]

Strategic implications include implications for capital allocation (e.g. hiring, technology, underwriting capacity), risk management (given rising compensation costs and market risk exposure), and competition risks (other banks are also seeing double-digit growth; JPM needs to maintain its competitive edge in sectors such as tech, energy, and ESG advisory). Sustaining momentum will depend on macro stability—especially interest rate trajectory, geopolitical risk, trade/tariff regimes—and maintaining cost discipline. Open questions include how much of the IB pipeline is committed vs forward-looking; how underwriting vs advisory mix will evolve; whether markets revenue can continue growing at this clip in less volatile conditions; and how expense inflation may erode margin expansion.