JPMorgan, Bank of New York Mellon muted despite Q4 beat

Summary

CNBC's Leslie Picker reviews Q4 earnings from JPMorgan and Bank of New York Mellon. JPMorgan shares fell about 3% as the Apple credit card portfolio purchase and reserve build pressured EPS, though markets revenue was strong and 2026 net interest income guidance topped expectations. BNY Mellon beat top and bottom lines, reported record annual revenue and net income, and raised efficiency targets, but its shares were flat. The segment also covers credit-card rate-cap concerns and Jamie Dimon's comments on Fed independence.

• JPMorgan reported Q4 results complicated by the Apple credit card portfolio purchase and a multi-billion-dollar reserve build.
• JPMorgan shares fell about 3%; markets revenue was strong, but investment banking fees missed guidance and loan-growth commentary was mixed.
• JPMorgan reiterated expense guidance and guided to 2026 net interest income above Street expectations.
• Bank of New York Mellon beat Q4 top and bottom lines, posted record annual revenue and net income, and raised return-on-tangible-common-equity and pre-tax margin targets.
• BNY Mellon shares traded roughly flat despite the positive results and raised guidance.
• JPMorgan executives warned a credit-card interest-rate cap would be very negative for consumers, and Jamie Dimon said eroding Fed independence would raise inflation expectations and rates over time.