JPM vs WFC: How JPMorgan Chase and Wells Fargo Compare (2026)

Same yardstick, side by side (as of July 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: WFC is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. JPM and WFC share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined JPM and WFC exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

JPMorgan Chase (NYSE: JPM) is a leading global financial services firm with $4.4 trillion in assets, operating under the J.P. Morgan and Chase brands. The company earns revenue across four core segments: Consumer and Community Banking (retail accounts, mortgages, credit cards, and auto loans), the Commercial and Investment Bank (trading, investment banking, payments, and wholesale lending), Asset and Wealth Management (investment advisory and private banking), and Corporate. In fiscal year 2025, total net revenue reached ~$182 billion, with net interest income of ~$95 billion and noninterest revenue of ~$87 billion, while full-year net income was ~$57.5 billion and earnings per share came in at $20.02. The bank holds the number one position in U.S. retail deposit market share and is the primary bank for U.S. small businesses.

Full JPM guide

Wells Fargo & Company (NYSE: WFC) is one of the largest financial institutions in the United States, with roughly $1.9-2.0 trillion in assets and operations organized into four segments: Consumer Banking and Lending (checking, savings, mortgages, auto loans, and credit cards), Commercial Banking (lending and treasury services for middle-market companies), Corporate and Investment Banking (markets trading, banking, and lending for large clients), and Wealth and Investment Management (advisory and private banking). The bank makes money in two broad ways: net interest income, the spread between what it earns on loans and securities and what it pays on deposits, which was roughly $47.7 billion in 2025, and noninterest fee income from cards, investment banking, trading, wealth management, and deposit services.

Full WFC guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• JPM drivers: Scale and diversification across every part of banking; Trading and investment banking momentum.
• WFC drivers: Asset cap removal unlocks balance-sheet growth; Turnaround economics and rising returns.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: The most direct risk is compression in net interest income, the bank's single largest revenue line: JPMorgan already trimmed its full-year 2026 NII guidance from $104.5 billion to ~$103 billion in April 2026, and further rate cuts could reduce that figure. For WFC, wells Fargo is highly sensitive to interest rates: net interest income is its single largest revenue line (about $47.7 billion in 2025), so falling rates or deposit repricing can compress earnings, and 2025 revenue was roughly flat partly because of lower net interest income.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick JPM if you believe its drivers more; WFC if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the JPM and WFC guides.

JPM. JPMorgan's current TTM P/E of roughly 16x sits at the high end of its own five-year range (which averaged ~11.8x from 2021-2025) and about 23% above the broader financial services sector average, reflecting the premium investors have assigned to its scale, earnings consistency, and capital return capacity. The 20% full-year 2025 ROTCE is one of the highest among large global banks and underpins the thesis that scale and diversification translate into superior returns on equity. However, with NII guidance edged down for 2026 and credit loss provisions rising, the path to further multiple expansion is narrower than it was a year ago.

WFC. Reading a large bank means looking past a single earnings number to a handful of structural metrics. Return on tangible common equity (ROTCE) shows how efficiently the bank turns shareholder capital into profit; Wells Fargo's ~14.6% in 2025 trails best-in-class peers but is rising toward its 17-18% target. The efficiency ratio (costs as a share of revenue, running in the mid-60s percent) measures how lean the operation is, and net interest income tracks the rate-sensitive core of profitability. The CET1 ratio (~10.6%) gauges capital strength and how much room exists for buybacks and dividends, and Wells Fargo has been returning large amounts of capital. The distinctive upside here is the 2025 asset-cap removal, which lifts a structural lid on growth that constrained the bank for seven years; the open question is how much of that future growth is already reflected in the share price.

Headline figures (approximate, 2026-06-27): JPM shows revenue (ttm) ~$187 billion, full-year 2025 net revenue ~$185 billion, full-year 2025 net income ~$57.5 billion, eps (ttm) ~$20.88; WFC shows full-year 2025 total revenue ~$82 billion, full-year 2025 net income ~$21.3 billion (up ~8%), full-year 2025 diluted eps $6.26 (up ~17%), return on tangible common equity (fy2025) ~14.6% (target ~17-18% medium-term).

JPM and WFC are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined JPM and WFC exposure against your real portfolio. It is not an investment adviser.