JPMorgan Chase is far ahead of its rivals — but the bank is still running the race with an eye on its competition.

During the first half of the year, JPMorgan’s market value approached $800 billion, surpassing the combined values of its rivals Citigroup ($168 billion), Bank of America ($344 billion), and Wells Fargo ($260 billion). Within the same timeframe, the bank reported profits of $30 billion.

An article from Bloomberg on Wednesday highlighted that JPMorgan’s market value surge was largely due to its acquisition of First Republic Bank in May 2023. This acquisition expanded the bank’s scale and influence, solidifying its status as the largest bank in the U.S., with assets totaling $3.9 trillion at the time of the report.

On the other hand, JPMorgan’s competitors have encountered various challenges. For instance, Wells Fargo’s recent growth has been constrained by an asset cap introduced by the Federal Reserve in 2018. This restriction limited the bank’s total assets to $1.95 trillion as a disciplinary measure following a scandal related to the creation of fake customer accounts to achieve sales goals. The Federal Reserve removed the asset cap just last month.

Citigroup, meanwhile, has been in the middle of a significant, multi-billion-dollar tech overhaul aimed at improving legacy software systems, and Bank of America has faced losses that could top $100 billion on its bond portfolio.

Still, JPMorgan CEO Jamie Dimon isn’t ready to “just declare victory,” pointing out that the bank’s rivals are gaining ground.

“All of our major bank competitors are back growing and expanding,” Dimon said on an earnings call on Tuesday. “We’re quite cautious to just declare victory, like somehow we’re entitled to these returns forever.”

^{JPMorgan CEO Jamie Dimon. Photographer: Patrick Bolger/Bloomberg via Getty Images}

JPMorgan reported its second-quarter results on Tuesday, marking the sixth consecutive quarter of stronger-than-expected earnings. Reported revenue for the quarter was $44.9 billion, higher than the revenue of $43.8 billion that analysts expected. The bank’s net interest income, or the income it makes from loans and other products after interest payments, was $23.3 billion, up 2% year-over-year, while net income as a whole was $15 billion.

JPMorgan’s competitors are also reporting better-than-expected earnings. On Tuesday, Citi reported a net income of $4.02 billion, up 25% from the same period last year. The same day, Wells Fargo surpassed profit estimates with a net income of $5.49 billion, up from $4.91 billion a year prior.

On Wednesday, Bank of America beat estimates on earnings, with a net income of $7.1 billion compared to $6.9 billion a year prior, but was the only major U.S. bank to miss the mark on revenue.

JPMorgan shares were up over 19% year-to-date.

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