JP Morgan Chase & Co. Q4 2025: Strategic pain for the biggest bank - 1.13.2026 (005)

Jamie Dimon usually walks into earnings season like he owns the place, but this quarter, the rent just went up. In this episode of Earnings Unscripted, Susie and Miro break down a messy Q4 for JPMorgan Chase where Net Income dropped 10% and the stock surrendered its recent gains. The headline? A massive "Trust Me Tax." Dimon is guiding for a staggering $105 billion in expenses for 2026—bucking the industry trend of efficiency—and asking investors to have faith in the vision without seeing all the receipts. 📉We dig past the surface numbers to explain the "strategic pain" behind the $2.2 billion Apple Card reserve and why the bank is voluntarily taking a hit now to clean up the books for later. Plus, we analyze JPM’s defensive slide on "shadow banking" and how the trading desk saved the quarter while investment bankers hit the snooze button. Is this hubris or a masterclass in long-term renovations? Tune in for the unfiltered take on the biggest bank in the world. 🏦