Skip to the lesson
Back to the home page and map, from TryOwning · JPMorgan Chase · Lesson 3
Part 1 of 3Part 1 of 3, 0 done

JPMorgan Chase · 2025 report · 11 min

When interest rates move

In 2022 and 2023 the Federal Reserve raised interest rates fast. JPMorgan's interest gap grew by billions. Silicon Valley Bank didn't survive, and JPMorgan ended up buying another bank that failed. Same rates, very different endings.

$BANK$%$%
Ticket 01 · The guess

What did rising rates do to the gap?

From March 2022 to July 2023, the Federal Reserve, the US central bank, raised its key interest rate from near zero to 5.25–5.50%federalreserve.gov ·2026. Banks' rates on loans and deposits followed.

JPMorgan Chase's net interest income, what it earns in interest minus what it pays, was $52.3Bsec.gov ·2023 in 2021. What do you think it was in 2023?

$120B
$40B$140B
Words to know

Spot something wrong?

Tell us what looks off. No name or email needed.

What kind of problem?

0 / 1000

We'll also send this page, the lesson, ticket 1, so we can find it. Nothing else. Privacy

·
Sources and every number (3)

Sources

  • Open Market Operations: changes in the target range for the federal funds rate · Board of Governors of the Federal Reserve System, 2026
  • JPMorgan Chase & Co. Form 10-K for the fiscal year ended December 31, 2023 (income statement for 2021–2023) · JPMorgan Chase & Co. (filed with the U.S. SEC), 2023
  • JPMorgan Chase & Co. Form 10-K for the fiscal year ended December 31, 2025 · JPMorgan Chase & Co. (filed with the U.S. SEC), 2025

Every number

  • 5.25–5.50%federalreserve.gov ·2026 · The federal funds target range from late July 2023, the top of the rises that began in March 2022 (Federal Reserve, open market operations).
  • $52.3Bsec.gov ·2023 · Net interest income, 2021 (income statement in the Form 10-K for 2023).
  • $89.3Bsec.gov ·2023 · Net interest income, 2023 (income statement in the Form 10-K for 2023).
  • $95.4Bsec.gov ·2025 · Net interest income, 2025 (income statement).
  • $37Bsec.gov ·2023 · Worked out: net interest income in 2023 minus 2021 (income statement in the Form 10-K for 2023).
  1. Lessons›
  2. Big companies›
  3. Banks
  • ·Before this: How JPMorgan is organized
  • ·Next: Swipe fees and rewards
  • ·Free guide: How banks make money
Skip to the lesson
Back to the home page and map, from TryOwning · JPMorgan Chase · Lesson 3
Part 1 of 3Part 1 of 3, 0 done

JPMorgan Chase · 2025 report · 11 min

When interest rates move

In 2022 and 2023 the Federal Reserve raised interest rates fast. JPMorgan's interest gap grew by billions. Silicon Valley Bank didn't survive, and JPMorgan ended up buying another bank that failed. Same rates, very different endings.

$BANK$%$%
Ticket 01 · The guess

What did rising rates do to the gap?

From March 2022 to July 2023, the Federal Reserve, the US central bank, raised its key interest rate from near zero to 5.25–5.50%federalreserve.gov ·2026. Banks' rates on loans and deposits followed.

JPMorgan Chase's net interest income, what it earns in interest minus what it pays, was $52.3Bsec.gov ·2023 in 2021. What do you think it was in 2023?

$120B
$40B$140B
Words to know

Spot something wrong?

Tell us what looks off. No name or email needed.

What kind of problem?

0 / 1000

We'll also send this page, the lesson, ticket 1, so we can find it. Nothing else. Privacy

·
Sources and every number (3)

Sources

  • Open Market Operations: changes in the target range for the federal funds rate · Board of Governors of the Federal Reserve System, 2026
  • JPMorgan Chase & Co. Form 10-K for the fiscal year ended December 31, 2023 (income statement for 2021–2023) · JPMorgan Chase & Co. (filed with the U.S. SEC), 2023
  • JPMorgan Chase & Co. Form 10-K for the fiscal year ended December 31, 2025 · JPMorgan Chase & Co. (filed with the U.S. SEC), 2025

Every number

  • 5.25–5.50%federalreserve.gov ·2026 · The federal funds target range from late July 2023, the top of the rises that began in March 2022 (Federal Reserve, open market operations).
  • $52.3Bsec.gov ·2023 · Net interest income, 2021 (income statement in the Form 10-K for 2023).
  • $89.3Bsec.gov ·2023 · Net interest income, 2023 (income statement in the Form 10-K for 2023).
  • $95.4Bsec.gov ·2025 · Net interest income, 2025 (income statement).
  • $37Bsec.gov ·2023 · Worked out: net interest income in 2023 minus 2021 (income statement in the Form 10-K for 2023).
  1. Lessons›
  2. Big companies›
  3. Banks
  • ·Before this: How JPMorgan is organized
  • ·Next: Swipe fees and rewards
  • ·Free guide: How banks make money