JPMorgan Chase delivered a resilient QQ1 2025 with net income of $14.6 billion on revenue around $46 billion, accompanied by an ROTCE of 21% and EPS of $5.07, aided by a $588 million First Republic gain disclosed in the period. The quarter showcased a diversified earnings engine across segments: CCB, CIB, and AWM each contributed meaningfully to profitability, while the Markets unit benefited from elevated activity with revenue up 21% year over year. Core operating momentum was tempered by net interest income (NII) dynamics; NII ex Markets declined about 2% year over year due to lower rates and deposit margin compression, offset somewhat by higher card revolving balances, asset management fees, and stronger advisory and underwriting activity. Management signaled a cautious macro backdrop, emphasizing a wait‑and‑see environment for corporate clients, and highlighted the structural strength of the balance sheet and liquidity as key anchors for client support during volatility. Looking ahead, JPMorgan reaffirmed a structured full-year NII framework (NII ex Markets ~ $90B; firm NII ~ $94.5B) and a target expense level around $95B, with card net charge-offs anticipated near 3.6%, while reiterating the potential upside from ongoing investment in capabilities and the importance of regulatory reform for capital deployment efficiency.