Banking: who supplies, buys from and competes with JPMorgan Chase
15 companies in 9 groups, centered on JPMorgan Chase. Each company below says what it does and why it matters here, and each relationship says what flows between two companies; dollar figures name the filing or release they come from. On the interactive map, prices and company figures refresh with the market.
The Vault · The Big Four · Wall Street · The Card War · The Rails · The Shadow Banks · The Neobanks · The Referee · The Borrower · Relationships
The Vault
Where the money comes from — the cheapest funding there is
The Depositors
The four banks in the next column held $7.7T of deposits at June 30, 2026 (Q2 2026 10-Qs of JPMorgan, Bank of America, Wells Fargo and Citi). The spread between what banks pay depositors and what they charge borrowers is the industry’s profit engine — and the thing every neobank and stablecoin is trying to steal.
The Big Four
The money-center banks with $7.7T of deposits between them
JPM — JPMorgan Chase
The center of the map: the biggest deposit base of the Big Four, $2.71T at June 30, 2026 (JPMorgan 10-Q Q2 2026), and #1 in global investment-banking fees with an 8.4% wallet share in 2025 (JPMorgan 10-K 2025, citing Dealogic) — a "fortress balance sheet" that has turned crises into share gains, most recently with the 2023 First Republic acquisition.
Why it matters: The bank everyone else on this map is measured against: the rivals want its wallet share, the rails and card networks want its volume, the shadow banks want its loan book, and the neobanks want its depositors.
Outlook: Net interest income of $95.4B made up just over half of 2025’s $182.4B of revenue (JPMorgan 10-K 2025). It is putting $50B of its own balance sheet into direct lending (JPMorgan release, 2025-02-24), opened its JPMD deposit token to institutional clients on the Base blockchain (The Block, 2025-11-12), and agreed to take over the Apple Card from Goldman (JPMorgan 10-K 2025).
Check the data: Yahoo Finance quote & financials · Find SEC filings
BAC — Bank of America
The consumer-deposit giant: $2.03T of deposits at June 30, 2026 (Bank of America 10-Q Q2 2026), the Erica AI assistant, and the Merrill wealth franchise, run by Brian Moynihan on "responsible growth" — with net interest income up 8% to $16.4B in the third quarter of 2026 (Bank of America Q3 2026 release).
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WFC — Wells Fargo
The comeback story: regulators removed its asset cap in 2025 (Wells Fargo 10-K 2025), freeing Charlie Scharf to grow a balance sheet with $1.50T of deposits (Wells Fargo 10-Q Q2 2026), rebuild the card and investment-banking businesses, and chase the returns its deposit franchise always deserved.
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C — Citigroup
The global one: Jane Fraser’s multi-year transformation stripped out consumer businesses abroad, agreed to sell a 25% stake in Mexico’s Banamex, and is rebuilding around Services, which grew 15% in the third quarter of 2026 (Citi Q3 2026 release) — on $1.49T of deposits (Citi 10-Q Q2 2026).
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Wall Street
The fee machines — deals, trading, and the wealthy
GS — Goldman Sachs
The purest Wall Street franchise: Global Banking & Markets brought in $41.5B of its $58.3B of 2025 net revenues, alongside a growing asset and wealth arm — after retreating from consumer banking and agreeing in December 2025 to move the Apple Card to another issuer (Goldman Sachs 10-K 2025).
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MS — Morgan Stanley
The wealth-management machine: E*Trade, Eaton Vance, and $10.5T of client assets across wealth and investment management at September 30, 2026 (Morgan Stanley Q3 2026 release) give it a steady fee stream, with the investment bank and trading desk as the cyclical kicker under Ted Pick.
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The Card War
The premium-card arms race and the issuer who bought a network
AXP — American Express
The premium-card incumbent and a closed-loop network in one: its US Consumer and Business Platinum Card refreshes (American Express 10-K 2025) are the answer to Chase Sapphire — the two fight over the same affluent spender with lounges, credits, and ever-higher annual fees.
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COF — Capital One
The issuer that bought a network: Discover merged into Capital One on May 18, 2025 for $51.8B of total purchase consideration (Capital One 10-K 2025), giving it its own payment rails — a direct challenge to Visa and Mastercard as well as to Chase.
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The Rails
The toll roads every card swipe runs on
V — Visa
The biggest toll road in finance: Visa runs the network most US bank cards ride on, including Chase volume moved onto it under a renewable 10-year partnership signed in 2013 (Visa release, 2013-02-26), and takes a sliver of every swipe.
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MA — Mastercard
The other half of the duopoly, with a services business (fraud, data, consulting) layered on the network — and the same regulatory targets on its back: interchange caps, the Credit Card Competition Act, and Capital One’s Discover network.
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The Shadow Banks
Private credit and stablecoins — lending and dollars outside the perimeter
BX — Blackstone
The alternative-asset giant, with $1.35T of assets under management at June 30, 2026 (Blackstone Q2 2026 release), and a face of private credit: its funds make the leveraged loans, real-estate loans, and asset-backed deals that used to sit on bank balance sheets — with none of the bank capital rules.
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APO — Apollo
The most bank-like of the alternatives: Athene’s insurance balance sheet funds direct lending to companies — and the $25B private-credit program with Citi (Citi and Apollo release, 2024-09-26) shows the banks would rather share the loan than lose it.
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CRCL — Circle
Issuer of USDC, the regulated dollar stablecoin: the GENIUS Act, signed into law, creates a federal regime for payment stablecoins (Circle 10-K 2025), and every dollar parked in USDC is a dollar that isn’t a bank deposit — which is why JPMorgan launched a deposit token of its own.
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The Neobanks
Fee-free, app-first, and coming for the next generation of depositors
SOFI — SoFi
The neobank with a real charter: student-loan refinancing grew into a full digital bank (deposits, cards, investing, crypto) targeting high-earning millennials — the same customer Chase and Amex want — with a loan platform that sells originations to the shadow banks next door.
Check the data: Yahoo Finance quote & financials · Find SEC filings
CHYM — Chime
The fee-free challenger for everyone the big banks charge overdraft fees: listed in a June 2025 IPO (Chime 10-K 2025), built on early paycheck access and no-fee checking, running on partner-bank charters and interchange revenue rather than a lending book.
Check the data: Yahoo Finance quote & financials · Find SEC filings
The Referee
Rates, capital rules, and the stress tests that set the rules of the game
The Fed / OCC / CFPB
Sets the rate that sets net interest income, runs the stress tests that set buybacks, and writes the capital rules — and in 2025 removed the asset cap that had boxed in Wells Fargo (Wells Fargo 10-K 2025).
The Borrower
Where the money ultimately comes from
Main Street
Households and businesses paying interest on mortgages, cards, auto loans, and commercial loans — the source of net interest income, the biggest line on JPMorgan’s and Bank of America’s income statements.
Wall Street Clients
Corporations, governments, and institutions paying fees for deals, debt and equity issuance, trading, custody, and treasury services — the wallet Goldman, Morgan Stanley, and JPMorgan’s investment bank divide up every year.
Relationships on the map
- The Depositors supplies JPMorgan Chase — $2.71T of deposits
The largest deposit base of the four, $2.71T at June 30, 2026 (JPMorgan 10-Q Q2 2026) — the cheap funding under the fortress balance sheet. - The Depositors supplies Bank of America — $2.03T of deposits
A consumer-heavy deposit base of $2.03T at June 30, 2026 (Bank of America 10-Q Q2 2026). - The Depositors supplies Wells Fargo — $1.50T of deposits
A branch-heavy retail deposit franchise of $1.50T at June 30, 2026 that the asset cap kept from being fully deployed until 2025 (Wells Fargo 10-Q Q2 2026; Wells Fargo 10-K 2025). - The Depositors supplies Citigroup — $1.49T of deposits
More institutional and international than the others: $1.49T of deposits at June 30, 2026, much of it corporate operating cash from the Services franchise (Citi 10-Q Q2 2026). - JPMorgan Chase competes with Bank of America — The deposit crown
The two biggest deposit bases on the map fighting branch by branch for the same deposits, cards, and wealth clients. - JPMorgan Chase competes with Wells Fargo — Post-asset-cap growth
With the cap gone, Wells is rebuilding cards and investment banking — the businesses where Chase pulled furthest ahead. - JPMorgan Chase competes with Citigroup — The global wallet
Treasury services, trade finance, and cross-border payments for multinationals — Citi’s Services franchise against JPMorgan’s Banking & Payments. - Goldman Sachs competes with JPMorgan Chase — The league tables
M&A advisory, underwriting, and trading — JPMorgan ranked #1 in global investment-banking fees in 2025 (JPMorgan 10-K 2025). - Goldman Sachs partners with JPMorgan Chase — Apple Card handoff
Goldman’s retreat from consumer lending ends with Chase becoming the new Apple Card issuer, announced January 7, 2026 with closing expected in about 24 months (JPMorgan 10-K 2025; Goldman Sachs 10-K 2025). - Morgan Stanley competes with JPMorgan Chase — Wealth & markets
Morgan Stanley’s wealth machine vs J.P. Morgan’s private bank and self-directed push, plus two of the biggest trading floors on the street. - Goldman Sachs competes with Morgan Stanley — The white-shoe rivalry
The two surviving pure Wall Street houses, one built on deals and trading, the other on wealth. - American Express competes with JPMorgan Chase — Sapphire vs Platinum
The premium-card arms race: Amex refreshed its Platinum cards (American Express 10-K 2025) to win the same affluent spender Chase Sapphire courts. - Capital One competes with JPMorgan Chase — The card giants
Post-Discover, Capital One and Chase are the two poles of the US card market — one with its own network, one with the biggest bank behind it. - Capital One competes with Visa — The Discover network
Owning Discover, merged in May 2025 (Capital One 10-K 2025), lets Capital One route its own cards off Visa and Mastercard — the first credible issuer-owned rail in decades. - Visa supplies JPMorgan Chase — Card rails
Under a renewable 10-year partnership signed in 2013, Chase moved more of its credit and debit volume onto Visa’s network (Visa release, 2013-02-26). - Visa competes with Mastercard — The duopoly
Two networks, one business model, and the same regulatory target on their backs. - Blackstone competes with JPMorgan Chase — Private credit vs the loan book
Every leveraged loan Blackstone’s funds write is one a bank syndicate didn’t — JPMorgan answered by committing $50B of its own balance sheet to direct lending (JPMorgan release, 2025-02-24). - Apollo partners with Citigroup — $25B private-credit pact
Citi brings its banking clients and origination, Apollo the capital, with Mubadala and Athene able to join — a $25B direct lending program announced September 26, 2024 (Citi and Apollo release, 2024-09-26). - Circle competes with JPMorgan Chase — Stablecoins vs deposits
USDC balances are deposits that left the banking system; JPMD, the JPMorgan deposit token opened to institutional clients on Base, is the counterattack (The Block, 2025-11-12). - SoFi competes with JPMorgan Chase — The digital-first customer
SoFi wants the high-earning young professional Chase spent a decade courting with Sapphire. - Chime competes with Bank of America — Fee-free checking
Chime’s no-overdraft pitch targets the mass-market checking customer that Bank of America’s branch network was built on. - JPMorgan Chase supplies Main Street — Net interest income (~$95B/yr)
Net interest income of $95,443M in 2025, just over half of JPMorgan’s $182,447M of net revenue (JPMorgan 10-K 2025). - Bank of America supplies Main Street — Net interest income (~$60B/yr)
Net interest income of $60,096M in 2025, more than half of Bank of America’s $113,097M of revenue (Bank of America 10-K 2025). - Wells Fargo supplies Main Street — Net interest income (~$48B/yr)
The spread on a loan book that can finally grow again now that the asset cap is gone: net interest income of $47,484M in 2025 (Wells Fargo 10-K 2025). - JPMorgan Chase supplies Wall Street Clients — Deals, trading & treasury (~$79B/yr)
The Commercial & Investment Bank: net revenue of $78,454M in 2025 (JPMorgan 10-K 2025). - Goldman Sachs supplies Wall Street Clients — Advisory & markets (~$42B/yr)
Global Banking & Markets, Goldman’s investment-banking and trading business with institutional clients: net revenues of $41,453M in 2025 (Goldman Sachs 10-K 2025).