JPMorgan Chase & Co. (JPM) is one of the world's leading financial services companies, providing consumer and commercial banking and credit services as well as financial asset management, investment banking, and insurance products. Through its broad range of services and products, JPMorgan Chase serves consumers, small businesses, large corporations, governments, and many other clients. Despite reporting rising revenue in Q2 2020, the bank posted plunging net income, set aside more than $10 billion to cover possible future loan losses, and warned of more trouble ahead for the U.S. economy.
The top shareholders of JPMorgan Chase are Jamie Dimon, Mary Callahan Erdoes, Daniel Pinto, Vanguard Group Inc., BlackRock Inc. (BLK), and State Street Corp. (STT). JPMorgan Chase had 12-month trailing revenue and net income of $114.8 billion and $30.1 billion, respectively. The company has a market capitalization of $298.2 billion. All figures are as of July 14, 2020.
Below we take a closer look at the top six shareholders of JPMorgan Chase.
"Insider" refers to people in senior management positions and members of the board of directors, as well as people or entities that own more than 10% of the company's stock. In this context, it has nothing to do with insider trading.
Top 3 Individual Insider Shareholders
Jamie Dimon owns 631,998 shares of JPMorgan Chase, representing 0.02% of all outstanding company shares. During his 15 years as Chief Executive Officer (CEO) since 2005, Dimon used internal growth and acquisitions to build JPMorgan Chase into the nation's biggest bank by market value. He has been Chairman since 2006. Prior to these positions, Dimon was JPMorgan's President and Chief Operating Officer. He joined JPMorgan in 2004 as a result of the bank's merger with Bank One Corp., where Dimon was CEO. Before JPMorgan, Dimon was an executive at financial giants Citigroup Inc., Travelers Group, and American Express Co. Dimon is famous as the dealmaker who built two banking behemoths during his career. Before JPMorgan, he and his mentor, Sanford Weill, executed a string of acquisitions in the 1990s that made Citigroup Inc. the nation's largest bank at that time, later surpassed by JPMorgan.
Mary Callahan Erdoes
Mary Callahan Erdoes owns 493,266 shares of JPMorgan Chase, representing 0.02% of all outstanding company shares. Erdoes is CEO of JPMorgan Chase's Asset & Wealth Management business, which is an investment management division with over $3 trillion in assets under management (AUM). Erdoes joined JPMorgan Chase in 2000 and has served on the JPMorgan Chase Operating Committee, the company's senior leadership team, since 2009. Erdoes also serves on the Federal Reserve Bank of New York’s Investor Advisory Committee on Financial Markets.
Daniel Pinto owns 469,078 shares of JPMorgan Chase, representing 0.02% of outstanding shares. Pinto is Co-President and Chief Operating Officer of JPMorgan Chase since 2018 as well as CEO of the Corporate & Investment Bank. Pinto previously spent decades at JPMorgan Chase and its predecessor companies, serving in roles such as Treasurer of Chemical Bank in Mexic and global head of Emerging Markets.
Top 3 Institutional Shareholders
Institutional investors hold the majority of JPMorgan Chase shares at about 71.4% of total shares outstanding.
Vanguard Group Inc.
Vanguard Group owns 244.9 million shares of JPMorgan Chase, representing 8.0% of total shares outstanding, according to the company's 13F filing for the period ending March 31, 2020. The company is primarily a mutual fund and ETF management company with about $6.2 trillion in global AUM. The Vanguard Financials ETF (VFH), which includes financial stocks of the top 98% of the U.S. market by capitalization, owns JPMorgan. The bank is the largest holding at 9.4% of the fund's portfolio.
BlackRock owns 204.4 million shares of JPMorgan Chase, representing 6.7% of total shares outstanding, according to the company's 13F filing as of March 31, 2020. The company is primarily a mutual fund and ETF management company with approximately $6.47 trillion in AUM. The iShares U.S. Financial Services ETF (IYG), which invests is a market-cap-weighted subset of U.S. financial stocks, owns JPMorgan Chase. The bank is the second-largest holding at 11.1% of the fund's portfolio.
State Street Corp.
State Street owns 140.9 million shares of JPMorgan Chase, representing 4.6% of total shares outstanding, according to the company's 13F filing as of March 31, 2020. State Street manages mutual funds, ETFs and other investments with $3.1 trillion in AUM. The SPDR Dow Jones Industrial Average ETF Trust (DIA), which tracks a price-weighted index of 30 large-cap U.S. stocks, represents 2.6% of the fund's holdings.