JPMorgan Chase beat expectations with $30.4 billion in third-quarter revenue, and its net income rose 24% year-over-year to $11.7 billion.
The largest consumer bank in the U.S. has leaned into acquisitions, purchasing at least 30 companies since the start of the year.
In June, the bank bought a minority stake in Kraft Analytics Group, New England Patriots owner Robert Kraft’s sports analytics company. JPMorgan had previously hired the firm when advising Alex Rodriguez on his potential acquisition of the New York Mets.
A-Rod split with the bank after he lost out to Steve Cohen, who bought the team last year for $2.4 billion. Rodriguez worked with Inner Circle Sports instead for his $1.5 billion purchase of the Minnesota Timberwolves and Lynx in April.
With $3 trillion in assets under management, JPMorgan has been an active player in sports venue sponsorship and funding.
- It helped finance SoFi Stadium, home of the Los Angeles Rams and Chargers.
- It has sponsorship deals with the Madison Square Garden Company, the Tampa Bay Lightning’s Amalie Arena, and tennis’ U.S. Open.
- It holds naming rights to the Chase Center, where the Golden State Warriors have played since 2019, and the Arizona Diamondbacks’ Chase Field.
The bank was the primary financial institution backing the European Super League, having pledged to underwrite around $4 billion for the breakaway project. JPMorgan later issued a public apology for its involvement, following the league’s quick collapse.
