A top Wells Fargo analyst says earnings at JPMorgan Chase (JPM) are set to soar as the stars align for America’s biggest bank.

In a new interview on CNBC, Mike Mayo, managing director and head of US large-cap bank research at Wells Fargo Securities, says he expects JPMorgan to report higher than expected earnings for Q1 2025.

Beyond the bank’s earnings call on April 11, Mayo says JPMorgan could, more than any institution, benefit from an expected wave of deregulation coming to the financial industry promised by the new White House administration.

“I had a conference last week with Wells Fargo’s research group. We had all sorts of Big Tech firms there. We had Amazon, Microsoft, Meta, Nvidia. And you know what was interesting about that conference? It was the praise that JPMorgan got from Big Tech. So JPMorgan is the Nvidia of banking and you’re seeing growth in their consumer checking accounts two to three times faster than the industry.

That’s over the next one to five years, but let’s talk about the next year. We updated our earnings estimate – and JPMorgan reports earnings for the first quarter two weeks from Friday – and I think those earnings will be strong.

In addition, we upped our estimates for the next couple of years because JPMorgan is one of the biggest beneficiaries of deregulation. So Goliath is winning when it comes to Tech and their share of gains, you have trading, strong earnings coming ahead and one of the biggest beneficiaries of deregulation.

So people are looking at little pieces of the market and banks and they’re missing the seismic shift that’s taking place at JPMorgan. [It’s a] best in class global bank that’s expanding its league.”

At time of writing, shares of JPM are trading at $248, up 3% on the year.

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