JPMORGAN CUTS JANE STREET FINANCING AS BOND RIVALRY GROWS JPMorgan $JPM significantly reduced financing provided to Jane Street for bond trading last year after the firm began making markets in U.S. Treasuries, putting it in direct competition with the bank, per FT. The reduction represented roughly 5% of Jane Street’s total fixed-income financing across banks and had no material impact on its 2025 revenue. The scale of Jane Street’s push into bonds is significant: • Traded more than $900B of bonds in 2025 • Non-bank trading firms captured ~10% of industry FICC revenue in 2025 • Generated ~$40B in trading revenue last year, just ~$1B below JPMorgan The relationship has reportedly created tension inside JPMorgan, where some traders have questioned why the bank should finance a firm increasingly competing directly with its own fixed-income business. JPMorgan has made similar moves with Citadel Securities, cutting some services after Citadel expanded into businesses competing with the bank. Jane Street has generated another ~$40B in revenue through August this year, though it reportedly booked a ~$15B loss in July on bets tied to AI stocks and an investment in Leopold Aschenbrenner’s Situational Awareness fund.