Jp Morgan Chase & Co. · NYSE:JPM
Jp Morgan Chase & — Investor Presentation (February 2026)
29 slides from Jp Morgan Chase &'s investor presentation, Feb 23, 2026
Slide 1: Firm Overview
Exhibit 99.2 Company Update | 2026 Firm Overview February 23, 2026 JPMorganChase
Slide 2: Complete Global Diversified At Scale
Complete Global Diversified At Scale We have a proven operating model that is supported by a consistent strategic framework ⚫ Continuously investing in the future, while maintaining expense discipline ⚫ Focus on customer experience and innovation ⚫ Employer of choice for top talent from all backgrou
Slide 3: Our diverse business mix performs through cycles
$118 $186 55 76 49 78 14 24 2019 2021 2023 2025 Being complete, global, diversified and at scale enables us to meet clients’ and customers’ range of needs through cycles CCB2,3 CIB3,4 AWM2 Corp.5 Revenue1 by segment ($B) OUR DIVERSE BUSINESS MIX PERFORMS THROUGH CYCLES… 55 93 43 57 21 36 $118 $186 2
Slide 4: We have leading client and customer centric franchises
We have leading client and customer centric franchises U.S. retail deposits1 8.1% 11.1% Credit card outstandings2,4 15.0% 17.5% Credit card sales2,5 20.9% 23.6% Client investment assets6 $219B $1.3T Investment Banking fees10 7.9% 8.4% Markets revenue11 9.3% 11.8% Treasury Services revenue12 4.6% 10.
Slide 5: Delivering superior results today from years of investments and innovation
Delivering superior results today as a result of executing on years of investments and innovation ⚫ Achieved record net income and revenue led by records in Markets, Payments and Securities Services ⚫ Launched Special Advisory Services (SAS) and the Strategic Financing Solutions (SFS) team ⚫ GCB exp
Slide 6: Performance remains strong, but we are not complacent
Performance remains strong, but we are not complacent. Our focus is on profitable, sustainable growth and building for the future For footnoted information, refer to slide 24 UNWAVERING COMMITMENT TO INVESTING IN FUTURE GROWTH & PERFORMANCE $108 $19 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '1
Slide 7: 2026 outlook: NII ex. Markets of ~$95B
$1,339 $1,461 4Q24 4Q25 $2,417 $2,565 4Q24 4Q25 We continue to expect ~$95B of NII ex. Markets for 2026 For footnoted information, refer to slide 24 CCB AWM 2026 outlook assumptions CCB AWM 2026 outlook assumptions CIB CIB Card Services >6% Card loan growth Modest growth in BWM and Auto Continued de
Slide 8: Expect retail deposit growth to resume in 2026
Expect retail deposit growth to resume in 2026 from underlying customer growth and a reduction in yield-seeking behavior $536 $697 $1,126 $1,035 $1,040 4Q15 4Q19 4Q22 4Q24 4Q25 Checking Savings CDs & other 2020 - 2022 2023 - 2024 COVID impacts drove higher balances Rising consumer spend and yield-se
Slide 9: Anticipating growth in NIR ex. Markets for 2026
Investment Banking fees Payments Total CIB ex. Markets Lending Securities Services Firmwide Total CCB Banking & Wealth Management Auto Home Lending Card Services Total AWM Asset Management Global Private Bank Anticipating growth in NIR ex. Markets1 for 2026 DIRECTIONAL OUTLOOK FOR 2026 NIR Higher le
Slide 10: Our leading Markets franchise is positioned for further growth
14.7 19.4 22.5 6.3 9.5 13.3 $21.0 $28.9 $35.8 2019 Avg. 2020-2024 2025 Our leading Markets franchise is positioned for further growth opportunities MARKETS REVENUE1 ($B) Equities FICC Rank / market share2 #1 / 11.8% 6-year CAGR 13% 7% 9% #1 / 11.4% #1 / 11.7% MARKETS NII OUTLOOK ($B) For footnoted i
Slide 11: 2026 expense outlook of ~$105B
2026 expense outlook of ~$105B CIB AWM Corp. CCB ~$105B$45 $41 $17 $2 $0.0 $0.5 $1.0 $1.5 $2.0 $2.5 $3.0 Auto lease depreciation 2026 YOY ADJUSTED EXPENSE DRIVERS ~$9.0B ~9% YoY BANKERS, ADVISORS AND BRANCHES 5.0 5.5 5.8 6.0 '22 '23 '24 '25 '26 3.2 3.6 3.9 4.2 '22 '23 '24 '25 '26 3.1 3.5 3.8 4.1 '22
Slide 12: Focusing on extracting efficiencies drives Firmwide discipline
2025 YoY Change Accounts per Ops FTE1,2 Cash equities cost per trade6 Screened transactions per FTE2,5 Coding efficiency improvements from AI Focusing on extracting efficiencies drives Firmwide discipline, is supported by our ongoing investments – and allows us to continue to grow productivity and p
Slide 13: 2026 technology expense outlook
$8.2 $8.8 $2.2 $0.6 ⚫ Products, Platforms, Features, Capabilities ⚫ Business apps & geographic expansion ⚫ Customer & client experience ⚫ Blockchain ⚫ AI & ML 2026 technology expense growth mainly driven by products, platforms, features and capabilities Totals may not sum due to rounding ⚫ Labor: co
Slide 14: Investments in data & technology are delivering benefits from AI
Investments in data & technology are delivering benefits from AI, which will ultimately accrue to our customers and clients Leveraging our modernized data and technology infrastructure AI will deepen our competitive strengthsContinued growth of AI benefits1 of applications run their processing large
Slide 15: Credit continues to perform well, yet we remain alert
-2% 0% 2% 4% 6% 8% 10% '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25 Credit continues to perform well, yet we remain alert Net charge-off (NCO) rate (%) Card Services Total Consumer 2026 CARD NCO FORECAST ~3.4% Favorable delinquency trends driven by continued consumer resilienc
Slide 16: Our excess capital allows us to protect and grow the franchise
Our excess capital allows us to protect and grow the franchise under a range of scenarios Historical capital deployment reflects our hierarchy $132B $162B $173B $186B 2022 2023 2024 2025 REVENUE1 Buybacks Support ongoing shareholders, price dependent Grow our businesses Take advantage of both organi
Slide 17: Liquidity regulation should be improved to support economic growth
With capital reform underway, liquidity regulation should be improved to support economic growth Liquidity rules limit capital deployment flexibility, impacting ability to extend credit …AND SHOULD THOUGHTFULLY… THE OPTIMAL REGULATORY FRAMEWORK SHOULD BE… Coherent Transparent Durable JPM Excess Bank
Slide 18: Positioned to deliver strong returns across macroeconomic conditions
2025 Medium-term We are positioned to deliver strong returns across a range of macroeconomic conditions For footnoted information, refer to slide 26 ILLUSTRATIVE ROTCE1 PATH BY SCENARIO Scenarios All scenarios include key business driver sensitivities and a range of reasonable capital outcomes Front
Slide 19: ROTCE is an outcome, not a constraint
0% 5% 10% 15% 20% 25% ROTCE is an outcome, not a constraint, of our commitment to prioritizing long-term shareholder value Bar width = avg. TCE For footnoted information, refer to slide 27 8 years 3 1 1 5 95 4 2 years 2 ≥17%<10% 10-16% ‘16 ‘17 ‘18 ‘19 ‘20 ‘21 ‘22 ‘23 ‘24 ‘25 17% through- the-cycle t
Slide 20: We remain confident in achieving our longer-term ambitions
We remain confident in achieving our longer-term ambitions ~70 ~66 Net promoter score1 $2T $1.3T Client investment assets 15.0% 11.1% Retail deposit share2 8.4%10.0% $2.0T $1.4T Equity AUM . 20.0% 17.5% Card outstandings share3 (incl. `FRC) 11.8% 10.7% $1.5T $1.2T Fixed Income AUM12 $1.0T $250B Acti
Slide 21: Steadfast commitment to serving our clients and customers
We are steadfast in our commitment to serving our clients and customers with the full breadth of our offering, while growing and producing strong returns Promotes stronger and deeper relationships with customers Allows us to provide consistent, exceptional service to more customers and clients Suppo
Slide 22: Notes on non-GAAP financial measures
Notes on non-GAAP financial measures 1. In addition to analyzing the Firm’s results on a reported basis, management reviews Firmwide results, including the overhead ratio, on a “managed” basis; these Firmwide managed basis results are non-GAAP financial measures. The Firm also reviews the results of
Slide 23: Notes on slide 2
Notes on slide 2 Slide 2 – Being complete, global, diversified and at scale enables us to meet clients’ and customers’ range of needs through cycles 1. Totals may not sum due to rounding. See note 1 on slide 21 2. In the fourth quarter of 2020, the Firm realigned certain Wealth Management clients fr
Slide 24: Notes on slide 3
Notes on slide 3 Slide 3 – We have leading client and customer centric franchises 1. Federal Deposit Insurance Corporation (“FDIC”) Summary of Deposits survey per S&P Global Market Intelligence applies a $1B deposit cap to Chase and industry branches for market share. While many of our branches have
Slide 25: Notes on slides 4-8
Notes on slides 4-8 Slide 4 – Delivering superior results today as a result of executing on years of investments and innovation 1. 2024-2025 revenue growth 2. Accessibility is defined by drive times which are derived from road networks; population base is an estimate of year-end 2025 population acro
Slide 26: Notes on slides 9-14
Notes on slides 9-14 Slide 9 – Our leading Markets franchise is positioned for further growth opportunities 1. JPM Revenue is as reported 2. See slide 3 footnote #11 Slide 10 – 2026 expense outlook of ~$105B 1. See note 4 on slide 21 2. Ex. FDIC special assessment accrual release of ($763mm) in 2025
Slide 27: Notes on slides 15-17
Notes on slides 15-17 Slide 15 – Our excess capital allows us to protect and grow the franchise under a range of scenarios 1. See note 1 on slide 21 2. See note 5 on slide 21 3. Share repurchases in 2024 reflected the deployment of the net benefit from the sale of Visa shares. See note 5 on slide 21
Slide 28: Notes on slides 18-19
Notes on slides 18-19 Slide 18 – ROTCE is an outcome, not a constraint, of our commitment to prioritizing long-term shareholder value 1. See note 3 on slide 21 2. Peers include BAC, C, WFC, COF, MS, GS, BARC, DB, HSBC (as of 3Q25 YTD), UBS 3. 2020 and 2021 exclude credit reserves for JPM, BAC, C, WF
Slide 29: Forward-looking statements
Forward-looking statements This Company Update presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of JPMorgan Chase & Co.’s management and are subject to signi