Jp Morgan Chase & Co. · NYSE:JPM
Jp Morgan Chase & — Investor Day (May 2024)
160 slides from Jp Morgan Chase &'s investor day presentation, May 20, 2024
Slide 1: Investor Day 2024
INVESTOR DAY 2024 May 20, 2024
Slide 2: Forward-looking statements
Forward-looking statements The Investor Day presentations contain 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 signific
Slide 3: Opening Remarks
INVESTOR DAY | 2024 OPENING REMARKS > Opening Remarks Firm Overview Asset & Wealth Management Consumer & Community Banking Commercial & Investment Bank JPMORGAN CHASE & Co.
Slide 4: Our new Commercial & Investment Bank is positioned for success
Our new Commercial & Investment Bank is positioned for success Corporate & Consumer & Commercial & Investment Bank Asset & Community Banking Investment Bank Investment Banking $49 6 Wealth Management Lending 2023 Revenue1 ($B) $70 Payments 9 $64 Investment Banking 7 Markets 28 Lending 7 Banking & We
Slide 5: Targeted initiatives – significant runway for growth
Targeted initiatives – significant runway for growth Complete Global Diversified At Scale Invest and grow market-leading franchises Grow & deepen Capture the full Scale new markets & Deliver the Firm to Extend momentum in consumer opportunity in businesses private capital markets active management r
Slide 6: Tech modernization and data position us to benefit from next gen AI
Tech modernization, combined with our unrivalled data, position us to benefit from next gen AI Investing in modern technology Experience and success using Opportunities with Generative AI infrastructure and practices traditional AI / machine learning Products and Customer features tailored personali
Slide 7: Disciplined approach to risk and resource utilization
Disciplined approach to risk and resource utilization is key to our operating model Risk management Capital Expense efficiencies Regulatory / Control We prepare for a range Our fortress balance sheet is Expense discipline is essential Compliance & controls remain of outcomes a pillar of our strength
Slide 8: 17% through the cycle ROTCE target still achievable
Assuming a reasonable B3E outcome, our 17% through the cycle target is still achievable STRONG TRACK RECORD OF PERFORMANCE ROTCE ex. reserve ROTCE1 (%) release/build3 was 19.3% Adj. ROTCE2 was 13.6% (2020) and 18.5% (2021) 24% 23% 22% 21% 19% 18% 17% 15% 15% 15% 15% 14% 13% 13% 13% 17% 12% 11% 10% 6
Slide 9: 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 10: Notes on slides 1-5
Notes on slides 1-5 Slide 1 – Our new Commercial & Investment Bank is positioned for success 1. Totals may not sum due to rounding. See note 1 on slide 6 Slide 4 – Disciplined approach to risk and resource utilization is key to our operating model 1. See note 1 on slide 6 2. Amounts for JPM, BAC, C
Slide 11: Firm Overview
INVESTOR DAY | 2024 FIRM OVERVIEW Opening Remarks > Firm Overview Asset & Wealth Management Consumer & Community Banking Commercial & Investment Bank JPMORGAN CHASE & Co.
Slide 12: Topics of discussion
Topics of discussion Firm overview Financial results Operating environment Outlook Conclusion 1
Slide 13: Proven operating model with consistent strategic framework
We have a proven operating model that is supported by a consistent strategic framework Complete Global Diversified At Scale Exceptional client Unwavering Long-term Sustainable franchises principles shareholder value business practices ⚫ Customer centric and easy to do ⚫ Fortress balance sheet ⚫ Cont
Slide 14: Complete, global, diversified and at scale
Being complete, global, diversified and at scale enables us to meet clients’ and customers’ needs across the spectrum and through cycles OUR DIVERSE BUSINESS MIX PERFORMS THROUGH CYCLES… …AND OUR CLIENTS AND CUSTOMERS BENEFIT FROM A COMPLETE AND AT-SCALE OFFERING Consumer Banking Commercial Banking
Slide 15: Leading client and customer-centric franchises
We have leading client and customer-centric franchises… Market share 2013 2023 #1 Rated Private U.S. retail deposits3 Credit card sales11 7.5% 20.9% +380bps +260bps +200bps 11.3% 22.9% Bank in the World1 CCB Active flows2 Client investment assets12 $189B +3.5x +5.0x $951B ⚫ #1 retail deposit share i
Slide 16: Strong absolute and relative performance over the last decade
…which has led to strong absolute and relative performance over the last decade STRONG TRACK RECORD OF PERFORMANCE AND GROWTH… …AND CONSISTENTLY INVESTING… …MAKING US WHO WE ARE TODAY… TBVPS1 ($) 20233 “We are committed to achieving high $86 quality of earnings. This means consistently investing in
Slide 17: Environment is changing: tailwinds turning to headwinds
Looking ahead, the environment is changing – with tailwinds from 2023 likely turning into headwinds, and a number of uncertainties Tailwinds → headwinds? Uncertainties ⚫ NII under pressure ⚫ Regulation ⚫ SCB normalization ⚫ Rate cuts? ⚫ Basel III Endgame ⚫ Elections ⚫ Continued mix shift in deposits
Slide 18: We expect ~$91B in NII ex. Markets for 2024
We expect ~$91B in NII ex. Markets for 2024 NET INTEREST INCOME EX. MARKETS1 ($B) From 4Q23 earnings Total NII Total NII outlook: ~$90B outlook: ~$91B $94 $90 $3 ~$91 $1.5 ~$88 ($8) 4Q23: $24 4Q Rate / reprice Balance sheet 4 fewer rate cuts than run rate growth / mix at 4Q23 earnings, paired ◼ Assu
Slide 19: 2024 expense outlook is ~$92B
Our 2024 expense outlook is ~$92B and increase from previous outlook reflects $1B Foundation contribution 2024 ADJUSTED EXPENSE1 ($B) FDIC SA2 2024 YoY expense drivers (ex. FDIC SA) ⚫ Organic business growth Pre-funded Foundation contribution ⚫ CCB: Field and branch network, Wealth ~$92 Management $
Slide 20: 2024 Firmwide technology expense outlook is ~$17B
Our 2024 Firmwide technology expense outlook is ~$17B 2024 TECHNOLOGY EXPENSE ($B) 2024 TECHNOLOGY INVESTMENTS ($B) ~$1.5 ~$17 Tech investments by strategy 1 $15.5 2 Products, platforms and user experiences $4.5 Corp. 1 Modernize technology and software AWM 2 development excellence ⚫ First Republic
Slide 21: Technology modernization delivers infrastructure and engineering efficiencies
Our technology modernization continues to deliver infrastructure and engineering efficiencies UPDATE ~50% ~80% ~70% ON OUR of applications run their processing largely in of production applications have been migrated to of data is on the public or private cloud PROGRESS the public or private cloud s
Slide 22: We are well reserved for the current environment
We are well reserved for the current environment WE ARE RESERVED FOR PEAK UNEMPLOYMENT OF 5.4% IN THE FIRST QUARTER OF 20251 WE EXPECT A CARD SERVICES NCO RATE OF ~3.4% FOR 2024 8-quarter weighted average UER forecasts (%) Card Services NCO rate (%) 5.6% 5.4% Pre-Covid, our NCO rate was expected to
Slide 23: Expected changes to capital requirements: what does that mean?
We are told to expect “broad and material changes” to capital requirements… but what does that mean? Final B3E RWA could result from a broad range of permutations spanning all aspects of the rule Retail Operational Renewable energy Corporate risk Other capital NPR RWA gold-plating 2 risk investments
Slide 24: Excess capital supports increased buybacks
Our excess capital supports increased buybacks, but we remain cautious ILLUSTRATIVE EXCESS CAPITAL EVOLUTION ($B) Based on analyst estimates2 +50bps Phase-in starting in 3Q25 (4) 5 (9) 32 78 78 54 Supports increase of buybacks compared to modest pace in recent quarters Management buffer 1Q24 Organic
Slide 25: Strong returns across a range of macroeconomic conditions
We are positioned to deliver strong returns across a range of macroeconomic conditions… DESPITE EXPECTED SOFT LANDING, ILLUSTRATIVE ROTCE1 PATH BY SCENARIO RISKS AND UNCERTAINTIES REMAIN 21% Lagged effects of monetary tightening 17% Persistent inflation through the cycle target Higher-for-longer rat
Slide 26: Committed to serving clients with full breadth of offering
We remain committed to serving our clients and customers with the full breadth of our offering, while producing strong returns Complete ~17% ROTCE target Global Promotes stronger and deeper relationships with customers ~$91B2024 NII Allows us to serve more clients everywhere Diversified ~$91B 2024 N
Slide 27: 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 28: Notes on slide 3
Notes on slide 3 Slide 3 – Being complete, global, diversified and at scale enables us to meet clients’ and customers’ needs across the spectrum and through cycles 1. Totals may not sum due to rounding. See note 1 on slide 16 2. In the first quarter of 2023, the allocations of revenue and expense to
Slide 29: Notes on slide 4
Notes on slide 4 Slide 4 – We have leading client and customer-centric franchises… 1. Euromoney 2. Internal JPMorgan Chase analysis 3. Federal Deposit Insurance Corporation (FDIC) Summary of Deposits survey per S&P Global Market Intelligence applies a $1B deposit cap to Chase and industry branches f
Slide 30: Notes on slides 5-12
Notes on slides 5-12 Slide 5 – …which has led to strong absolute and relative performance over the last decade 1. See note 3 on slide 16 2. Peers include Bank of America, Citigroup, Goldman Sachs, Morgan Stanley and Wells Fargo 3. Results include First Republic 4. See note 1 on slide 16 5. See note
Slide 31: Notes on slides 13-14
Notes on slides 13-14 Slide 13 – Our excess capital supports increased buybacks, but we remain cautious 1. Net income, less common and preferred stock dividends 2. Represents the median consensus of research analyst estimates as of May 3, 2024 (pre-Visa exchange offer) 3. Incremental CET1 impact of
Slide 32: Asset & Wealth Management
Opening Remarks Firm Overview > Asset & Wealth Management Consumer & Community Banking Commercial & Investment Bank INVESTOR DAY | 2024 ASSET & WEALTH MANAGEMENT JPMORGAN CHASE & Co.
Slide 33: Asset & Wealth Management overview
Asset & Wealth Management overview ⚫ Fiduciary engine of the Firm: Dedicated to alpha generation for individuals and institutions with ~200-year legacy FORTRESS ⚫ Complement to other LOBs: Manage assets of families, companies, sovereign wealth funds and central banks FOUNDATION ⚫ On-the-ground resea
Slide 34: AWM serves all types of clients through our solutions
Asset & Wealth Management serves all types of clients through our solutions WE SERVE A BREADTH OF CLIENTS… First-time HNW UHNW Retirees Endowments Family Offices PE & VC Broker-Dealer RIAs Government / Pensions Investors & Foundations Public Sector …AND OFFER A SPECTRUM OF SOLUTIONS… Multi-Asset Sol
Slide 35: AWM is a consistent growth franchise
FORTRESS FOUNDATION POSITIONED FOR GROWTH DIFFICULT TO REPLICATE AWM is a consistent growth franchise ASSETS UNDER SUPERVISION1 ($T) REVENUE1 ($B) PRETAX INCOME1 ($B) CAGR +8% CAGR +6% CAGR +8% 5.0 19.8 6.9 4.3 4.0 17.0 17.7 6.3 5.8 3.7 13.4 13.6 14.2 3.1 11.5 12.2 12.3 12.2 13.2 4.0 2.3 2.3 2.3 2.4
Slide 36: Powered by two market-leading businesses
FORTRESS FOUNDATION POSITIONED FOR GROWTH DIFFICULT TO REPLICATE Powered by two market-leading businesses End of period (EOP), $B ASSET & WEALTH MANAGEMENT ASSET MANAGEMENT1 GLOBAL PRIVATE BANK3 10Y Assets under Client asset flows 10Y 2013 2023 Growth supervision ($T)4 ($B)4 2013 2023 Growth ⚫ AM ra
Slide 37: Expense discipline and focused investing
FORTRESS FOUNDATION POSITIONED FOR GROWTH DIFFICULT TO REPLICATE Expense discipline and focused investing TOTAL ADJUSTED EXPENSE ($B)1 BREAKDOWN OF EXPENSE Revenue-producing & volume-related Investments ⚫ Front office hiring – 3.5k GPB advisors in 2023 (record), grew at 12% CAGR since 2021 and will
Slide 38: Fortress foundation built on money market funds, deposits and lending
FORTRESS FOUNDATION POSITIONED FOR GROWTH DIFFICULT TO REPLICATE Fortress foundation built on money market funds, deposits and lending End of period (EOP), $B $963 MONEY $563 $688 $754 $680 +3.1 p.p. #1 in Institutional AUM 2 +216% MARKET Institutional market share2, #2 in Global AUM Morgan Money pl
Slide 39: Research and risk management drive strong investment performance
FORTRESS FOUNDATION POSITIONED FOR GROWTH DIFFICULT TO REPLICATE Commitment to research and risk management drive strong investment performance RESEARCH KEY PART OF INVESTMENT PROCESS ROBUST RISK MANAGEMENT Asset class Investment professionals Research Average # of positions analyzed daily Equities
Slide 40: High-quality talent and world-class training
FORTRESS FOUNDATION POSITIONED FOR GROWTH DIFFICULT TO REPLICATE High-quality talent and world-class training to support higher contribution / productivity INCREASED HIRING ENHANCED TRAINING ENRICHED CONTENT Net new hires, client advisors Training hours per new hire Past Today Culture +1.8x +5.6x Cu
Slide 41: Building Workplace through Global Shares
FORTRESS FOUNDATION POSITIONED FOR GROWTH DIFFICULT TO REPLICATE Building Workplace through Global Shares LEVERAGING Equity Compensation Assets Under Administration ($B) Community & Asset & Wealth Commercial & Consumer Bank Management Investment Bank International U.S. Cap Table Management +17% +73%
Slide 42: Continuing international expansion across AWM
FORTRESS FOUNDATION POSITIONED FOR GROWTH DIFFICULT TO REPLICATE Continuing international expansion across AWM while some competitors retreat INTERNATIONAL PRIVATE BANK ASSET MANAGEMENT CHINA AUS growth ($B) #1 client assets by organic growth YoY 1 AUM growth ($B) #1 foreign Asset Manager 3 #1 AAA M
Slide 43: Extending Active ETF momentum through innovation
FORTRESS FOUNDATION POSITIONED FOR GROWTH DIFFICULT TO REPLICATE Extending Active ETF momentum through innovation GROWING OFFERING STRONG ETF PERFORMANCE ACHIEVING SCALE # JPMAM Active ETFs 1Q24 % of 3Y JPMAM long-term Active ETFs Largest Active ETFs by AUM, globally4 AUM Inception +1.3x AUM above p
Slide 44: Driving scale in Fixed Income through strong performance
FORTRESS FOUNDATION POSITIONED FOR GROWTH DIFFICULT TO REPLICATE Driving scale in Fixed Income through strong performance STRONG FIXED INCOME PERFORMANCE CAPTURING FLOWS AND DRIVING SCALE % of 5Y JPMAM Fixed Income funds AUM above peer median1 Top peers by 2023 Active FI AUM flows4 ($B) JPM AWM Fixe
Slide 45: Empowering clients and advisors for personalized investment journey
FORTRESS FOUNDATION POSITIONED FOR GROWTH DIFFICULT TO REPLICATE Empowering clients and advisors for a personalized investment journey TOTAL SMA PLATFORM Existing Separately Managed Accounts platform JPM + 55ip + OpenInvest AUM ($B) 20Y of refining + Tax optimization + Curated choice / = +1.6x custo
Slide 46: Utilizing AI to enhance experience, manage risks and drive efficiencies
FORTRESS FOUNDATION POSITIONED FOR GROWTH DIFFICULT TO REPLICATE Utilizing Artificial Intelligence to enhance experience, manage risks and drive efficiencies Connect Coach pilot user experience +30% CASEY Connect Coach Sales Assist Research, Traders & Client Service Advisors Marketing Portfolio Mana
Slide 47: Unlocking the power of JPMC through cross-LOB connectivity
FORTRESS FOUNDATION POSITIONED FOR GROWTH DIFFICULT TO REPLICATE Unlocking the power of JPMC through cross-LOB connectivity Consumer Commercial Banking Banking Business Global Corporate Banking DELIVERING UNMATCHED VALUE TO Banking ECM CLIENTS AND SHAREHOLDERS DCM Card Services M&A $459B Liquidity A
Slide 48: Maximizing our strengths to deliver value to clients and shareholders
FORTRESS FOUNDATION POSITIONED FOR GROWTH DIFFICULT TO REPLICATE Maximizing our strengths to deliver value to clients and shareholders JPMC TOTAL CLIENT ASSET FLOWS ($B)1 (Long-term AUM + Liquidity + AUS + U.S. WM AUS + CPC Deposits) 1Y TOTAL (2023) Publicly traded peers only ≥$0 <$0 1Y Flows Rev PT
Slide 49: Exceeding expectations and achieving targets
Exceeding expectations and achieving targets LONG-TERM REVENUE PRETAX ROE AUM FLOWS GROWTH MARGIN 3- to 5-year targets (+/-), 4% 5% 25%+ 25%+ as of 2020 2020 2021 2022 2023 2020 2021 2022 2023 2020 2021 2022 2023 2020 2021 2022 2023 Results range1 5% 8% 2% 7% 5% 19% 5% 12% 28% 37% 33% 35% 28% 33% 25
Slide 50: Notes on slides 1-5
Notes on slides 1-5 Slide 1 – Asset & Wealth Management overview 1. Percentage of active mutual fund and active ETF assets under management in funds ranked in the 1st or 2nd quartile: All quartile rankings, the assigned peer categories and the asset values used to derive these rankings are sourced f
Slide 51: Notes on slides 6-9
Notes on slides 6-9 Slide 6 – Fortress foundation built on money market funds, deposits and lending 1. Includes assets managed on behalf of other product teams 2. Source: iMoneyNet 3. In the fourth quarter of 2020, the Firm realigned certain Wealth Management clients from Asset & Wealth Management t
Slide 52: Notes on slides 10-11
Notes on slides 10-11 Slide 10 – Continuing international expansion across AWM while some competitors retreat 1. Source: Company filings and internal JPMorgan Chase analysis 2. Source: Bloomberg – as of April 3, 2023 3. Source: WIND, mutual funds including MMF, passive, ETFs and cross-border 4. Sour
Slide 53: Notes on slides 12-15
Notes on slides 12-15 Slide 12 – Driving scale in Fixed Income through strong performance 1. Percentage of active mutual fund and active ETF assets under management in funds ranked in the 1st or 2nd quartile: All quartile rankings, the assigned peer categories and the asset values used to derive the
Slide 54: Notes on slides 16-17
Notes on slides 16-17 Slide 16 – Maximizing our strengths to deliver value to clients and shareholders 1. Includes Asset & Wealth Management client assets, U.S. Wealth Management investments and Chase Private Client deposits. In the fourth quarter of 2020, the Firm realigned certain Wealth Managemen
Slide 55: Consumer & Community Banking
INVESTOR DAY | 2024 CONSUMER & coe COMMUNITY BANKING Firm Overview Asset & Wealth Management > Consumer & Community Banking Commercial & Investment Bank JPMORGAN CHASE & Co.
Slide 56: Consumer and Community Banking
INVESTOR DAY | 2024 CONSUMER & COMMUNITY BANKING > Consumer and Community Banking Deposits and Branch Network Card & Connected Commerce First Republic Update JPMORGAN CHASE & Co.
Slide 57: We have a consistent set of strategic priorities
We have a consistent set of strategic priorities Growing and deepening relationships by engaging customers1 with products and services they Strategy 1 love and by expanding our distribution 2 Leveraging data and technology to drive speed to market and deliver customer value Enablers 3 Protecting our
Slide 58: Progress against our commitments
We continue to make progress against our commitments STRATEGIC COMMITMENTS Added net ~3.6mm customers to the CCB franchise Continued to scale distribution by opening 166 branches – committed to build over 500 new branches in the next three years Launched Freedom Rise and DoorDash credit cards,
Slide 59: We continue to successfully execute on our strategy
We continue to successfully execute on our strategy Grow Engage Deepen Overall customers (mm)1 Digital2 and branch3 active customers (mm) Multi-LOB customers4 (mm) 3% 6% 1% 7% CAGR CAGR CAGR CAGR +4% +6% 88.5 84.9 78.4 5.7 6.4 67.0 4.6 63.1 52.5 +4% +9% 82.1 32.6 32.9 34.3 73.8 79.2 >20% reduction i
Slide 60: We continue to grow faster than the competition
Grow Engage Deepen We continue to grow faster than the competition Consumer & Business Banking Card Deposit share1,2 Card sales and outstandings market share3 Growth Growth +220bps +20bps +50bps (70bps) +30bps +10bps vs. 2019 vs. 2019 +190bps ex. FRC 22.9% 20.4% 16.9% 11.3% 10.1% 10.4% Chase Leading
Slide 61: Customers engaging with us across channels
Grow Engage Deepen Our customers are engaging with us across channels to manage their financial lives Digital OMNI-CHANNEL Branch % mobile active Total monthly 90-day digitally users who engaged2 at engaged sessions2 Our channels complement each Branch active % who met Customers who met active users
Slide 62: Scale and scope of data to drive value from AI / ML
Grow Engage Deepen We have the scale and scope of data to drive increasing value from AI / ML THE SCALE OF OUR DATA CONTINUES TO GROW, THE VALUE FROM AI / ML INVESTMENTS ENABLING US TO SERVE CUSTOMER NEEDS1 IS ACCELERATING AND CHANGING2 Revenue examples Sales effectiveness Marketing effectiveness Fi
Slide 63: Customer experience is an operating discipline
Grow Engage Deepen Customer experience is an operating discipline Understand Build products & services our customers love Help customers discover the right customer needs and continuously innovate solutions for them Customer segment Design target product (examples) NPS1 impact of design target align
Slide 64: Deepening relationships into natural adjacencies
Grow Engage Deepen We continue to deepen relationships into natural adjacencies Wealth Management Connected Commerce Client investment assets ($B) Volume through our Connected Commerce platforms1 ($B) ~2x 2025 Target: ~3x $1T ~$950 ~$500 ~$650 $20 $15 $7 2019 2022 2023 2019 2022 2023 Target: ~6,000
Slide 65: We continue to deliver strong financial performance
We continue to deliver strong financial performance CCB Pretax Income ex. LLR ($B)1,2 $30.0 ex. FRC: $27.9B $21.7 $20.9 2019 2022 2023 ex. FRC Average deposits ($B) $698 $1,163 $1,127 $1,087 Average loans ($B) $478 $439 $526 $464 Average Card outstandings ($B) $156 $163 $191 Revenue ($B) $55.0 $54.8
Slide 66: 2023 revenue drivers and headwinds
In 2023, we benefitted from a positive macro rate environment and absorbed headwinds with core growth CCB REVENUE ($B) 2024 outlook ($0.2) $3.3 $70.1 $12.4 ($0.2) NIR $15.1 ▲ Card margin expansion and annual fees ▼ Overdraft fee policy change $54.8 ▼ Home Lending NIM compression NIR $14.9 NII $55.0
Slide 67: Organic growth has been the biggest revenue driver since 2019
Since 2019, organic growth has been the biggest revenue driver – more than offsetting net headwinds CCB REVENUE ($B) EX. FRC 2024 OUTLOOK NIR +$11.9 ▲ Wealth Management ▲ Connected Commerce +$3.6B ▲ Other growth Growth Business growth $66.9 NIR ▼ Auto lease $14.2 ▼ Mortgage market ($7B) $54.9 ($3.4)
Slide 68: Continue to invest to drive profitable growth and efficiency
We will continue to invest in our business to drive profitable growth and efficiency DRIVERS OF ADJUSTED EXPENSE1 ($B) – 2023 vs. 2024 OUTLOOK $0.7 ~$38 $0.2 $0.5 $0.6 $1.0 ▲ Wage inflation $0.8 ▼ Connected Commerce acquisition $34.6 ▼ Auto lease depreciation 2023 Field & Branch network Technology a
Slide 69: We are delivering the benefits of scale
We are delivering the benefits of scale WE’VE MANAGED OUR RUN THE BANK EXPENSE1 AS WE GROW RUN THE BANK EXPENSE1 PER ACCOUNT All percentages reflect 2019-2024 outlook CAGR All percentages reflect 2019-2024 outlook CAGR Field & Branch 8% customers per branch2 CCB REVENUE TOTAL CCB ACCOUNTS ex. impact
Slide 70: Our investment strategies are consistent and delivering
Our investment strategies are consistent – and consistently delivering CCB INVESTMENTS ($B) 2023 return 2024 +$0.8 profile status ~$9.0 Connected Deal integration & amortization (cxLoyalty, FROSCH, 6 year 6+ $0.3 Commerce Figg) payback years $8.2 $0.7 Growth $0.8 Wealth 4 year businesses Managemen
Slide 71: Investing in technology to support growth and profitability
We continue to invest in technology to support growth and profitability TECHNOLOGY & PRODUCT TECHNOLOGY & PRODUCT TECH MODERNIZATION: ~$1.4B INVESTMENTS ($B) INVESTMENTS BY CATEGORY ($B) +$0.4 ~$4.0 ~$4.0 Other Production applications $3.6 $0.9 Data & AI / ML ~80% migrated to strategic data centers
Slide 72: Consumer financial health has largely normalized
Consumer financial health has largely normalized and remains stable Median balances remain up from pre-pandemic levels and Spending remains solid as our portfolio is growing, while In aggregate, wages are keeping up with inflation operating cash buffers have largely normalized spend growth at the st
Slide 73: Small businesses remain financially healthy
Small businesses also remain financially healthy as normalization continues Median deposit balances and cash buffers remain While overall debt levels remain below 2019, debt for As businesses manage expenses, elevated, particularly for larger businesses smaller businesses are closer to historical no
Slide 74: Prudent risk profile while we grow the business
We’ve maintained a prudent risk profile while we continue to grow the business PORTFOLIO RISK METRICS ORIGINATION RISK METRICS 2012 2019 2023 2019 2023 ∆ % of portfolio <660 credit 16% 16% 14% Industry9 10% 10% - score1,2 % of originations Card Card <660 credit score % of outstandings from balance 2
Slide 75: Credit has normalized
Credit has normalized CREDIT RISK OUTLOOK NET CHARGE-OFF GUIDANCE Consumer balance sheets and credit have normalized 2024 and continue to remain generally healthy 2019 2020 2021 2022 2023 outlook Loss performance reflects primarily: Card ~3.6% 3.10% 2.93% 1.94% 1.47% 2.45% ~3.4% Services 2025 ou
Slide 76: Proposed regulation will negatively impact banking and consumers
Proposed regulation and legislation will negatively impact the banking industry and harm consumers Data sharing, Capital Credit card Deposit collection & reporting1 Merchant litigation Credit Card 1022, 1033, Basel III Late fee changes Overdraft rule Reg II settlement Competition Act 1034(c), 1071 L
Slide 77: We run our business for the long-term and manage through cycles
We run our business for the long-term and manage through cycles We are operating from a position of strength… Scale of our customer Continued core business Disciplined management relationships and Unmatched capacity to growth despite of resources, capital, diversification of our invest through cycle
Slide 78: Deposits and Branch Network
INVESTOR DAY | 2024 CONSUMER & COMMUNITY BANKING Consumer and Community Banking » Deposits and Branch Network Card & Connected Commerce First Republic Update JPMORGAN CHASE & Co.
Slide 79: Key questions on Deposits and Branch Network
Key questions on Deposits and Branch Network 1. Primary Bank How have primary bank relationships held up at this point in the cycle? 2. Deposits How are deposits performing at this point in the cycle? 3. Outlook What is your outlook for deposits? 4. Market Share What is your progress on capturing de
Slide 80: Growing primary bank relationships
Q1: Primary Bank Q2: Deposits Q3: Outlook Q4: Market Share Q5: Branch Network We are growing primary bank relationships, which are satisfied, loyal, and engaged How have primary bank relationships held up at this point in the cycle? CONSUMER BANKING BUSINESS BANKING Consumer Banking customers (mm)1
Slide 81: Focusing on distinct needs of customer segments
Q1: Primary Bank Q2: Deposits Q3: Outlook Q4: Market Share Q5: Branch Network Focusing on the distinct needs of customer segments is critical to our success How have primary bank relationships held up at this point in the cycle? Growth since 2019 Recent accomplishments How we’re extending our positi
Slide 82: Our strategy enables us to capture money in motion
Q1: Primary Bank Q2: Deposits Q3: Outlook Q4: Market Share Q5: Branch Network Our strategy enables us to capture money in motion How are deposits performing at this point in the cycle? Deposit margin: 2.78% Banking & Wealth Management Deposit Balances - EOP ($B)1 Deposit margin: 2.71% % in CDs: 5% %
Slide 83: Prepared for a range of scenarios
Q1: Primary Bank Q2: Deposits Q3: Outlook Q4: Market Share Q5: Branch Network We are prepared for a range of scenarios and continue to execute our proven playbook What is your outlook for deposits? THE OUTLOOK FOR RATES CONTINUES TO EVOLVE… …WHILE OUR STRATEGY REMAINS CONSISTENT SOFR 5-year forward
Slide 84: Strategies enabling deposit share gains over time
Q1: Primary Bank Q2: Deposits Q3: Outlook Q4: Market Share Q5: Branch Network Our strategies are enabling deposit share gains over time What is your progress on capturing deposit share? WE OUTPERFORMED PEERS IN DEPOSIT GROWTH SINCE 2019 OUR DEPOSIT SHARE GAINS HAVE BEEN WIDESPREAD National retail de
Slide 85: Branch expansion is core to our long-term growth
Q1: Primary Bank Q2: Deposits Q3: Outlook Q4: Market Share Q5: Branch Network Branch expansion is core to our long-term growth What is the impact and outlook for branch expansion? WE CONTINUE TO EXPAND AND OPTIMIZE OUR NETWORK OUR INVESTMENTS CREATE AN UNPARALLELED GROWTH ENGINE 2019-2023 Branch cou
Slide 86: Extend presence to cover >50% of population in each state
Q1: Primary Bank Q2: Deposits Q3: Outlook Q4: Market Share Q5: Branch Network Looking ahead, we will extend our presence to cover >50% of the population in each state What is the impact and outlook for branch expansion? BRANCH NETWORK – YE 2023 BRANCH NETWORK – LOOKING AHEAD >50% Increasing populati
Slide 87: Miami, FL Birmingham, AL New York, NY
Miami, FL Birmingham, AL New York, NY The Bronx, NY Los Angeles, 33 CA
Slide 88: Card & Connected Commerce
INVESTOR DAY | 2024 CONSUMER & COMMUNITY BANKING Consumer and Community Banking Deposits and Branch Network > Card & Connected Commerce First Republic Update JPMORGAN CHASE & Co.
Slide 89: Key questions for Card & Connected Commerce
Key questions for Card & Connected Commerce 1. Market Share What is your progress on gaining sales and OS share and what are your plans to continue doing so? 2. Marketing What is your outlook for marketing investment? How do you balance account growth with quality? Investment 3. Connected What is th
Slide 90: Gaining share in an increasingly competitive market
Q1: Market Share Q2: Marketing Investment Q3: Connected Commerce We are gaining share in an increasingly competitive market What is your progress on gaining sales and OS share and what are your plans to continue doing so? KEY DRIVERS MARKET SHARE #1 Sales Volume Share2 22.4% 22.4% 22.9% New accounts
Slide 91: Driving OS growth as revolve behavior normalizes
Q1: Market Share Q2: Marketing Investment Q3: Connected Commerce We are driving OS growth by executing on our strategy as revolve behavior continues to normalize What is your progress on gaining sales and OS share and what are your plans to continue doing so? Average Outstandings ($B) $24 2023 Vinta
Slide 92: Focused on key segments with outsized growth opportunity
Q1: Market Share Q2: Marketing Investment Q3: Connected Commerce We are focused on key segments where we have outsized opportunity for growth What is your progress on gaining sales and OS share and what are your plans to continue doing so? Record year of new accounts in new-to-credit1 segment Star
Slide 93: Investing in attractive opportunities to fuel future growth
Q1: Market Share Q2: Marketing Investment Q3: Connected Commerce We continue to invest in attractive opportunities to fuel future growth CARD GROSS CASH MARKETING SPEND What is (B) your outlook 2023 for marketing investment? How do you balance KEY DRIVERS account AND quality? growth with PERFORMANCE
Slide 94: Leveraging Connected Commerce acquisitions to scale two-sided platform
Q1: Market Share Q2: Marketing Investment Q3: Connected Commerce We are leveraging our Connected Commerce acquisitions to scale our two-sided platform What is the latest on your progress in Connected Commerce and how are you tracking to your goals? REMINDER OF OUR CONNECTED COMMERCE PLAYBOOK: Identi
Slide 95: Executing on our Connected Commerce playbook
Q1: Market Share Q2: Marketing Investment Q3: Connected Commerce We have been executing on our Connected Commerce playbook What is the latest on your progress in Connected Commerce and how are you tracking to your goals? ACTIONS WE HAVE TAKEN 2023 ENGAGEMENT METRICS COMMERCE VOLUME ($B)5 Launched
Slide 96: Slide 96
Slide 97: First Republic Update
INVESTOR DAY | 2024 CONSUMER & COMMUNITY BANKING Consumer and Community Banking Deposits and Branch Network Card & Connected Commerce > First Republic Update JPMORGAN CHASE & Co.
Slide 98: Key questions for First Republic update
Key questions for First Republic update 1. Integration How is the integration going – what have you completed and what is left to migrate to JPMC? 2. Business How has the business performed across key metrics (e.g., retention, balance growth)? Performance 3. Go-Forward How does the acquisition fit i
Slide 99: Focused on integrating legacy business while minimizing disruption
Q1: Integration Q2: Business Performance Q3: Go-Forward Strategy We have been focused on integrating the legacy business while minimizing disruption How is the integration going – what have you completed and what is left to migrate to JPMC? How has the business performed across key metrics (e.g., re
Slide 100: First Republic complements growth strategies across the firm
Q1: Integration Q2: Business Performance Q3: Go-Forward Strategy First Republic complements growth strategies across the firm How does the acquisition fit into your go-forward strategy to grow share with Affluent clients? Existing JPMC growth strategy First Republic acceleration Asset & Wealth Manag
Slide 101: Building a more complete Affluent value proposition
Q1: Integration Q2: Business Performance Q3: Go-Forward Strategy We are building a more complete Affluent value proposition How does the acquisition fit into your go-forward strategy to grow share with Affluent clients? Affluent segments High / Ultra-High Net Worth segments Chase Private Client J.P.
Slide 102: New York San Francisco
New York San Francisco 43
Slide 103: Notes on non-GAAP financial measures
Notes on non-GAAP financial measures 1. Adjusted expense excludes CCB legal expense and is a non-GAAP financial measure. For 2022, reported noninterest expense was $31,208 million and legal losses were $47 million; for 2023, reported noninterest expense was $34,819 million (or $33,600 million exclud
Slide 104: Notes on slides 1-3
Notes on slides 1-3 Slide 1 – We have a consistent set of strategic priorities 1. "Customer” includes both consumers and small businesses and reflects unique individuals and businesses and legal entities, respectively, that have financial ownership or decision-making power with respect to accounts;
Slide 105: Notes on slides 4-5
Notes on slides 4-5 Slide 4 – We continue to grow faster than the competition 1. Source: Federal Deposit Insurance Corporation (“FDIC”) 2023 Summary of Deposits survey per S&P Global Market Intelligence; applies a $1B deposit cap to Chase and industry branches; includes all commercial banks, savings
Slide 106: Notes on slides 6-8
Notes on slides 6-8 Slide 6 – We have the scale and scope of data to drive increasing value from AI / ML 1. Data reflects full year 2023, except for credit profiles and consumer counts which are as of YE 2023 2. Growing use of advanced modeling capabilities (AI/ML) has been supported across CCB by c
Slide 107: Notes on slides 9-13
Notes on slides 9-13 Slide 9 – We continue to deliver strong financial performance 1. Represents loan loss reserves 2. See note 2 on slide 44 3. Reflects Banking & Wealth Management deposit margin Slide 11 - Since 2019, organic growth has been the biggest revenue driver – more than offsetting net he
Slide 108: Notes on slides 14-16
Notes on slides 14-16 Slide 14 – Our investment strategies are consistent – and consistently delivering 1. Reflects 80% gearing ratio for Product expenses Slide 15 – We continue to invest in technology to support growth and profitability 1. Includes retired / replaced applications 2. Share of analyt
Slide 109: Notes on slides 17
Notes on slides 17 Slide 17 – Small businesses also remain financially healthy as normalization continues 1. Cash buffers (measured in days) indicate the number of days a business can cover regular expenses using existing cash assets from demand deposit accounts without new income 2. Cohort of clien
Slide 110: Notes on slides 18-20
Notes on slides 18-20 Slide 18 – We’ve maintained a prudent risk profile while we continue to grow the business 1. Represents refreshed FICO scores 2. Includes those with no FICO score 3. Customers who revolve on credit cards but are not spend active 4. Chase Auto excludes Wholesale (Dealer Commerci
Slide 111: Notes on slides 23-24
Notes on slides 23-24 Slide 23 – We are growing primary bank relationships, which are satisfied, loyal, and engaged 1. “Consumer Banking customer” reflects unique individuals that have financial ownership or decision-making power with respect to Consumer Banking accounts; excludes First Republic; pr
Slide 112: Notes on slides 25-27
Notes on slides 25-27 Slide 25 – Our strategy enables us to capture money in motion 1. Totals may not sum due to rounding; end of period balances for March 2023 and March 2024; customer activity and flows do not include First Republic accounts 2. Customer growth represents balances of customers that
Slide 113: Notes on slides 28-29
Notes on slides 28-29 Slide 28 – Branch expansion is core to our long-term growth 1. Source: Federal Deposit Insurance Corporation (“FDIC”) 2023 Summary of Deposits survey per S&P Global Market Intelligence; applies a $1B deposit cap to Chase and industry branches; includes all commercial banks, sav
Slide 114: Notes on slides 32-34
Notes on slides 32-34 Slide 32 – We are gaining share in an increasingly competitive market 1. Defined as average sales debit active accounts 2. Based on 2019-2023 sales volume and loans outstanding public disclosures by peers and JPMorgan Chase estimates. Sales volume excludes private label and Com
Slide 115: Notes on slides 35-37
Notes on slides 35-37 Slide 35 – We continue to invest in attractive opportunities to fuel future growth 1. Gross cash marketing spend represents total outlays in a calendar year, which includes expenses and contra revenues. Contra-revenue may be amortized and not all recognized in the year the outl
Slide 116: Notes on slides 40-41
Notes on slides 40-41 Slide 40 – We have been focused on integrating the legacy business while minimizing disruption 1. Includes deposits accounts and lending accounts, excludes wealth assets. Lending accounts migrating or exiting by 2Q24 include Home Lending, Personal Lines of Credit, Student Loan
Slide 117: Commercial & Investment Bank
INVESTOR DAY | 2024 COMMERCIAL & comer INVESTMENT BANK Firm Overview Asset & Wealth Management Consumer & Community Banking > Commercial & Investment Bank JPMORGAN CHASE & Co.
Slide 118: Commercial & Investment Bank
INVESTOR DAY | 2024 COMMERCIAL & INVESTMENT BANK > Commercial & Investment Bank Global Banking Closing Remarks JPMORGAN CHASE & CO.
Slide 119: Topics of discussion
Topics of discussion Overview of the Commercial & Investment Bank (CIB) Updates: Markets, Securities Services, Payments Deep dive: Global Banking Closing 1
Slide 120: CIB well positioned to serve end-to-end wholesale client needs
CIB Overview Markets Securities Services Payments Global Banking Closing The Commercial & Investment Bank is well positioned to serve end-to-end wholesale client needs Unparalleled wholesale client franchise VC-backed SMBs Municipalities Regional Multinational Global Asset Government start-ups banks
Slide 121: CIB is organized around both products and clients
CIB Overview Markets Securities Services Payments Global Banking Closing The Commercial & Investment Bank is organized around both products and clients Heritage businesses New business Commercial Banking Products Client engagement Middle Market Banking Corporate Client Banking Investment Banking Glo
Slide 122: Our strategy is consistent and we are better positioned to execute
CIB Overview Markets Securities Services Payments Global Banking Closing Our strategy is consistent, and we are better positioned to execute against it COMPLETE GLOBAL DIVERSIFIED AT SCALE4 International Revenue trend Investment Banking and Lending #1 Down ≥5% YoY Roughly flat YoY3 Up ≥5% YoY $900B+
Slide 123: Market share remains strong, competition has intensified
CIB Overview Markets Securities Services Payments Global Banking Closing Our market share remains strong, however competition has intensified across products and regions Investment Banking1 Markets2 Securities Services2 Payments (Treasury Services2) -20bps Flat +40bps +330bps Flat +10bps +90bps +90b
Slide 124: Despite leadership positions, several opportunities for growth
CIB Overview Markets Securities Services Payments Global Banking Closing Despite our leadership positions, there are several opportunities for growth 2023 GLOBAL LEADERSHIP POSITIONS COMPARED TO PEERS1,2 2023 PRODUCT LEADERSHIP POSITIONS ACROSS REGIONS1,2,3 Product rankings (out of 25 industry produ
Slide 125: Revenue and net income have grown but ROE is flat
CIB Overview Markets Securities Services Payments Global Banking Closing Since 2019, revenue and net income have grown meaningfully but ROE is flat due to higher capital levels ◼ Revenue ($B) ◼ Adjusted net income ($B)1 2019-2023 CAGR Revenue +7.2% $62.0 $64.4 $58.8 $59.6 $48.7 Adj. net income1 $26.
Slide 126: Combined CIB expense outlook in line with guidance
CIB Overview Markets Securities Services Payments Global Banking Closing Combined CIB expense outlook is in line with previously communicated guidance CIB ADJUSTED EXPENSE ($B)1 Investments Non-investments $0.3 ~$35 2023 2024O $0.5+/- $0.2 $0.6 Total investment spend $4.3B $4.7B $33.3 $4.7 Technolog
Slide 127: Technology investments relatively stable year-on-year
CIB Overview Markets Securities Services Payments Global Banking Closing Our portfolio of technology investments has been relatively stable year-on-year CIB TECHNOLOGY INVESTMENTS ($B) INFRASTRUCTURE MODERNIZATION +10% CAGR +5% Production applications migrated to $3.6 Applications processing largely
Slide 128: At-scale, complete and global Markets offering
CIB Overview Markets Securities Services Payments Global Banking Closing We have an at-scale, complete and global Markets offering, serving clients of all types in every region BUSINESS OVERVIEW1,2 SERVING A VARIETY OF CLIENT TYPES3 KEY ASPECTS OF OUR VALUE PROPOSITION Asset and $28.0B Wealth Manage
Slide 129: We maintain our industry-leading position
CIB Overview Markets Securities Services Payments Global Banking Closing We continue to maintain our industry-leading position WALLET, MARKET SHARE AND RANK1,2 PRODUCT MARKET SHARE AND RANK2 CLIENT WALLET AND MARKET SHARE FICC NOT TO SCALE Client wallet 2019 2023 2019-2023 JPM SoW Wallet change 12.9
Slide 130: Our strategy positions us for future growth
CIB Overview Markets Securities Services Payments Global Banking Closing Our strategy positions us for future growth Factors impacting the business Strategic priorities Expand product offerings across select geographies and asset classes, including Financing, Energy, Private Credit Industry wallet p
Slide 131: Securities Services: strategic partner for largest institutional investors
CIB Overview Markets Securities Services Payments Global Banking Closing Securities Services strives to be the strategic partner for the world’s largest Institutional investors BUSINESS OVERVIEW SERVING THE TOP INSTITUTIONS KEY ASPECTS OF OUR VALUE PROPOSITION Asset $4.8B Managers 7 of top 10 are cl
Slide 132: We continue to increase fees and close the gap to #1
CIB Overview Markets Securities Services Payments Global Banking Closing We continue to increase fees and close the gap to #1 FINANCIAL PERFORMANCE FOCUS ON SCALABLE GROWTH TO FURTHER CLOSE THE GAP TO #1 Key metrics3 Global Servicing of listed assets in 100 markets AUC Cost per trade Mature Market s
Slide 133: Well positioned to grow as we innovate and scale
CIB Overview Markets Securities Services Payments Global Banking Closing We are well positioned to grow as we innovate and scale our offerings Factors impacting the business Strategic priorities Grow with long-term sustainable clients by providing best-in-class service Consolidation, AUM concentrati
Slide 134: Industry-leading Payments offering with end-to-end solutions
CIB Overview Markets Securities Services Payments Global Banking Closing Our industry-leading Payments offering serves complex client needs with end-to-end solutions BUSINESS OVERVIEW SERVING CLIENTS OF ALL SIZES & INDUSTRIES KEY ASPECTS OF OUR VALUE PROPOSITION Combining the safety, scale and resil
Slide 135: Strong performance across client segments and products
CIB Overview Markets Securities Services Payments Global Banking Closing We continue to deliver strong performance across client segments and products FINANCIAL PERFORMANCE REVENUE GROWTH DRIVERS Annual number of mandates won Payments revenue ($B)1 NOT TO SCALE NOT TO SCALE Financial Institutions Co
Slide 136: Expanding capabilities while reinforcing our foundation
CIB Overview Markets Securities Services Payments Global Banking Closing We remain focused on expanding our capabilities while reinforcing our foundation Factors impacting the business Strategic priorities Expand leadership with Financial Institutions through targeted growth with Growing cross-borde
Slide 137: Global Banking
INVESTOR DAY | 2024 COMMERCIAL & INVESTMENT BANK Commercial & Investment Bank > Global Banking Closing Remarks JPMORGAN CHASE & CO.
Slide 138: Global Banking – combining Commercial Banking and Investment & Corporate Banking
CIB Overview Markets Securities Services Payments Global Banking Closing Global Banking – combining Commercial Banking and Investment & Corporate Banking Heritage Our future – Global Banking Middle Market Banking Commercial Banking Commercial Commercial Real Estate Banking Corporate Client Banking G
Slide 139: Segmented and focused to best serve our clients
CIB Overview Markets Securities Services Payments Global Banking Closing Segmented and focused to best serve our clients Global Banking Commercial Banking Global Corporate Banking Global Investment Banking DEEP INDUSTRY EXPERTISE SERVING CLIENTS ACROSS THEIR LIFECYCLE Consumer, Retail and Business S
Slide 140: Broad-based capabilities and global scale
CIB Overview Markets Securities Services Payments Global Banking Closing Broad-based capabilities and global scale Lending CIB Payments ~$7B IB fees ~$7B revenue ~$18B revenue1 ~$350B Loans ~$700B Deposits 75k+ Clients 45+ Countries 225+ Cities Global reach with Coordinated Comprehensive Growing Ope
Slide 141: Starting from a position of strength, room for growth
CIB Overview Markets Securities Services Payments Global Banking Closing Starting from a position of strength, with significant room for continued growth STRONG LEADERSHIP POSITION IN IB1 CONSISTENT CLIENT FOCUS #1 in IB fees for the 15 consecutive year th #1 U.S. market share in Middle Market 2 #1
Slide 142: Investing for sustained organic growth
CIB Overview Markets Securities Services Payments Global Banking Closing Investing for sustained organic growth Be the primary bank for treasury and commerce needs of clients across all segments and 1 Payments capture deposit and fee growth by delivering outstanding service, advice and innovation Ad
Slide 143: Payments capabilities providing substantial value to clients
CIB Overview Markets Securities Services Payments Global Banking Closing 1 Payments capabilities providing substantial value to our clients ORGANIZED TO SUPPORT CLIENTS ACROSS GLOBAL BANKING… … WITH ACCESS TO EXTENSIVE, INNOVATIVE SOLUTIONS Solutions-oriented coverage teams with deep expertise Deliv
Slide 144: Opportunities to grow Global Investment Banking franchise
CIB Overview Markets Securities Services Payments Global Banking Closing 2 Opportunities to grow our premier Global Investment Banking franchise LEVERAGING THE POWER OF GLOBAL BANKING Targeted investments across all global industry coverage teams Continued growth of CB Coverage alignment by Enhancin
Slide 145: Disciplined approach to Financial Sponsors coverage
CIB Overview Markets Securities Services Payments Global Banking Closing 3 Disciplined and focused approach to Financial Sponsors coverage SIGNIFICANT OPPORTUNITY WITH FINANCIAL SPONSORS COMPLETE CAPABILITIES TO CAPTURE THE OPPORTUNITY Coordinated global coverage across the Financial Sponsors ecosys
Slide 146: Serving the Innovation Economy ecosystem
CIB Overview Markets Securities Services Payments Global Banking Closing 4 Broad-based capabilities to serve the Innovation Economy ecosystem SPECIALIZED COVERAGE AND POWERFUL SOLUTIONS TO SERVE THE ECOSYSTEM ACCELERATED GROWTH Founders Partners Bankers Dedicated coverage of VC firms and ~150% portf
Slide 147: Organic growth in Middle Market Banking
CIB Overview Markets Securities Services Payments Global Banking Closing 5 Organic growth in Middle Market Banking MIDDLE MARKET NATIONAL COVERAGE EXPANSION MARKETS Middle Market Middle Market bankers located Locations added in 28k clients 96% within branch network1 11k Clients 27 the last 5 years M
Slide 148: Continuing to invest in our platform and capabilities
CIB Overview Markets Securities Services Payments Global Banking Closing Continuing to invest in our platform and capabilities OUR FOUNDATIONAL CORE DELIVERING VALUE Cloud-based, client-focused data Data ⚫ Unified Client 360 view combining 150+ sources of internal and external data Client value Bank
Slide 149: Maintaining risk discipline – Commercial & Industrial
CIB Overview Markets Securities Services Payments Global Banking Closing Maintaining risk discipline – Commercial & Industrial SUMMARY MARKET COMMENTARY ⚫ Global Banking C&I portfolio totals ~$563B of exposure1 ⚫ Higher interest rates and inflation driving margin compression for certain ⚫ Credit con
Slide 150: Maintaining risk discipline – Commercial Real Estate
CIB Overview Markets Securities Services Payments Global Banking Closing Maintaining risk discipline – Commercial Real Estate SUMMARY MARKET COMMENTARY ⚫ JPM Commercial Real Estate exposure totals ~$206B1 ⚫ Multifamily rent growth slowed from record growth rates post-COVID, while ⚫ ~60% of multifami
Slide 151: Leveraging combined businesses to execute long-term strategy
CIB Overview Markets Securities Services Payments Global Banking Closing Global Banking – leveraging the power of combined businesses to execute a long-term strategy Factors impacting the business Long-term strategy Expanding our client franchise Cyclicality of NIM and IB fees, Organic growth driven
Slide 152: Closing Remarks
INVESTOR DAY | 2024 COMMERCIAL & INVESTMENT BANK Commercial & Investment Bank Global Banking > Closing Remarks JPMORGAN CHASE & CO.
Slide 153: Our franchise is uniquely positioned for future growth
CIB Overview Markets Securities Services Payments Global Banking Closing Our franchise is uniquely positioned for future growth Deepen client relationships Close addressable gaps Broaden geographical reach Harness data, AI and digital tools Financial Priority AI/ML use cases Corporates Markets: Fina
Slide 154: Notes on market share, ranks, and industry wallets
Notes on market share, ranks, and industry wallets 1. Source: Coalition Greenwich Competitor Analytics. Based on JPMorgan Chase’s internal business structure and internal revenue. Excludes the impact of Archegos in 2021 Historical Coalition Greenwich competitor revenue and industry wallets have been
Slide 155: Notes on non-GAAP financial measures
Notes on non-GAAP financial measures 1. The Commercial & Investment Bank (CIB) provides certain non-GAAP financial measures. These measures should be viewed in addition to, and not as a substitute for, the CIB’s reported results. The non-GAAP financial measures on slides 4, 7 and 8 exclude the impac
Slide 156: Notes on slide 4-6
Notes on slide 4-6 Slide 4 – Our strategy is consistent, and we are better positioned to execute against it 1. Source: Dealogic. For additional information see note 2 on slide 34 2. Source: Coalition Greenwich Competitor Analytics. Based on JPMorgan Chase’s internal business structure and internal r
Slide 157: Notes on slides 10-11
Notes on slides 10-11 Slide 10 – We have an at-scale, complete and global Markets offering, serving clients of all types in every region 1. JPM revenue as reported 2. Source: Coalition Greenwich Competitor Analytics for FICC and Equities ranks. Ranks based on JPMorgan Chase’s internal business struc
Slide 158: Notes on slides 14-16
Notes on slides 14-16 Slide 14 – We continue to increase fees and close the gap to #1 1. Source: Coalition Greenwich Competitor Analytics. Based on JPMorgan Chase’s internal business structure and internal revenue. For additional information see note 1 on slide 34 2. 2019 and 2023 revenue excludes d
Slide 159: Notes on slide 17-22
Notes on slide 17-22 Slide 17 – We continue to deliver strong performance across client segments and products 1. All revenue figures exclude the net impact of equity investments 2. Represents growth in fees excluding the impact of credits earned by Commercial & Investment Bank clients on balances he
Slide 160: Notes on slides 26-31
Notes on slides 26-31 Slide 26 – Disciplined and focused approach to Financial Sponsors coverage 1. Source: Preqin as of 2023; includes Private Equity, Infrastructure and Real Estate funds 2. Source: PitchBook Data, Inc. as of March 2024 3. Source: Dealogic as of April 1, 2024; based on global aggre