Jp Morgan Chase & Co. · NYSE:JPM
Jp Morgan Chase & — Investor Day (May 2024)
158 slides from Jp Morgan Chase &'s investor day presentation, May 20, 2024
Slide 1: Investor Day 2024 Opening Remarks
► Opening Remarks Firm Overview Asset & wealth Management Consumer & Community Banking Commercial & Investment Bank INVESTOR DAV 2024 OPENING REMARKS JPMORGAN CHASE &Co. Exhibit 99.2
Slide 2: Our new Commercial & Investment Bank is positioned for success
Our new Commercial & Investment Bank is positioned for success $64 5 28 18 7 7 Payments Markets Securities Services Lending Investment Banking Consumer & Community Banking Asset & Wealth Management Home Lending Asset Management Global Private Bank 2023 Revenue1 ($B) Banking & Wealth Management Card
Slide 3: Targeted initiatives – significant runway for growth
Complete Global Diversified At Scale Targeted initiatives – significant runway for growth Invest and grow market-leading franchises Leading financial results | Fortress balance sheet Grow & deepen consumer relationships Capture the full opportunity in Payments Scale new markets & businesses Deliver
Slide 4: 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 infrastructure and practices Power of unrivalled data and analytics Modern data centers Journey to cloud Experience and success using traditional AI / machine learning Opport
Slide 5: Disciplined approach to risk and resource utilization is key to our operating model
Disciplined approach to risk and resource utilization is key to our operating model Risk management Regulatory / ControlExpense efficiencies We prepare for a range of outcomes Compliance & controls remain non-negotiable priorities Expense discipline is essential to earning the right to invest Provid
Slide 6: 17% through the cycle ROTCE target is still achievable
15% 24% 22% 6% 10% 15% 15% 15% 11% 13% 13% 13% 12% 17% 19% 14% 23% 18% 21% '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 Assuming a reasonable B3E outcome, our 17% through the cycle target is still achievable ROTCE1 (%) STRONG TRACK RECORD OF PERFORMANCE 17% Complete Gl
Slide 7: 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 8: 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 9: Firm Overview
INVESTOR DAY | 2024 FIRM OVERVIEW Opening Remarks > Firm Overview Asset & Wealth Management Consumer & Community Banking Commercial & Investment Bank JPMORGAN CHASE & Co.
Slide 10: Topics of discussion
Topics of discussion Firm overview Financial results Operating environment Outlook Conclusion 1
Slide 11: Proven operating model supported by a consistent strategic framework
We have a proven operating model that is supported by a consistent strategic framework Complete Global Diversified At Scale ⚫ Customer centric and easy to do business with ⚫ Comprehensive set of products and services ⚫ Focus on safety and security ⚫ Powerful brands ⚫ Continuously investing in the fu
Slide 12: Being 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 CCB2 CIB2,3 AWM Corp. Revenue1 by segment ($B) $118 $125 $162 55 50 70 49 62 6414 17 20 2019 2021 2023 OUR DIVERSE BUSINESS MIX PERFORMS THROUGH CYCLES… 55 44 90 4
Slide 13: Leading client and customer-centric franchises
We have leading client and customer-centric franchises… For footnoted information, refer to slide 18 CCB U.S. retail deposits3 7.5% 11.3% Credit card sales11 20.9% 22.9% Client investment assets12 $189B $951B ⚫ #1 retail deposit share in four of top five U.S. markets: NY, LA, Chicago and SF CIB Inve
Slide 14: 10% compound annual growth rate since 2005
10% compound annual growth rate since 2005 $16 $19 $22 $23 $27 $30 $34 $39 $41 $45 $48 $51 $54 $56 $61 $66 $72 $73 $86 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 …which has led to strong absolute and relative performance over the last decade TBVPS1 ($) STRONG TRACK R
Slide 15: Environment is changing: tailwinds turning into headwinds
Looking ahead, the environment is changing – with tailwinds from 2023 likely turning into headwinds, and a number of uncertainties ⚫ NII under pressure ⚫ Rate cuts? ⚫ Continued mix shift in deposits ⚫ Credit normalization dynamics Tailwinds → headwinds? Uncertainties ⚫ Regulation ⚫ Basel III Endgame
Slide 16: We expect ~$91B in NII ex. Markets for 2024
We expect ~$91B in NII ex. Markets for 2024 For footnoted information, refer to slide 19 ($8) $1.5 $3 2023 4Q23 annualized 2024 outlook at 4Q23 earnings 2024 outlook Rate / reprice ◼ Assumed 6 rate cuts in 2024 (4.0% FFTUB2 at YE) ◼ Deposit reprice and internal migration 2Q23: $22 3Q23: $23 4Q23: $2
Slide 17: 2024 expense outlook is ~$92B
Our 2024 expense outlook is ~$92B and increase from previous outlook reflects $1B Foundation contribution 2024 ADJUSTED EXPENSE1 ($B) Organic business growth Acquisitions Technology ex. First Republic Volume- and revenue-related Marketing $3.0 $0.7 $1.4 $1.2 $0.6 Pre-funded Foundation contribution $
Slide 18: 2024 Firmwide technology expense outlook is ~$17B
6 7 7 2 8 2 1 1 2023 2024 outlook CCB CIB AWM Corp. $15.5 ~$1.5 ~$17 Our 2024 Firmwide technology expense outlook is ~$17B ⚫ First Republic +$0.2 ⚫ Investments +$0.5 ⚫ Wage growth and inflation +$0.4 ⚫ Volumes net of efficiencies +$0.5 2024 TECHNOLOGY EXPENSE ($B) Totals may not sum due to rounding
Slide 19: Technology modernization continues to deliver efficiencies
Our technology modernization continues to deliver infrastructure and engineering efficiencies ENGINEERING PRODUCTIVITY Speed Agility Stability ~20% increase overall in speed to deliver product features over the last 2 years > 90% agile practice adoption across teams, and agility metrics improved for
Slide 20: We are well reserved for the current environment
0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% 4Q19 4Q20 4Q21 4Q22 4Q23 4Q24 We are well reserved for the current environment WE EXPECT A CARD SERVICES NCO RATE OF ~3.4% FOR 2024 Card Services NCO rate (%) 5.4% 5.6% Q0 Q1 Q2 Q3 Q4 Q5 Q6 Q7 Q8 WE ARE RESERVED FOR PEAK UNEMPLOYMENT OF 5.4% IN T
Slide 21: Expected changes to capital requirements (Basel III Endgame)
Retail gold-plating Operational risk Renewable energy investments Corporate risk weights Other capital markets 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 th
Slide 22: Excess capital supports increased buybacks, but we remain cautious
Our excess capital supports increased buybacks, but we remain cautious We have flexibility to support a range of regulatory outcomes, economic conditions and business opportunities ILLUSTRATIVE EXCESS CAPITAL EVOLUTION ($B) Phase-in starting in 3Q25 1 54 78 78 (4) (9) 32 5 1Q24 Organic capital gener
Slide 23: Positioned to deliver strong returns across macroeconomic conditions
2023 Medium-term We are positioned to deliver strong returns across a range of macroeconomic conditions… DESPITE EXPECTED SOFT LANDING, RISKS AND UNCERTAINTIES REMAIN 17% through the cycle target Fed Funds Rate Inflation Scenario assumptions Alternate scenarios A moderate to deep, early recession ca
Slide 24: 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 ~17% ROTCE target ~$91B 2024 NII ~$91B 2024 NII ex. Markets Promotes stronger and deeper relationships with customers Allows us to serve more clients everywhere Supports mor
Slide 25: 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 26: Notes on slide
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 27: Notes on slide
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 $1B deposit cap to Chase and industry branches f
Slide 28: Notes on slides 5-12
Notes on slides 5-12 Slide 5 – …which has led to strong absolute and relative performance over the last decade 1. See note 3 on slide 16 2. Peers include Bank of America, Citigroup, Goldman Sachs, Morgan Stanley and Wells Fargo 3. Results include First Republic 4. See note 1 on slide 16 5. See note
Slide 29: Notes on slides 13-14
Notes on slides 13-14 Slide 13 – Our excess capital supports increased buybacks, but we remain cautious 1. Net income, less common and preferred stock dividends 2. Represents the median consensus of research analyst estimates as of May 3, 2024 (pre-Visa exchange offer) 3. Incremental CET1 impact of
Slide 30: Asset & Wealth Management
Opening Remarks Firm Overview > Asset & Wealth Management Consumer & Community Banking Commercial & Investment Bank INVESTOR DAY | 2024 ASSET & WEALTH MANAGEMENT JPMORGAN CHASE & Co.
Slide 31: Asset & Wealth Management overview
1 Asset & Wealth Management overview ⚫ Fiduciary engine of the Firm: Dedicated to alpha generation for individuals and institutions with ~200-year legacy ⚫ Complement to other LOBs: Manage assets of families, companies, sovereign wealth funds and central banks ⚫ On-the-ground research with personali
Slide 32: AWM serves all types of clients through our solutions
2 Asset & Wealth Management serves all types of clients through our solutions WE SERVE A BREADTH OF CLIENTS… Traditional Assets Multi-Asset Solutions Lending Deposits / Cash Mgmt. Co-investment Alternatives Trusts & Estates Insurance First-time Investors HNW UHNW Broker-DealerEndowments & Foundation
Slide 33: AWM is a consistent growth franchise
3 +8% +8% Increase YoY Decrease YoYGPBAM2 PRETAX INCOME1 ($B)ASSETS UNDER SUPERVISION1 ($T) 2013 14 15 16 17 18 19 20 21 22 23 3.3 3.4 3.2 3.5 3.6 3.8 3.8 4.0 6.3 5.8 6.9 2013 14 15 16 17 18 19 20 21 22 23 2.3 2.3 2.3 2.4 2.7 2.6 3.1 3.7 4.3 4.0 5.0 CAGRCAGR FORTRESS FOUNDATION POSITIONED FOR GROWTH
Slide 34: Powered by two market-leading businesses
4 2013 2023 10Y Growth ⚫ AM ranking by AUM2 (#) ⚫ AM ranking by active AUM2 (#) ⚫ U.S. AUM3 ⚫ International AUM3 ⚫ Global Funds AUM ⚫ Global Institutional AUM ⚫ AM client-facing (#) #7 #4 $840 $397 $460 $777 614 #5 #3 $1,712 $736 $960 $1,488 749 ASSET MANAGEMENT1 End of period (EOP), $B Powered by t
Slide 35: Expense discipline and focused investing
5 Expense discipline and focused investing TOTAL ADJUSTED EXPENSE ($B)1 BREAKDOWN OF EXPENSE Technology ⚫ Prod. development (e.g., automation, Artificial Intelligence) ⚫ Modernization Revenue-producing & volume-related ⚫ Front office hiring – 3.5k GPB advisors in 2023 (record), grew at 12% CAGR sinc
Slide 36: Fortress foundation built on money market funds, deposits and lending
6 Fortress foundation built on money market funds, deposits and lending End of period (EOP), $B $563 $688 $754 $680 $963 2019 2020 2021 2022 2023 MONEY MARKET FUNDS1 +3.1 p.p. Institutional market share2, to 16.5% #1 in Institutional AUM2 #2 in Global AUM2 $143 $199 $282 $233 $233 2019 2020 2021 202
Slide 37: Research and risk management drive strong investment performance
7 Commitment to research and risk management drive strong investment performance RESEARCH KEY PART OF INVESTMENT PROCESS ROBUST RISK MANAGEMENT 80% 82% 84% 85% 91% 85% 85% 80% 86% 90% 83% 86% 0% 25% 50% 75% 100% 2013 14 15 16 17 18 19 20 21 22 23 1Q24 STRONG OVERALL INVESTMENT PERFORMANCE + Asset cl
Slide 38: High-quality talent and world-class training
8 High-quality talent and world-class training to support higher contribution / productivity FORTRESS FOUNDATION POSITIONED FOR GROWTH DIFFICULT TO REPLICATE Net new hires, client advisors INCREASED HIRING ENHANCED TRAINING ENRICHED CONTENT DEEPER RELATIONSHIPS HIGHER ADVISOR PRODUCTIVITY HAPPIER CL
Slide 39: Building Workplace through Global Shares
9 Building Workplace through Global Shares 148 173 2022 2023 >5Y +17% Assets Under Administration ($B) +62% YoY in total clients1 33 57 2022 2023 >5Y +73% U.S.International FORTRESS FOUNDATION POSITIONED FOR GROWTH DIFFICULT TO REPLICATE LEVERAGING 1.1mm total participants1 160+ countries reached ~4
Slide 40: Continuing international expansion across AWM
10 Continuing international expansion across AWM while some competitors retreat FORTRESS FOUNDATION POSITIONED FOR GROWTH DIFFICULT TO REPLICATE 64mm clients 800 companies covered ASSET MANAGEMENT CHINAINTERNATIONAL PRIVATE BANK 2019 2023 +1.6x AUS growth ($B) 2019 2023 +1.1x AUM growth ($B) foreign
Slide 41: Extending Active ETF momentum through innovation
11 AUM ($B) Inception 1 J.P. Morgan Equity Premium Income ETF JEPI 2020 2 Dimensional US Core Equity 2 ETF DFAC 2007 3 J.P. Morgan Ultra-Short Income ETF JPST 2017 4 J.P. Morgan Nasdaq Equity Premium Inc. ETF JEPQ 2022 5 PIMCO Enhanced Short Maturity Active ETF MINT 2009 Extending Active ETF momentu
Slide 42: Driving scale in Fixed Income through strong performance
12 63% Global Bond Opportunities fund performance3 Driving scale in Fixed Income through strong performance STRONG FIXED INCOME PERFORMANCE % of 5Y JPMAM Fixed Income funds AUM above peer median1 CAPTURING FLOWS AND DRIVING SCALE Top peers by 2023 Active FI AUM flows4 ($B) 86% 3.0% 2.4% -1.0% JPM Ca
Slide 43: Empowering clients and advisors for a personalized investment journey
13 Empowering clients and advisors for a personalized investment journey + + Including Assets Held Away TOTAL SMA PLATFORM WORKING TOWARDS A FULLY INTEGRATED PLATFORM THAT ENABLES CLIENT PERSONALIZATION JPM + 55ip + OpenInvest AUM ($B) Tax optimization✓ Tax transition✓ Choice / preferences✓ Exclusio
Slide 44: Utilizing Artificial Intelligence to enhance experience and efficiency
14 Utilizing Artificial Intelligence to enhance experience, manage risks and drive efficiencies FORTRESS FOUNDATION POSITIONED FOR GROWTH DIFFICULT TO REPLICATE Drive productivity✓Remove “no joy” work✓ Increase revenue✓ 2022 2023 +188% Sales Assist gross sales per user Connect Coach pilot user exper
Slide 45: Unlocking the power of JPMC through cross-LOB connectivity
15 Unlocking the power of JPMC through cross-LOB connectivity DELIVERING UNMATCHED VALUE TO CLIENTS AND SHAREHOLDERS FORTRESS FOUNDATION POSITIONED FOR GROWTH DIFFICULT TO REPLICATE 80% of top Global IPOs have cross-LOB connectivity ~3k GPB referrals given to Chase WM in 2023 98% of top 50 AWM clien
Slide 46: Maximizing our strengths to deliver value to clients and shareholders
16 Fixed Income Equity Multi-Asset Alternatives Liquidity Brokerage Custody Deposits Maximizing our strengths to deliver value to clients and shareholders ≥$0 <$0 Asset Class / Product Channel GPB + U.S. WM Funds Institutional Region U.S. LatAm EMEA Asia A U M A U S A s s e ts A s s e ts A s s e ts
Slide 47: Exceeding expectations and achieving targets
17 Exceeding expectations and achieving targets Meeting targets Results range1 3- to 5-year targets (+/-), as of 2020 5% 25%+25%+4% REVENUE GROWTH PRETAX MARGIN ROE LONG-TERM AUM FLOWS ✓ 8% 2021 2% 2022 ✓ 5% 2020 ✓ 19% 2021 ✓ 5% 2022 ✓ 5% 2020 ✓ 37% 2021 ✓ 33% 2022 ✓ 28% 2020 ✓ 33% 2021 ✓ 25% 2022
Slide 48: Notes on slides 1-5
18 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 source
Slide 49: Notes on slides 6-9
19 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 Managemen
Slide 50: Notes on slides 10-11
20 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. S
Slide 51: Notes on slides 12-15
21 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
Slide 52: Notes on slides 16-17
22 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 Manage
Slide 53: Consumer & Community Banking
INVESTOR DAY | 2024 CONSUMER & feu COMMUNITY BANKING Firm Overview Asset & Wealth Management > Consumer & Community Banking Commercial & Investment Bank JPMORGAN CHASE & Co.
Slide 54: Consumer and Community Banking
INVESTOR DAY | 2024 CONSUMER & COMMUNITY BANKING > Consumer and Community Banking Deposits and Branch Network Card & Connected Commerce First Republic Update JPMOorRGAN CHASE & Co.
Slide 55: 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 love and by expanding our distribution Delivering financial performance that is consistently best-in-class Leveraging data and technology to drive speed to mark
Slide 56: We continue to make progress against our commitments
We continue to make progress against our commitments Strategy Enablers Outcome 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 ca
Slide 57: We continue to successfully execute on our strategy
32.6 32.9 34.3 Branch active 2019 2022 2023 We continue to successfully execute on our strategy Engage 73.8 79.2 82.1 4.6 5.7 6.4 2019 2022 2023 Consumers Small businesses 18.6 22.3 24.2 2019 2022 2023 Overall customers (mm)1 Multi-LOB customers4 (mm)Digital2 and branch3 active customers (mm) 78.4 8
Slide 58: We continue to grow faster than the competition
22.9% 16.9% 20.4% 10.4% Sales OS Chase Leading competitor We continue to grow faster than the competition 11.3% 10.1% Chase Leading competitor +220bps +20bps +30bps growth in net new checking accounts vs. 20194 >25% growth in new accounts vs. 2019 primary bank customer retention8 98% >60%primary ban
Slide 59: Customers engaging with us across channels
Our customers are engaging with us across channels to manage their financial lives Our channels complement each other via omnichannel journeys (examples): Planning Account opening Relationship & advice 90-day digitally active users1 Digital Branch % mobile active users who engaged2 at least once a w
Slide 60: Scale and scope of data to drive value from AI / ML
We have the scale and scope of data to drive increasing value from AI / ML Fraud detection Credit risk Predictive servicing Branch optimization Future stateCurrent state Sales effectiveness Personalization Marketing effectiveness Underwriting Grow Engage Deepen For footnoted information, refer to sl
Slide 61: Customer experience is an operating discipline
Customer experience is an operating discipline NPS1 impact of design target alignmentCustomer segment Growth in product-segment fit vs. ‘19Design target product (examples) Grow DeepenEngage For footnoted information, refer to slide 47 ~65 Net Promoter Score (NPS) among primary bank deposit customers
Slide 62: We continue to deepen relationships into natural adjacencies
We continue to deepen relationships into natural adjacencies Grow Engage Deepen For footnoted information, refer to slide 47 Wealth Management Connected Commerce # of Wealth Management relationships2 Client investment assets ($B) Target: ~6,000 advisors ~$500 ~$650 ~$950 2019 2022 2023 ~2x 2025 Targ
Slide 63: We continue to deliver strong financial performance
2019 2022 2023 ex. FRC Average deposits ($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 $70.1 $66.9 Deposit margin3 2.48% 1.71% 2.84% 2.81% Expense ($B) $28.1 $31.2 $34.8 $33.6 Overhead ratio 51% 57% 50% 50%
Slide 64: 2023 revenue drivers
2022 Macro rate Volume Margin / Other First Republic 2023 In 2023, we benefitted from a positive macro rate environment and absorbed headwinds with core growth $12.4 ($0.2) $3.3 ▲ Card loan growth ▼ Deposit balances ▼ Auto leases ▼ Increase in Card acquisition ▲ Card margin expansion and annual fees
Slide 65: 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 Our investments will continue to deliver core business growth For footnoted information, refer to slide 48 Note: Totals may not sum due to rounding $54.9 $66.9 $37.3 $52.6 $17.6 $14.2 2019 2023 NII NI
Slide 66: We will continue to invest to drive profitable growth and efficiency
DRIVERS OF ADJUSTED EXPENSE1 ($B) – 2023 vs. 2024 OUTLOOK We will continue to invest in our business to drive profitable growth and efficiency 2023 Field & Branch network Technology and product Marketing Operations & fraud losses Other First Republic 2024 outlook $34.6 ~$38 $0.8 $1.0 $0.5 $0.6 $0.2
Slide 67: We are delivering the benefits of scale
Staff Functions, Real Estate and Regulatory 3% CAGR FDIC assessments wage inflation We are delivering the benefits of scale RUN THE BANK EXPENSE1 PER ACCOUNT Field & Branch Network (ex. Card accounts) 0% CAGR 8% 6% 8% customers per branch2 checking / savings sales per branch2 client investment asset
Slide 68: Our investment strategies are consistent and delivering
Our investment strategies are consistent – and consistently delivering Wealth Management Connected Commerce Branch Network Marketing Deal integration & amortization (cxLoyalty, FROSCH, Figg) Advisor hiring New builds in expansion and mature markets Banker hiring Acquisitions & deepening
Slide 69: Continuing to invest in technology to support growth
2024 outlook We continue to invest in technology to support growth and profitability $1.4 $1.4 $1.3 $1.7 $0.8 $0.9 2023 2024 outlook ~$4.0 Tech modernization Product & design org Tech product development $3.6 +$0.4 TECH MODERNIZATION: ~$1.4B Products Data & AI / ML Platforms Channel Delivery & Enabl
Slide 70: Consumer financial health has largely normalized
Consumer financial health has largely normalized and remains stable Historical avg. Pandemic high Mar '24 Total population Median cash buffer1 Deposit balances Peak Mar ‘24 All incomes +126% +66% Lowest incomes3 +183% +86% Cash buffer Peak Mar ’24 All incomes +16 days +3 days Lowest incomes +15 days
Slide 71: Small businesses remain financially healthy
2019 Pandemic high Mar '24 Small businesses also remain financially healthy as normalization continues Cohort of clients2 Median cash buffer1 Deposit balances Peak Mar ’24 Large revenue4 +128% +60% Small revenue5 +67% +14% Cash buffer Peak Mar ‘24 Large revenue +29 days +8 days Small revenue +25 day
Slide 72: Prudent risk profile while we grow the business
We’ve maintained a prudent risk profile while we continue to grow the business 2012 2019 2023 Card % of portfolio <660 credit score1,2 16% 16% 14% % of outstandings from balance parker segment3 20% 9% 5% Auto4 % of portfolio <660 credit score5 22% 18% 16% % of portfolio <660 credit score and LTV >12
Slide 73: Credit has normalized
Credit has normalized Consumer balance sheets and credit have normalized and continue to remain generally healthy Loss performance reflects primarily: Normalization Change in portfolio mix We continue to invest in new data and scores to enhance our risk management and have tightened on the
Slide 74: Proposed regulation will negatively impact banking and consumers
Proposed regulation and legislation will negatively impact the banking industry and harm consumers Note: Regulation, legislation and litigation referenced on this page are in various stages of development and finalization For footnoted information, refer to slide 51 Capital Basel III Credit card Lat
Slide 75: We run our business for the long-term and manage through cycles
We run our business for the long-term and manage through cycles Regulatory uncertainty Deposit outlook Credit trends We are operating from a position of strength… Scale of our customer relationships and diversification of our businesses Continued core business growth despite headwinds Unmatched capa
Slide 76: Deposits and Branch Network
INVESTOR DAY | 2024 CONSUMER & COMMUNITY BANKING Consumer and Community Banking ® Deposits and Branch Network Card & Connected Commerce First Republic Update JPMOorRGAN CHASE & Co.
Slide 77: Key questions on Deposits and Branch Network
Key questions on Deposits and Branch Network 3. Outlook What is your outlook for deposits? 2. Deposits How are deposits performing at this point in the cycle? 4. Market Share What is your progress on capturing deposit share? 5. Branch Network What is the impact and outlook for branch expansion? 1. P
Slide 78: Growing primary bank relationships
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? 35.5 38.1 39.4 40.6 42.0 2019 2020 2021 2022 2023 2.9 3.2 3.5 3.8 4.1 2019 2020 2021 2022 2023 8 in 10 primary bank customers would recommend Cha
Slide 79: Focusing on distinct needs of customer segments
Focusing on the distinct needs of customer segments is critical to our success Emerging Segments ~20% of accounts1 Core Segments ~75% of accounts1 Affluent Segments ~5% of accounts1 Small / Micro SMBs5 ~90% of clients1 Large SMBs6 ~10% of clients1 How have primary bank relationships held up at this
Slide 80: Our strategy enables us to capture money in motion
Our strategy enables us to capture money in motion How are deposits performing at this point in the cycle? Deposit margin: 2.78% % in CDs: 5% Deposit margin: 2.71% % in CDs: 11% $1,134 $72 ($117) ($150) $110 $41 $53 $1,093 4/1/2023 Customer Growth Customer Activity Yield-Seeking Outflows Yield-seeki
Slide 81: Prepared for a range of scenarios; deposit outlook
We are prepared for a range of scenarios and continue to execute our proven playbook What is your outlook for deposits? SOFR 5-year forward curves Maintain primary bank relationships ~80% of customers are primary bank Profitably capture money in motion ~80% capture of yield seeking flows Accelerate
Slide 82: Strategies enabling deposit share gains
Our strategies are enabling deposit share gains over time What is your progress on capturing deposit share? 9.1% 9.9% 9.8% 11.3% 10.1% 9.2% 2019 2023 2019 2023 2019 2023 #3 #1 #1 #2 #2 #3Rank +220bps +20bps (60bps) We have #1 deposit share in 20 of top 125 markets, including 4 of top 5 We gained sha
Slide 83: Branch expansion is core to long-term growth
Branch expansion is core to our long-term growth What is the impact and outlook for branch expansion? 2019-2023 Retail deposits ($B)4 Branch expansion is contributing meaningfully to our outperformance with more upside as branches mature 5,028 4,878 685 921 86 2019-2023 Branch count1 Peer 11 4,338 1
Slide 84: Extending presence to cover >50% of population in each state
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? Increasing population coverage by state within an accessible drive time ~65% National population coverage1,2 within an accessible drive time ~75% 24 States wi
Slide 85: The Bronx, NY Birmingham, AL Los Angeles, CA Miami, FL New York, NY 33
The Bronx, NY Birmingham, AL Los Angeles, CA Miami, FL New York, NY 33
Slide 86: Card & Connected Commerce
INVESTOR DAY | 2024 CONSUMER & COMMUNITY BANKING Consumer and Community Banking Deposits and Branch Network > Card & Connected Commerce First Republic Update JPMOorRGAN CHASE & Co.
Slide 87: 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 Investment What is your outlook for marketing investment? How do you balance account growth with quality? 3. Connected Commerce W
Slide 88: Gaining share in an increasingly competitive market
We are gaining share in an increasingly competitive market Q1: Market Share Q2: Marketing Investment Q3: Connected Commerce What is your progress on gaining sales and OS share and what are your plans to continue doing so? 10.3% 10.4% 10.4% 16.6% 16.6% 16.9% 7.5% 8.4% 8.7% 2019 2020 2021 2022 2023 #1
Slide 89: Driving OS growth as revolve behavior normalizes
$163 $191 ($7) $11 FY22 Mature book attrition (pre-'21 vintages) Existing portfolio growth (pre-'21 vintages) Account acquisition seasoning ('21-'23 vintages) FY23 2023 Vintage 2022 Vintage 2021 Vintage We are driving OS growth by executing on our strategy as revolve behavior continues to normalize
Slide 90: Key segments with outsized growth opportunity
We are focused on key segments where we have outsized opportunity for growth Q1: Market Share Q2: Marketing Investment Q3: Connected Commerce What is your progress on gaining sales and OS share and what are your plans to continue doing so? For footnoted information, refer to slide 55 Record year o
Slide 91: Investing in attractive opportunities to fuel future growth
We continue to invest in attractive opportunities to fuel future growth CARD GROSS CASH MARKETING SPEND (B) Q2: Marketing InvestmentQ1: Market Share Q3: Connected Commerce 2023 KEY DRIVERS AND PERFORMANCE METRICSWhat is your outlook for marketing investment? How do you balance account growth with qu
Slide 92: Leveraging Connected Commerce acquisitions
We are leveraging our Connected Commerce acquisitions to scale our two-sided platform Q3: Connected CommerceQ1: Market Share Q2: Marketing Investment Identify high value experiences with high category spend that resonate with card members Develop differentiated on-us journeys and own the economics w
Slide 93: Executing on our Connected Commerce playbook
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? Q3: Connected CommerceQ1: Market Share Q2: Marketing Investment 2023 ENGAGEMENT METRICSACTIONS WE HAVE TAKEN Launched Chase Media Solutions, t
Slide 94: Slide 94
Slide 95: 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 96: 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 Performance How has the business performed across key metrics (e.g., retention, balance growth)? 3. Go-Forward Strategy How does the acquisit
Slide 97: Focused on integrating the legacy business
We have been focused on integrating the legacy business while minimizing disruption For footnoted information, refer to slide 57 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., retention, balance gro
Slide 98: First Republic complements growth strategies across the firm
First Republic complements growth strategies across the firm Commercial & Investment Bank Asset & Wealth Management Innovation Economy Commercial Real Estate Extend #1 U.S. Multifamily lender position1, serving Commercial Term Lending in 13 major metros Acquired large Commercial Term Lending book an
Slide 99: Building a more complete Affluent value proposition
We are building a more complete Affluent value proposition Partnering across the firm to offer the full breadth of JPMC products… …delivered through new distribution channels across Affluent markets J.P. Morgan Private ClientChase Private Client J.P. Morgan Private Bank End-to-end resolution through
Slide 100: New York San Francisco
New York San Francisco 43
Slide 101: 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 102: 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 103: 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 104: 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 105: 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 106: 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 107: Notes on slides
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 108: 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 109: 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 110: 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 111: 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 112: 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 113: 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 114: 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 115: Commercial & Investment Bank
INVESTOR DAY | 2024 COMMERCIAL & afin INVESTMENT BANK Firm Overview Asset & Wealth Management Consumer & Community Banking > Commercial & Investment Bank JPMORGAN CHASE & Co.
Slide 116: Commercial & Investment Bank
INVESTOR DAY | 2024 COMMERCIAL & INVESTMENT BANK > Commercial & Investment Bank Global Banking Closing Remarks JPMORGAN CHASE & Co.
Slide 117: 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 118: CIB well positioned to serve end-to-end wholesale client needs
The Commercial & Investment Bank is well positioned to serve end-to-end wholesale client needs CIB Overview Global BankingPaymentsMarkets Securities Services Closing Global banks Government & Public sector SMBsVC-backed start-ups Multinational corporates Asset managers Unparalleled wholesale client
Slide 119: CIB organized around both products and clients
The Commercial & Investment Bank is organized around both products and clients Corporate & Investment Bank Investment Banking Lending Payments Markets Securities Services Commercial Banking Middle Market Banking Corporate Client Banking Commercial Real Estate Client engagement Sales and Research Oth
Slide 120: Our strategy is consistent, and we are better positioned to execute
Our strategy is consistent, and we are better positioned to execute against it InternationalInvestment Banking and Lending M&A, ECM, DCM, CRE #1 IB Fees1 Payments Treasury Services, Merchant Services, Trade & Working Capital #1 tied Firmwide TS2 Footprint in 85 of the top 100 MSAs in the United Stat
Slide 121: Market share remains strong, however competition has intensified
Our market share remains strong, however competition has intensified across products and regions CIB Overview Global BankingPaymentsMarkets Securities Services Closing 5 For footnoted information, refer to slide 36 11.7% 12.6% 9.0% 8.8% 5.2% 6.3% Investment Banking1 Payments (Treasury Services2) Mar
Slide 122: Leadership positions and opportunities for growth
Despite our leadership positions, there are several opportunities for growth 13 11 1 Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 25 Product rankings (out of 25 industry products) ■ #1 ■ #2-3 ■ #4+ 2 12 10 6 11 7 149 2 149 2 2019 2023 Maintained #1 position in 14 products #1 in 4 additional products since 201
Slide 123: Revenue and net income have grown but ROE is flat
Since 2019, revenue and net income have grown meaningfully but ROE is flat due to higher capital levels ◼ Adjusted net income ($B)1 Adjusted ROE (%)1 $102 $102 $107 $128 $138Capital ($B) ◼ Revenue ($B) 15% 19% 24% 14% 15% $48.7 $58.8 $62.0 $59.6 $64.4 $16.2 $20.4 $26.6 $19.2 $20.9 2019 2020 2021 202
Slide 124: CIB expense outlook in line with guidance
1 This presentation includes certain non-GAAP financial measures, which exclude the impact of legal expense. Refer to slide 35 for a reconciliation of reported results to these non-GAAP financial measures CIB ADJUSTED EXPENSE ($B)1 CIB Overview Global BankingPaymentsMarkets Securities Services Closi
Slide 125: Portfolio of technology investments relatively stable
Our portfolio of technology investments has been relatively stable year-on-year Reg., Risk & Controls INFRASTRUCTURE MODERNIZATION $2.3 $3.4 $3.6 $1.6 $1.9 $2.0 $0.5 $1.2 $1.2 $0.2 $0.3 $0.4 2019 2023 2024O Infrastructure Modernization Products, Platforms & Experiences ⚫ e-Trading automation & platf
Slide 126: At-scale, complete and global Markets offering
We have an at-scale, complete and global Markets offering, serving clients of all types in every region Complete counterparty ⚫ ~60% of clients trade 4+ products5 ⚫ ~75% of clients engaged from pre-trade to post-trade6 ⚫ ~90% of the client wallet transacts in both lower and higher ROE products7 KEY
Slide 127: Maintaining industry-leading position in Markets
FICC EQUITIES We continue to maintain our industry-leading position 2019 2020 2021 2022 2023 11.6% 12.9% 12.3% 10.8% 11.0% #1 rank #1 rank 2019 2020 2021 2022 2023 11.1% 12.2% 11.8% 12.9% 12.3% #1 rank (tied) #2 rank#1 rank $21 $28 2019 2023 JPM revenue ($B) Rest of wallet NOT TO SCALE 11.4% PRODUCT
Slide 128: Our strategy positions us for future growth
Our strategy positions us for future growth Enhance digital platforms and further integrate with clients across channels Deepen relationships with increasingly complex Financial Institutions and capture opportunities with Corporates Strategic priorities Invest in e-Trading capabilities and market st
Slide 129: Securities Services: strategic partner for institutional investors
Securities Services strives to be the strategic partner for the world’s largest Institutional investors CIB Overview Global BankingPaymentsMarkets Securities Services Closing Operational scale and efficiency ⚫ Best-in-class operating margin – avg. 30%+ through the cycle BUSINESS OVERVIEW Custody Sol
Slide 130: Increasing fees and closing the gap to #1
For footnoted information, refer to slide 38 We continue to increase fees and close the gap to #1 Average deposits $155B $198B AUC $27T $32T Rank1 #3 #3 $4.1B $4.8B 2019 2023 NII Fees Revenue2 FINANCIAL PERFORMANCE ▲ 15% ▲ ~40bps ▲ 4% ▲ 33% FOCUS ON SCALABLE GROWTH TO FURTHER CLOSE THE GAP TO #1 Glo
Slide 131: Well positioned to grow as we innovate and scale
We are well positioned to grow as we innovate and scale our offerings Consolidation, AUM concentration into largest players Operating model complexity (rise of Alts & ETFs) Grow with long-term sustainable clients by providing best-in-class service New outsourcing needs (data) Strategic prioritiesFac
Slide 132: Industry-leading Payments offering
Our industry-leading Payments offering serves complex client needs with end-to-end solutions BUSINESS OVERVIEW SERVING CLIENTS OF ALL SIZES & INDUSTRIES GLOBAL FOOTPRINT CIB Overview Global BankingPaymentsMarkets Securities Services Closing Supports 160+ countries5 and 120+ currencies SMBsCorporates
Slide 133: Strong performance across client segments and products
We continue to deliver strong performance across client segments and products CIB Overview Global BankingPaymentsMarkets Securities Services Closing For footnoted information, refer to slide 39 FINANCIAL PERFORMANCE REVENUE GROWTH DRIVERS Payments revenue ($B)1 2 Average deposits3 $483B $779B $715B
Slide 134: Expanding capabilities while reinforcing our foundation
We remain focused on expanding our capabilities while reinforcing our foundation Growth of omnichannel and platform commerce Growing cross-border and 24x7 real-time payments Expanding importance of data Changing interest rate environment Shifting client buying centers and evolving client expectation
Slide 135: Global Banking
INVESTOR DAY | 2024 COMMERCIAL & INVESTMENT BANK Commercial & Investment Bank > Global Banking Closing Remarks JPMORGAN CHASE & Co.
Slide 136: Global Banking – combining Commercial Banking and Investment & Corporate Banking
Global Banking – combining Commercial Banking and Investment & Corporate Banking Heritage Our future – Global Banking Commercial Banking Global Corporate Banking Commercial Banking Investment & Corporate Banking Middle Market Banking Commercial Real Estate Corporate Client Banking Global Corporate B
Slide 137: Segmented and focused to best serve our clients
Segmented and focused to best serve our clients Global Banking 1 Make strategic acquisition(s)Expand internationallyManage liquidity Access capital markets Fund growth Optimize payments SERVING CLIENTS ACROSS THEIR LIFECYCLE Commercial Banking Global Corporate Banking Global Investment Banking DEEP
Slide 138: Broad-based capabilities and global scale
Broad-based capabilities and global scale ~$7B IB fees ~$7B Lending revenue CIB Payments revenue1 75k+ Clients 45+ Countries 225+ Cities Deposits~$700BLoans~$350B ~$18B 21 CIB Overview Markets Securities Services Payments Global Banking Closing Note: Global Banking is a client coverage view of Total
Slide 139: Starting from a position of strength
Starting from a position of strength, with significant room for continued growth STRONG LEADERSHIP POSITION IN IB1 CONSISTENT CLIENT FOCUS DCM #1 since 2012 #1 in 2023 ECM #2 with gap to #1 reduced by ~250 bps in 2023 M&A EMEA #1 since 2014 North America #1 for more than a decade COMMITMENT TOWARDS
Slide 140: Investing for sustained organic growth
Investing for sustained organic growth Be the primary bank for treasury and commerce needs of clients across all segments and capture deposit and fee growth by delivering outstanding service, advice and innovation Payments1 Advance our long-standing, market-leading position by focusing on target gro
Slide 141: Payments capabilities providing substantial value to clients
Payments capabilities providing substantial value to our clients1 ORGANIZED TO SUPPORT CLIENTS ACROSS GLOBAL BANKING… … WITH ACCESS TO EXTENSIVE, INNOVATIVE SOLUTIONS Solutions-oriented coverage teams with deep expertise of clients’ needs Strong partnership between Relationship Managers and Payments
Slide 142: Opportunities to grow Global Investment Banking franchise
Opportunities to grow our premier Global Investment Banking franchise2 LEVERAGING THE POWER OF GLOBAL BANKING Targeted investments across all global industry coverage teams Enhancing M&A and ECM capacity and expertise Expanding Middle Market-focused IB coverage Deepening coverage across select high
Slide 143: Disciplined approach to Financial Sponsors coverage
Disciplined and focused approach to Financial Sponsors coverage SIGNIFICANT OPPORTUNITY WITH FINANCIAL SPONSORS 3 For footnoted information, refer to slide 40 Financial Sponsors dry powder1$3T+ of Financial Sponsors IB wallet related to Middle Market-sized transactions4~50% of global IB wallet relat
Slide 144: Capabilities to serve the Innovation Economy ecosystem
Venture Capital Firms Broad-based capabilities to serve the Innovation Economy ecosystem SPECIALIZED COVERAGE AND POWERFUL SOLUTIONS TO SERVE THE ECOSYSTEM 4 PartnersFounders Portfolio Companies Deep sub-sector focus Disruptive Commerce Applied Tech Climate Tech Health Tech Internet Life Sciences Pa
Slide 145: Organic growth in Middle Market Banking
Organic growth in Middle Market Banking Middle Market bankers located within branch network196% Middle Market clients 28k Top 100 MSAs in Middle Market footprint 85 34k Prospects 700 Bankers Legacy states Expansion states Client and prospect density2 $53 $2,240 2010 2011 2012 2013 2014 2015 2016 201
Slide 146: Continuing to invest in our platform and capabilities
Continuing to invest in our platform and capabilities DataCloud-based, client-focused data ⚫ Unified Client 360 view combining 150+ sources of internal and external data ⚫ Transaction data, service activity, firmographics and client insights Innovative, next-gen technologies ⚫ Integrated tools and p
Slide 147: Maintaining risk discipline – Commercial & Industrial
Maintaining risk discipline – Commercial & Industrial ⚫ Global Banking C&I portfolio totals ~$563B of exposure1 ⚫ Credit continues to perform within expectations ⚫ Diversified across industries and geographic regions in NAMR ⚫ 59% of exposure is rated investment grade2 ⚫ Rigorous underwriting standa
Slide 148: Maintaining risk discipline – Commercial Real Estate
Maintaining risk discipline – Commercial Real Estate ⚫ JPM Commercial Real Estate exposure totals ~$206B1 ⚫ ~60% of multifamily exposure is in Commercial Term Lending2 ⚫ Secured by class B/C properties in supply-constrained markets ⚫ Granular portfolio with average loan size of ~$2mm ⚫ Stable cash f
Slide 149: Leveraging the power of combined businesses
Global Banking – leveraging the power of combined businesses to execute a long-term strategy Expanding our client franchise Organic growth driven by investments and expansion into high-potential markets and industries Innovating to extend our competitive advantage Deliver more value to clients throu
Slide 150: Closing Remarks
INVESTOR DAY | 2024 COMMERCIAL & INVESTMENT BANK Commercial & Investment Bank Global Banking P Closing Remarks JPMORGAN CHASE & Co.
Slide 151: Our franchise is uniquely positioned for future growth
Digital client platforms Our franchise is uniquely positioned for future growth CIB Overview Global BankingPaymentsMarkets Securities Services Closing Harness data, AI and digital tools Markets: Financing, e-Trading, Energy, Private Credit Securities Services: Alternatives, Middle Office, Fusion Clo
Slide 152: 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 153: Non-GAAP financial measures reconciliation
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 impact of legal expense. Adjusted ROE on s
Slide 154: Notes on strategy slide
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 revenue. Payments re
Slide 155: Notes on Markets slide
Slide 11 – We continue to maintain our industry-leading position 1. JPM revenue as reported 2. Source: Coalition Greenwich Competitor Analytics for Markets rank and share. Rank and share based on JPMorgan Chase’s internal business structure and internal revenue. Wallet reflects Coalition Greenwich G
Slide 156: 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 discontinued business 3
Slide 157: Notes on slides 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 158: Notes on slides 26-31
Notes on slides 26-31 Slide 30 – Maintaining risk discipline – Commercial & Industrial 1. Commercial & Industrial exposure (excluding loans at fair value and held for sale) is comprised of retained loans, lending-related commitments (LRC) and derivative receivables, based on groupings of NAICS codes