Jp Morgan Chase & Co. · NYSE:JPM
Jp Morgan Chase & — Investor Day (May 2025)
153 slides from Jp Morgan Chase &'s investor day presentation, May 19, 2025
Slide 1: Investor Day 2025
Investor Day | 2025 May 19, 2025 JPMorganChase
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: Firm Overview
Investor Day | 2025 Firm Overview > Firm Overview Consumer & Community Banking Asset & Wealth Management Commercial & Investment Bank JPMorganChase
Slide 4: 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 Exceptional client franchises Unwavering principles ⚫ Customer centric and easy to do business with ⚫ Fortress balance sheet ⚫ Comprehensive set of products and services ⚫ Risk
Slide 5: Being complete, global, diversified and at scale meets client needs through cycles
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 Revenue1 by segment ($B) Consumer Ba
Slide 6: Leading client and customer centric franchises
We have leading client and customer centric franchises… Market share 2014 2024 U.S. retail deposits1 7.9% +340bps 11.3% Credit card OS2 2019: 16.4% +260bps +90bps 17.3% CCB 10-year total return Client investment assets3 $213B +3.5x +5.1x $1.1T > 2x peers10 ⚫ #1 retail deposit share in 22 of the top
Slide 7: Strong absolute and relative performance over the last decade
…which has led to strong absolute and relative performance over the last decade STRONG TRACK RECORD OF PERFORMANCE AND GROWTH AND THIS YEAR WAS NO EXCEPTION WE REMAIN FOCUSED ON THE FUTURE TBVPS1 ($) 2024 ex. Visa3 $173B $97 10% $86 Revenue4 Technology & AI compound annual 9th consecutive year of gr
Slide 8: Areas of uncertainty
Looking ahead, we are well positioned to take advantage of a possibly improved regulatory environment, while navigating more uncertainty than ever on the geopolitical and economic side Current direction Improved? Ongoing Riskier? Areas of uncertainty Regulatory uncertainty Geopolitical risks Economi
Slide 9: ~$90B NII ex. Markets expected for 2025
We expect ~$90B in NII ex. Markets for 2025, as balance sheet growth partially offsets lower rates NET INTEREST INCOME EX. MARKETS1 ($B) AVERAGE DEPOSITS ($B) $92 Firmwide $2,468 $2,380 $2,372 $2,417 $2,430 $1 ~$90 ($3) 4Q24: $23 Rates / margins2 Balance sheet growth / mix ◼ 2 rate cuts (4.00% ◼ Car
Slide 10: 2025 expense outlook unchanged at ~$95B
Our 2025 expense outlook is unchanged at ~$95B 2025 ADJUSTED EXPENSE1 ($B) 2025 YOY DRIVERS FDIC SA and Foundation contribution2 Volume- and revenue-related ~$95 $91.1 2 Auto lease growth Corp. 2 Capital markets activity 15 AWM 14 Bankers, Advisors and Branches We continue to invest in further busin
Slide 11: Investing through the cycle while extracting efficiencies
We continue to invest through the cycle, while simultaneously focusing on extracting efficiencies SHRINKING EXPENSES IS GOOD, BUT GROWING PROFITS IS BETTER BUT AS OUR HEADCOUNT HAS GROWN… 5-year change in: 5-year PPNR CAGR Employees Revenue Expense 317K 257K Business $54B1 $26B1 JPM 9% support ex. V
Slide 12: 2025 Firmwide technology expense outlook ~$18B
Our 2025 Firmwide technology expense outlook is ~$18B 2025 TECHNOLOGY EXPENSE ($B) 2025 TECHNOLOGY INVESTMENTS ($B) ~$0.4 ~$0.7 ~$18 By strategy 1 $17.0 Corp. 1 2 Products, platforms and features $5.3 AWM 2 Modernize technology and software ⚫ Roll-off of modernization ⚫ Infrastructure development ex
Slide 13: Data & technology investments delivering efficiencies and AI value
Our investments in data & technology are delivering efficiencies and unlocking value from AI Leveraging our modernized data and Continued expansion of value from Driving at-scale adoption and technology infrastructure traditional machine learning transformation with GenAI & agents Products and Custo
Slide 14: Reserves reflect current level of uncertainty
Our reserves reflect the current level of uncertainty Consumer Wholesale ACL ($B) NCO rate (%) CECL day 1 ACL ($B) NCO rate (%) impact: $5.9B 6.0% 27.5 CECL day 1 24.5 impact: ($1.6B) 23.3 21.6 2.5% 4.0% 17.8 16.5 16.9 10.0 10.0 10.5 14.4 8.1 9.1 8.8 12.3 12.1 13.3 1.5% 6.5 10.5 9.3 9.3 9.5 5.5 5.0
Slide 15: Tariff impact on wholesale C&I portfolio
The impact from tariffs to our wholesale C&I portfolio will depend on industry and company-specific dynamics, as well as how much of the cost can be passed through to the consumer 1Q25 Wholesale C&I reserves1 Utilities Bubble size: 1Q25 $5B Pre-tariff operating margins Oil & Gas reserves Consumer Tr
Slide 16: Excess capital positions us to protect and grow the franchise
Given our current level of excess capital, we are well positioned to protect and grow the franchise under a range of circumstances STANDARDIZED CET11 EXCESS ($B) Macroeconomic & Regulatory environment Prepared for uncertainty B3E NPR2 released in $280 $276 July 2023 REVENUE3 $162B $173B $251 Grow ou
Slide 17: Holistic review of capital and liquidity frameworks needed
We still believe a holistic review of the capital and liquidity regulatory frameworks is needed THE OPTIMAL REGULATORY FRAMEWORK SHOULD BE… OVERLAP IN CURRENT CAPITAL AND LIQUIDITY REQUIREMENTS1 Coherent Transparent Durable Risk Systemic Sensitivity Risk Avoids duplication Balanced Functions effecti
Slide 18: Positioned for strong returns across macroeconomic conditions
We are positioned to deliver strong returns across a range of macroeconomic conditions… VARIOUS RISKS AND UNCERTAINTIES ILLUSTRATIVE ROTCE1 PATH BY SCENARIO 22% Interest rates and deposit pricing 20% 2 Credit costs 17% through the cycle target Global trade and growth Capital markets activity Volatil
Slide 19: Maximizing long term shareholder value; 17% ROTCE an outcome
Maximizing long term shareholder value is our priority, and 17% ROTCE is an outcome, not a constraint 17% IS AN EXCEPTIONAL ROTCE1 ALLOCATING CAPITAL TO MAXIMIZE SHAREHOLDER VALUE ≠ MAXIMIZING ROTCE ROE (%) 2 2 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Capital intense Capital light >> 30% JP
Slide 20: Committed to serving clients with full breadth while producing strong returns
We remain committed to serving our clients and customers with the full breadth of our offering, while producing strong returns Complete 17% Global ROTCE target Promotes stronger and deeper Allows us to serve more clients everywhere ~$90B relationships with customers 2025 NII ex. Markets 2025 NII: ~$
Slide 21: 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 22: Notes on slide 2
Notes on slide 2 Slide 2 – 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 18 2. In the first quarter of 2023, the allocations of revenue and expense to
Slide 23: Notes on slide 3
Notes on slide 3 Slide 3 – We have leading client and customer centric franchises… 1. Federal Deposit Insurance Corporation (FDIC) Summary of Deposits survey per S&P Global Market Intelligence applies a $1B deposit cap to Chase and industry branches for market share. While many of our branches have
Slide 24: Notes on slides 4-12
Notes on slides 4-12 Slide 4 – …which has led to strong absolute and relative performance over the last decade 1. See note 3 on slide 18 2. Peers include Bank of America, Citigroup, Goldman Sachs, Morgan Stanley and Wells Fargo 3. See note 5 on slide 18 4. See note 1 on slide 18 5. See note 4 on sli
Slide 25: Notes on slides 13-16
Notes on slides 13-16 Slide 13 – Given our current level of excess capital, we are well positioned to protect and grow the franchise under a range of circumstances 1. Totals may not sum due to rounding. As of January 1, 2025, the benefit from the Current Expected Credit Losses (“CECL”) capital trans
Slide 26: Consumer & Community Banking
Investor Day | 2025 Consumer & — Community Banking > Consumer & Community Banking Commercial & Investment Bank Asset & Wealth Management JPMorganChase
Slide 27: Consumer & Community Banking Overview
Investor Day | 2025 Consumer & Community Banking Overview Firm Overview ‘V Consumer & Community Banking Overview Financial Performance Strategic Growth Plans Asset & Wealth Management Commercial & Investment Bank JPMorganChase
Slide 28: CCB operates from a position of strength
CCB operates from a position of strength Complete National Diversified At Scale Exceptional businesses to Industry-leading digital Natural hedges across Unmatched serve customer needs & physical channels our businesses position and capacity #1 market position in Consumer ~5,000 branches across the 4
Slide 29: Increased strategic momentum over the last 5 years
Increased strategic momentum over the last 5 years GROWING, ENGAGING AND DEEPENING CUSTOMER RELATIONSHIPS EXTENDING OUR LEADERSHIP AND SCALING GROWTH BUSINESSES6 (2019-2024) (2019-2024) Growth Engagement Experience Industry-leading businesses Growth businesses 3% CAGR 6% CAGR Record high +220bps +11
Slide 30: Consumer & Community Banking Financial Performance
Investor Day | 2025 Consumer & Community Banking Financial Performance Firm Overview 'v Consumer & Community Banking Overview Financial Performance Strategic Growth Plans Asset & Wealth Management Commercial & Investment Bank JPMorganChase
Slide 31: Best-in-class financial performance
Best-in-class financial performance 2025 20191 2023 2024 outlook Average deposits ($B) $698 $1,127 $1,064 ⚫ Deposit balances stabilized since coming off their peak Deposit margin2 2.48% 2.84% 2.66% ⚫ Through-the-cycle deposit margins expected ~2.5% Average loans ($B) $478 $526 $573 ⚫ Sustained disci
Slide 32: Organic growth driving revenue
Organic growth driving revenue CCB REVENUE ($B): 2019-20241 +$16.5 $1.4 ($1.0) $71.5 $5.2 $10.9 Lending NII2 NIR Card NII $16.6 16.6 NIR Growth +$6.3B $55.0 ▲ Wealth Management Deposit NII ▲ Card OS (6% CAGR) ▲ Connected Commerce ▲ Consumer / Business Banking $17.6 17.8 ▲ Card NIR ▲ Deposit Balances
Slide 33: Revenue diversification is a source of strength
Revenue diversification is a source of strength CCB REVENUE ($B): 2023-2024 2025 OUTLOOK +$1.4 Wealth Management & Connected $1.5 $71.5 $70.1 ($3.7) $1.0 Commerce $2.4 NIR Auto Lending NII1 Deposit NII Card NII Leasing NIR $15.1 15.1 $16.6 16.6 ▲ Card OS (+12%) ▲ Home Lending ▲ Wealth Management Car
Slide 34: Consumers and small businesses remain financially healthy
Consumers and small businesses remain financially healthy against a noisy backdrop QUESTIONS WE’RE HEARING… …WHAT WE’RE OBSERVING SELECT DATA POINTS Is the labor market The labor market has moderated from a strong position in recent years, but remains resilient ~Flat weakening? Consumers with payrol
Slide 35: We prepare for a range of macroeconomic outcomes
We prepare for a range of macroeconomic outcomes Key areas of risk and uncertainty Geopolitical risks Regulatory uncertainty Inflation, liquidity and labor market Central case “Soft Landing” “Mild Recession” “Moderate Recession” “Deep Recession” Non-recessionary soft landing with Shallow, early rece
Slide 36: Primary banking relationships drive deposit balance increases
Primary banking relationships drive deposit balance increases Scenarios Soft Landing Mild Recession Moderate Recession Deep Recession BANKING & WEALTH MANAGEMENT AVERAGE DEPOSITS ($B) SCENARIOS ON DEPOSITS – ESTIMATED Stress Moderate or Deep Recession 9% CAGR1 Benign Soft Landing or Mild Recession ~
Slide 37: Rates and outlook support deposit margin
Recent rates and outlook provide structural support for deposit margin Scenarios Soft Landing Mild Recession Moderate Recession Deep Recession BANKING & WEALTH MANAGEMENT DEPOSIT MARGIN TRENDS DEPOSIT MARGIN SCENARIOS 6% Forward Rate Forecast2 2025 2026 2027 4% Fed Funds 2.25% - 3.75% 0.25% - 3.50%
Slide 38: Highly engaged customers drive card balances
Highly engaged customers drive card balances Scenarios Soft Landing Mild Recession Moderate Recession Deep Recession AVERAGE CARD OUTSTANDINGS ($B) SCENARIOS ON CARD OUTSTANDINGS – ESTIMATED 6% Card OS CAGR (2014-2024) Benign Soft Landing or Mild Recession Stress 6% CAGR Moderate or Deep Recession ~
Slide 39: Credit card metrics are healthy
Credit card metrics are healthy CREDIT RISK 2019 2024 ∆ % of portfolio <660 credit score1 16% 14% (2ppts) Portfolio % of OS from balance parker segment2 9% 5% (4ppts) Industry: % of originations <660 credit score3 10% 8% (2ppts) Originations Chase: % of originations <660 credit score 3% 3% - Mar 200
Slide 40: Card stress analysis
Card stress analysis Primary driver of loss rate is unemployment rate – cumulative losses over time depend on size of balance sheet and shape of curve ESTIMATED INCREMENTAL NET CREDIT LOSSES (2026) Macroeconomic scenario Unemployment Peak Annualized Losses Incremental Losses ($B) Soft Landing 4.4% ~
Slide 41: Strong credit metrics across lending businesses
Strong credit metrics across lending businesses PORTFOLIO RISK METRICS ORIGINATION RISK METRICS 2019 2024 ∆ 2019 2024 ∆ % of portfolio <660 credit score2 18% 16% (2ppts) Industry8 12% 18% 6ppts Auto1 % of portfolio <660 credit score % of originations with and LTV >1203 2.1% 1.1% (1ppt) Auto1 term ≥8
Slide 42: Expense growth is moderating
Expense growth is moderating DRIVERS OF ADJUSTED EXPENSE1,2 ($B) 53% overhead ratio in 2024 Ex. Auto leases All-in YoY: 6% 8% CAGR: $0.4 ~$41 $0.9 9% ~$2.5 ~2.5 $0.5 $0.2 6% $0.7 $0.5 ~9.5 ~$9.5 $37.9 $1.7 1.7 $28.0 $8.9 8.9 Auto lease 4.0 depreciation ~29.0 Investment 4.4 27.4 19.5 Run the bank 201
Slide 43: Field & Branch: driving organic growth and productivity gains
Field & Branch: Driving organic growth and productivity gains FIELD AND BRANCH NETWORK EXPENSE ($B) KEY PERFORMANCE METRICS New builds and field expansion Same store New builds and field expansion 5% YoY 8% CAGR <4 yr Break-even on branch, banker & advisor investments +9% ~40bps Retail deposit share
Slide 44: Marketing: consistently driving strong results
Marketing: Consistently driving strong results and customer engagement CCB GROSS MARKETING1 ($B) KEY PERFORMANCE METRICS Product Benefits2 Acquisitions and Media3 18% YoY Product Benefits ~$10.3 10% CAGR 13% Growth in annual fee revenue 2019-2024 CAGR $8.8 2.8 2.4 +17% (2ppts) Reduction in voluntary
Slide 45: Technology & Product: spend moderating, strong returns
Technology & Product: Spend is moderating and delivering strong returns TECHNOLOGY & PRODUCT EXPENSE ($B) KEY DRIVERS AND OUTCOME BY THEMATIC EXPENSE CATEGORIES Product, Design & Analytics Org.1 Strategic Investment & Product, Design, Analytics Tech Investments 6% YoY Tech Production 14% CAGR >70% M
Slide 46: Operations: realizing productivity gains
Operations: Realizing productivity gains OPERATIONS EXPENSE ($B) KEY PERFORMANCE METRICS Fraud losses and operating expense 2019 vs. 2024 Statement and payment processing Servicing / account support >25% (29%) (15%) Accounts serviced per Servicing calls Processing cost 4% YoY Operations headcount pe
Slide 47: Data and modernization fueling value from AI / ML
The scale of our data and our modernization strategy is fueling increasing value from AI / ML Data >91mm Financial Interactions Transactions Travel Shopping assets Customers ~41mm credit profiles ~373B digital interactions ~27B credit & debit transactions ~11mm trips booked ~18B Offers served WE ARE
Slide 48: Disciplined approach to outperformance through-the-cycle
Disciplined approach to enable outperformance through-the-cycle THE OUTLOOK REMAINS FLUID WE HAVE DISCIPLINE AND FORTITUDE TO MANAGE FOR THE LONG-TERM Macroeconomic Through-the-cycle approach Consumers & small businesses External measures of sentiment Consistent investments Prudent credit remain fin
Slide 49: Consumer & Community Banking Strategic Growth Plans
Investor Day | 2025 Consumer & Community Banking Strategic Growth Plans Firm Overview ‘V Consumer & Community Banking Overview Financial Performance Strategic Growth Plans Asset & Wealth Management Commercial & Investment Bank JPMorganChase
Slide 50: CCB is a growth franchise
CCB is a growth franchise Strategic focus Line of business Long-term ambition Current position 5 year progress Deliver exceptional experiences across the franchise Across CCB ~70 ~65 up ~5pts1 Net promoter score1 Consumer & Business Banking 15% 11.3% +220bps Retail deposit share2 Extend our #1 posit
Slide 51: Continuously improving customer experiences
We’re continuously improving customer experiences across channels, products and experiences ~65 Net Promoter Score (NPS) in 2024 | Record High | ~5pt increase since 20191 Channel Satisfaction Product Innovation Product-Segment Fit Personalization Deliver exceptional experiences Develop new solutions
Slide 52: Deposit and small business primary share gains outpace competition
Banking Card Connected Commerce Wealth Management Home Lending Auto Deposit and small business primary share gains outpace the competition AVERAGE DEPOSITS ($B) MARKET PERFORMANCE Consumer Banking #1 Retail deposit share1 2019-2024 11.4% 11.3% +220bps Peer 1 9.9% 10.1% Peer 2 9.5% (50bps) 9.8% $535
Slide 53: Share gains across our branch footprint
Banking Card Connected Commerce Wealth Management Home Lending Auto Share gains reflect strong performance across our branch footprint RETAIL DEPOSITS MARKET SHARE GAINS1 – ILLUSTRATIVE KEY STATISTICS BY MARKET SHARE +370bps Markets by Chase deposit share in 2024 15% <5% 5-15% 15%+ Total Market size
Slide 54: Gained share in ~95% of top 125 markets
Banking Card Connected Commerce Wealth Management Home Lending Auto We gained share in ~95% of the top 125 markets that we have a presence in, including all top 25 TOP 25 RETAIL BANKING MARKETS1,2 #1 in 4 of the top 5 markets and gaining share broadly Gaining momentum in large expansion markets Mark
Slide 55: Product and segment strategies underpin customer growth
Banking Card Connected Commerce Wealth Management Home Lending Auto Product and segment strategies underpin customer growth and deepening % Emerging ~25% of accounts5 Scaling Secure Banking, a product geared 11% CAGR towards younger and lower-income segments Consumer Banking Core ~70% of accounts6 4
Slide 56: Gaining Card market share in a competitive market
Banking Card Connected Commerce Wealth Management Home Lending Auto Gaining Card market share in a highly competitive market KEY DRIVERS MARKET PERFORMANCE Sales ($T) #1 Card sales share1 2019-2024 22.4% 22.9% 23.5% +110bps Peer 1 21.2% 20.4% 20.4% (80bps) $0.8 $1.3 11% CAGR Peer 2 +50 bps 11.4% 11.
Slide 57: Key segments and data to fuel growth
Banking Card Connected Commerce Wealth Management Home Lending Auto Focus on key segments and unlocking the power of data and distribution to fuel growth DRIVERS OF OUTSTANDINGS MARKET SHARE GAINS – ILLUSTRATIVE MOMENTUM IN SEGMENTS WITH OUTSIZED OPPORTUNITY Growth Segments (vs. 2019) Growth Segment
Slide 58: Card: building on strength across segments
Banking Card Connected Commerce Wealth Management Home Lending Auto Fueled by building on our strength across card segments… Premium Travel Sapphire Preferred named the best Travel Rewards 11% CAGR5 card in 2024 by The Points Guy Card Expanded our award-winning lounge network, opening five new Sapph
Slide 59: Strong new account production to drive sustained growth
Banking Card Connected Commerce Wealth Management Home Lending Auto …and strong new account production to drive sustained growth WE ARE DELIVERING ON OUR ACQUISITION STRATEGY… …DRIVING STRONG POST-PANDEMIC GROWTH THROUGH DISCIPLINED UNDERWRITING OS volume ($B) by vintages2 Size of 2019-2021 vintages
Slide 60: Scaling Connected Commerce platforms
Banking Card Connected Commerce Wealth Management Home Lending Auto Scaling Connected Commerce platforms WE ARE CONTINUING OUR STEEP GROWTH TRAJECTORY1… …ENABLING US TO CAPTURE MORE OF OUR CUSTOMERS’ SPEND Travel Volume ($B)2 Estimated addressable Commerce spend ($B)4 Estimated share of addressable
Slide 61: Investments in proprietary assets and platform engagement
Banking Card Connected Commerce Wealth Management Home Lending Auto Fueled by investments in proprietary assets and engagement across our platforms… Travel Increased share of Branded card travel spend on our platform to ~11%, up 200bps since 20213 Customers booking 4.2mm travel (24% CAGR vs. 2021) S
Slide 62: Making payments, trust and security a competitive advantage
Banking Card Connected Commerce Wealth Management Home Lending Auto Making payments, trust and security a competitive advantage Credit ~20% of volume >6mm customers using our range of Pay Over Time solutions across credit and 11% CAGR debit cards in 2024 (+25% YoY growth in Pay Over Time origination
Slide 63: Doubled Wealth Management with plans to double again
Banking Card Connected Commerce Wealth Management Home Lending Auto We have doubled our Wealth Management business and have plans to double it again EXCEEDED $1T ASSETS GOAL AHEAD OF TARGET… THERE IS SIGNIFICANT OPPORTUNITY WITHIN OUR FRANCHISE Wealth Management client investment assets ($B) Consume
Slide 64: Integrated model and focus on largest opportunities
Banking Card Connected Commerce Wealth Management Home Lending Auto Fueled by the strength of our integrated model and focus on our largest opportunities… ~55% share of investment wallet for clients with full-service advised relationships3 Advice-led Wealth Management (Full-service & remote) Opened
Slide 65: Advisor hiring and productivity gains
Banking Card Connected Commerce Wealth Management Home Lending Auto …and enabled by advisor hiring and productivity gains WE’RE GROWING AND IMPROVING OUR ADVISOR BASE NEW COHORTS ARE MORE PRODUCTIVE, ENABLING FUTURE SUSTAINABLE GROWTH Flows per advisor by cohort1 2021 >2x Productivity Flows per advi
Slide 66: Progress in Home Lending despite macro headwinds
Banking Card Connected Commerce Wealth Management Home Lending Auto Making progress in Home Lending despite severe macro headwinds WE ARE FOCUSING ON WHAT WE CAN CONTROL MARKET REMAINS OUR BIGGEST OBSTACLE Right sized our capacity based on market opportunity Rates7 Home Housing ~7% today Prices8 Inv
Slide 67: Chase Auto has a path to continued growth
Banking Card Connected Commerce Wealth Management Home Lending Auto Chase Auto has a path to continued growth WE DELIVER A HOLISTIC VALUE PROPOSITION FOR EACH OF OUR DISTINCT CLIENT SEGMENTS PORTFOLIO MIX SHIFT WILL IMPROVE RETURNS Financed Units2 New Car Prices3 Used Car Values4 Scaled Finance & Dr
Slide 68: CCB is a growth franchise
CCB is a growth franchise Strategic focus Line of business Long-term ambition Current position 5 year progress Deliver exceptional experiences across the franchise Across CCB ~70 ~65 up ~5pts Net promoter score1 Consumer & Business Banking 15% 11.3% +220bps Retail deposit share2 Extend our #1 positi
Slide 69: Closing thoughts
Closing thoughts POSITION OF STRENGTH Complete National Diversified At Scale INDUSTRY-LEADING FRANCHISE CONSUMER & BUSINESS BANKING CARD AND CONNECTED COMMERCE #1 #1 #1 #1 #1 #3 Retail Retail deposits in Primary bank Card sales Card OS Leisure travel deposit share1 4 of the top 5 markets1 for SMBs2
Slide 70: Sapphire Lounge and Community Center images
Sapphire CommunityLounge Center (Philadelphia) (BedStuy) Community Center (BedStuy) J.P. Morgan Financial Center (Columbus Circle)
Slide 71: 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 2019, reported noninterest expense was $28,058 million and legal losses were $70 million; for 2024, reported noninterest expense was $38,036 million and legal losses were $98
Slide 72: Notes on slide 3
Notes on slide 3 Slide 3 – CCB operates from a position of strength 1. Consumer footnote: Federal Deposit Insurance Corporation (FDIC) Summary of Deposits survey per S&P Global Market Intelligence applies a $1 billion deposit cap to Chase and industry branches for market share. While many of our bra
Slide 73: Notes on slides 4-6
Notes on slides 4-6 Slide 4 – Increased strategic momentum over the last 5 years 1. Please refer to slide 3 footnote #6 2. Refers to consumers and small businesses with two or more relationships within the following sub-LOBs: Consumer Banking, Business Banking, J.P. Morgan Wealth Management, Card Se
Slide 74: Notes on slides 7-11
Notes on slides 7-11 Slide 7 – Organic growth driving revenue 1. Prior period numbers have been revised to conform to current period presentation 2. Includes NII related to Home Lending, Auto, BWM loans and capital resource allocations Slide 8 – Revenue diversification is a source of strength 1. Inc
Slide 75: Notes on slides 12-15
Notes on slides 12-15 Slide 12 – Recent rates and outlook provide structural support for deposit margin 1. Represents the simple average of deposit margin across the associated years 2. Represents year-end exit rate for Fed Funds Upper Bound and 10 Year Treasury Slide 13 – Highly engaged customers d
Slide 76: Notes on slides 16-18
Notes on slides 16-18 Slide 16 – Strong credit metrics across lending businesses 1. Chase Auto excludes Wholesale (Dealer Commercial Services) & Lease 2. Calculated using refreshed VantageScoreTM sourced from Experian 3. Represents FICO scores and LTV at time of origination 4. Includes AWM and Corpo
Slide 77: Notes on slides 19-22
Notes on slides 19-22 Slide 19 – Marketing: Consistently driving strong results and customer engagement 1. Gross marketing represents CCB marketing spend in a calendar year; Net marketing represents Gross Marketing adjusted predominantly for deferred credit card origination costs which are recognize
Slide 78: Notes on slides 25-27
Notes on slides 25-27 Slide 25 – CCB is a growth franchise 1. Net Promoter Score (NPS) is an indicator of customer satisfaction; represents Net Promoter Score gains over the last 5 years 2. Federal Deposit Insurance Corporation (FDIC) 2024 Summary of Deposits survey per S&P Global Market Intelligenc
Slide 79: Notes on slides 28-29
Notes on slides 28-29 Slide 28 – Share gains reflect strong performance across our branch footprint 1. Please refer to slide 25 footnote #2 2. Mature footprint excludes new builds (branches built between 2009 and 2024) 3. Markets within each deposit share tier are assigned based on 2024 deposit shar
Slide 80: Notes on slides 30-32
Notes on slides 30-32 Slide 30 – Product and segment strategies underpin customer growth and deepening 1. Consumer Banking customers’ reflect unique individuals that have financial ownership or decision-making power with respect to Consumer Banking accounts; excludes customers under the age of 18 2.
Slide 81: Notes on slides 33-35
Notes on slides 33-35 Slide 33 – Fueled by building on our strength across card segments… 1. Defined as average sales debit active accounts 2. % of monthly active customers who have >= 10 transactions or >= $833 per month ($10K in annualized) spend; annual rate calculated as an average across all mo
Slide 82: Notes on slides 36-38
Notes on slides 36-38 Slide 36 – Fueled by investments in proprietary assets and engagement across our platforms… 1. 2025 report from Skift research; note: ranking based on Travel Weekly Power List results, Skift Research and estimates 2. Includes volume from Chase Offers, Chase Media Solutions, Sho
Slide 83: Notes on slides 39-40
Notes on slides 39-40 Slide 39 – Fueled by the strength of our integrated model and focus on our largest opportunities… 1. A household is a collection of individuals or entities aggregated together by name, address, tax identifier, and phone number 2. #1 outflow destination for Chase Consumer and Bu
Slide 84: Notes on slides 41-42
Notes on slides 41-42 Slide 41 – Making progress in Home Lending despite severe macro headwinds 1. Full year 2024 ranking as per Inside Mortgage Finance, Copyright 2025; #1 rank is based on $47B total originations which includes Private Bank 2. Excludes Private Bank originations 3. 4Q 2024 ranking a
Slide 85: Notes on slides 43-44
Notes on slides 43-44 Slide 43 – CCB is a growth franchise See notes on slide 25 Slide 44 – Closing thoughts 1. Please refer to slide 25 footnote #2 2. Barlow Research Associates, Primary Bank Market Share Database as of 4Q24. Rolling eight quarter average of small businesses with revenue of more th
Slide 86: Asset & Wealth Management
Investor Day | 2025 Asset & Wealth Management > Asset & Wealth Management JPMorganChase
Slide 87: Asset & Wealth Management overview
Asset & Wealth Management overview ⚫ Fiduciary responsibility: Dedicated to generating alpha for individuals, corporations, sovereigns and central banks for two centuries INDUSTRY- LEADING ⚫ Broad, diversified platform: $6T AUS split roughly equally between AM and GPB, spanning every asset class, ch
Slide 88: AWM delivers high-quality solutions to a broad spectrum of clients
INDUSTRY-LEADING FRANCHISE INVESTING FOR GROWTH DELIVERING RESULTS Asset & Wealth Management delivers high-quality solutions to a broad spectrum of clients COMPLETE GLOBAL DIVERSIFIED AT SCALE AUS split roughly equally flows; all asset classes, JPMAM LT fund $6T (AM and GPB) 150+ countries (client c
Slide 89: A growth franchise driven by two leading businesses
INDUSTRY-LEADING FRANCHISE INVESTING FOR GROWTH DELIVERING RESULTS A growth franchise driven by two leading businesses Asset Management Global Private Bank ASSET & WEALTH MANAGEMENT STRONG, CONSISTENT OUTCOMES IN 2024 ROE1 34% NCO rate1 1bp Recurring revenue2 73% Pretax margin2 34% 10Y range: 21%-34
Slide 90: Significant opportunity for long-term growth
INDUSTRY-LEADING FRANCHISE INVESTING FOR GROWTH DELIVERING RESULTS ...with a significant opportunity for long-term growth MARKET-LEADING POSITION WITH OPPORTUNITY FOR FUTURE GROWTH Client assets ($T) Revenue ($B) 2030+ growth opportunities for AWM Global Private Bank1 Total private banking industry
Slide 91: Robust investment agenda in AWM
INDUSTRY-LEADING FRANCHISE INVESTING FOR GROWTH DELIVERING RESULTS We have a robust investment agenda in AWM TOTAL EXPENSE / INVESTMENT ($B)1 KEY INVESTMENT AREAS YoY change +7% (2024-2025) 1 Active Management $0.2 $15.0 CAGR $0.2 $0.3 2 Active Management vehicles: ETFs +8% $0.2 2.7 +18% $14.0 $0.2
Slide 92: Investing in Active Management
INDUSTRY-LEADING FRANCHISE INVESTING FOR GROWTH DELIVERING RESULTS 1 Investing in Active Management 3 ONE-TRILLION-DOLLAR FRANCHISES EQUITIES: $1 trillion AUM FIXED INCOME: $1 trillion AUM4 MONEY MARKET FUNDS: $1 trillion AUM 2024 10Y AUM 1st Q-tile 2024 10Y AUM 1st Q-tile > peer median1 Three large
Slide 93: Investing in Active Management vehicles: ETFs
INDUSTRY-LEADING FRANCHISE INVESTING FOR GROWTH DELIVERING RESULTS 2 Investing in Active Management vehicles: ETFs SIGNIFICANT OPPORTUNITY STRONG PERFORMANCE AND MOMENTUM INDUSTRY LEADERSHIP Active MF Industry Active ETF Industry 2024 % of 3Y JPM long-term active JPM active ETFs (#) 2024 active ETF
Slide 94: Investing in Alternatives
INDUSTRY-LEADING FRANCHISE INVESTING FOR GROWTH DELIVERING RESULTS 3 Investing in Alternatives 60+ YEAR LEGACY OF INVESTING INDUSTRY-LEADING DISTRIBUTION MASSIVE OPPORTUNITY ✓ 57% largest pensions and Global Institutional Alts market AUM opportunity8 ($T) #2 (AUM) open-end U.S. Core RE fund AUM, 202
Slide 95: Investing in Workplace
INDUSTRY-LEADING FRANCHISE INVESTING FOR GROWTH DELIVERING RESULTS 4 Investing in Workplace Equity Cap Table Executive Services Financial Wealth Compensation Management (10b5-1) Education Management KEY PERFORMANCE INDICATORS KEY EQUITY PLAN WINS VALUE TO THE FIRM Assets under admin. ($B) Total part
Slide 96: Investing in Global Private Bank advisors
INDUSTRY-LEADING FRANCHISE INVESTING FOR GROWTH DELIVERING RESULTS 5 Investing in Global Private Bank advisors INCREASED HIRING DIVERSIFIED PIPELINE ACCELERATED SUCCESS Gross hires, U.S. Private Bank advisors1 Increasing portion of internally developed advisors1 Median 3rd Yr. Associate flows produc
Slide 97: Investing in Personalization
INDUSTRY-LEADING FRANCHISE INVESTING FOR GROWTH DELIVERING RESULTS 6 Investing in Personalization MODERN WEALTH PLATFORM EMPOWERING CLIENT PREFERENCES DELIVERING CUSTOMIZED SOLUTIONS Number of separately managed accounts (SMA) nagement . Passions . G Tailored investment strategies based (mm) $25B Ma
Slide 98: Investing in Technology and AI
INDUSTRY-LEADING FRANCHISE INVESTING FOR GROWTH DELIVERING RESULTS 7 Investing in Technology and AI AI USE CASES INDUSTRY IMPACT ✓ Remove “no joy” work NEW this year ✓ Drive productivity ✓ Increase revenue ✓ Enable quicker decision-making ✓ Proactive and anticipatory client advice ✓ Build for reuse
Slide 99: Elevating impact through connectivity across JPMC
INDUSTRY-LEADING INDUSTRY LEADING FRANCHISE INVESTING FOR GROWTH DELIVERING RESULTS Elevating impact through connectivity and collaboration across JPMC EXAMPLE OF BRINGING THE POWER OF JPMC TO OUR CLIENTS AND SHAREHOLDERS CCB CIB AWM Stadiums / Sell-side #1 Private Bank and Asset Manager 1 2 Arenas
Slide 100: Diversified revenue and flows
INDUSTRY-LEADING FRANCHISE INVESTING FOR GROWTH DELIVERING RESULTS Diversified revenue and flows AWM REVENUE1 DRIVERS YOY 5Y NET CLIENT ASSET FLOWS Revenue by % change NII NIR Down YoY Publicly traded peers ($B) Mortgage Mortgage Deposit Lending Lending Perf. fees Mortgage Deposit Lending Perf. fees
Slide 101: AWM: best of both banking and asset management
INDUSTRY-LEADING FRANCHISE INVESTING FOR GROWTH DELIVERING RESULTS AWM: The best of both banking and asset management 2019 2024 Return On Equity1 Return On Equity 40% 40% Peer #11 Peer #4 35% 35% Peer #3 Peer #1 Peer #2 30% Peer #2 30% J.P. Morgan Asset & Wealth Management Peer #3 J.P. Morgan Asset
Slide 102: Medium-term targets
INDUSTRY-LEADING FRANCHISE INVESTING FOR GROWTH DELIVERING RESULTS Medium-term targets LONG-TERM REVENUE PRETAX ROE AUM FLOWS GROWTH MARGIN Medium-term targets 4% 5% 25%+ 25%+ 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 Results range1 5% 8% 2%
Slide 103: Notes on slides 1-4
Notes on slides 1-4 Slide 1 – Asset & Wealth Management overview 1. Percentage of active mutual fund and active exchange-traded funds (ETF) assets under management (AUM) in funds ranked in the 1st or 2nd quartile: All quartile rankings, the assigned peer categories and the asset values used to deriv
Slide 104: Notes on slides 5-7
Notes on slides 5-7 Slide 5 – We have a robust investment agenda in AWM 1. Adjusted expense is a non-GAAP financial measure, which represents noninterest expense excl. legal expense of $1mm, $379mm and $137mm for the full year 2019, 2024 and for the three months ended in March 31, 2025, respectively
Slide 105: Notes on slides 8-13
Notes on slides 8-13 Slide 8 – Investing in Alternatives 1. Source: NFI-ODCE as of March 31, 2025. 2. Source: PE outperformance represents direct alpha vs. MSCI World index, as of September 30, 2024. HF outperformance vs. HFRI FOF Conservative Index as of April 30, 2025. Multi-alts outperformance vs
Slide 106: Notes on slides 14-16
Notes on slides 14-16 Slide 14 – Diversified revenue and flows 1. In the fourth quarter of 2020, the Firm realigned certain Wealth Management clients from Asset & Wealth Management to Consumer & Community Banking. Prior-period amounts have been revised to conform with the current presentation. Histo
Slide 107: Commercial & Investment Bank
Investor Day | 2025 Commercial & —— Investment Bank Consumer & Community Banking Asset & Wealth Management > Commercial & Investment Bank JPMorganChase
Slide 108: Commercial & Investment Bank Overview
Investor Day | 2025 Commercial & Investment Bank Overview Firm Overview Consumer & Community Banking Asset & Wealth Management ‘V Commercial & Investment Bank Overview Payments Deep Dive Closing Remarks JPMorganChase
Slide 109: Topics of discussion
Topics of discussion Overview of the Commercial & Investment Bank (CIB) Updates: Securities Services, Markets, Global Banking Deep dive: Payments Closing remarks and outlook Q&A 1
Slide 110: Combined Commercial & Investment Bank built around clients
The combined Commercial & Investment Bank is built around our clients Mid and Large Commercial Real Government and Institutional Global and Start Ups Middle Market Corporates Estate Public Sector Investors Regional Banks Commercial & Investment Bank Payments Global Banking Markets Securities Service
Slide 111: Franchise strength is a key differentiator
Our franchise strength is a key differentiator and provides unmatched value COMPLETE GLOBAL & LOCAL DIVERSIFIED AT SCALE client penetration with countries with on-the- of revenue in NIR, capital raised for clients 21% 60+ ~70% ~$1.3T U.S. Middle Market1 ground presence across different fees in 2024
Slide 112: Executing key strategic priorities through the cycle
We remain focused on executing key strategic priorities through the cycle EXPAND AND DEEPEN OUR Driving client acquisition in high-potential markets and deepening relationships, through CLIENT FRANCHISE strategic client segmentation and tailored offerings INNOVATE TO EXTEND OUR Delivering more value
Slide 113: Delivering sustainable growth with strong returns
Delivering sustainable growth with strong returns Revenue ($B) Adjusted net income ($B)1 5Y CAGR2 $70.1 $64.4 $62.0 $59.6 $58.8 Revenue $48.7 +8% Securities Services Lending Investment Banking $26.6 $25.0 Payments Adj. net income1 $20.4 $19.2 $20.9 $16.2 +9% Markets 2019 2020 2021 2022 2023 2024
Slide 114: Investing in franchise while maintaining expense discipline
Investing in our franchise while maintaining strong expense discipline CIB ADJUSTED EXPENSE ($B)1 ~50% Overhead ratio in 2024 ~7% YoY ~$38.0 Volume- and revenue-related $35.1 Performance-driven compensation Brokerage Investments $26.0 Front office / Client coverage Technology Volume- and rev
Slide 115: Investments focused on delivering value
Our investments are focused on delivering value CIB INVESTMENTS ($B)1 FRONT OFFICE INVESTMENTS DRIVING GROWTH – examples (since 2019)2 8% YoY 1.6x 4.0x 42 $4.7 Emerging Middle Market Innovation Economy New cities with $4.3 $0.3 revenue growth revenue growth local coverage $0.2 $0.7 $0.6 TECHNOLOGY I
Slide 116: Multi-faceted growth agenda powered by connected businesses
Executing a multi-faceted growth agenda powered by our connected businesses PARTNERSHIP AND ALIGNMENT UNLOCK VALUE… …AND POSITION US TO CAPTURE SIGNIFICANT MARKET OPPORTUNITIES LARGE AND GROWING ADDRESSABLE MARKETS PAYMENTS ~$370B ~$1.7T ~60K Global VC investment Private Credit Prospects in North Am
Slide 117: Securities Services: strategic partner for large institutional investors
SECURITIES SERVICES Securities Services is the strategic partner for the world’s largest institutional investors BUSINESS OVERVIEW Custody Diversified client base Servicing of listed assets in 100 markets globally ~60% ~50/50 Traditional Fund Services Revenue from outside Revenue split between asset
Slide 118: Strong financial performance driven by scale
SECURITIES SERVICES We have strong financial performance driven by our scale FINANCIAL PERFORMANCE KEY METRICS REVENUE1 ($B) (2019-2024)4 Global AUC Cost per transaction5 Mature 5Y CAGR2 Custody ▲ 31% ▼ 11% $5.1 Traditional Daily NAVs Cost per daily NAV5 $4.1 Fund Services ▲ 29% ▼ 8% ▲ 6.2% NII Trad
Slide 119: Strategic focus areas will drive further growth
SECURITIES SERVICES Our strategic focus areas will drive further growth FACTORS IMPACTING THE BUSINESS KEY FOCUS AREAS Grow with long-term clients by providing exceptional service Concentration, consolidation of AUM into the largest players Invest in data solutions and growth products to deepen clie
Slide 120: Top Markets franchise rooted in client-centricity
MARKETS We are the top Markets franchise, rooted in client-centricity and sound risk discipline BUSINESS OVERVIEW Our differentiated strategy and capabilities… …enable us to meet clients’ needs across the trade lifecycle ranked1 research organization, and 90K+2 users active Research #1 monthly on J.
Slide 121: Further opportunities remain despite leading position
MARKETS Despite our industry-leading position, further opportunities remain FINANCIAL PERFORMANCE PRODUCT REVENUE1 AND MARKET SHARE2 CLIENT WALLET AND MARKET SHARE Institutional wallet EQUITIES Revenues in $B NOT TO SCALE 5Y wallet SoW change 5Y CAGR3 CAGR3 (2019-2024) 12.9% 13% $30.0 12.2% 12.2% 12
Slide 122: Strategic priorities position us for future growth
MARKETS Our strategic priorities position us for future growth FACTORS IMPACTING THE BUSINESS KEY FOCUS AREAS Continue deploying capital and financial resources in a disciplined and dynamic manner Heightened market volatility against the backdrop of geopolitical uncertainty Deepen client relationshi
Slide 123: Serving Global Banking clients across the spectrum
GLOBAL BANKING We are focused on serving Global Banking clients across the spectrum with broad-based capabilities BUSINESS OVERVIEW Clients1 covered via dedicated Commercial Banking Global Corporate Banking Client segmentation to teams within start-up banking, deliver tailored solutions ~80K EMM2, m
Slide 124: Client-centric strategy delivered strong financial performance
GLOBAL BANKING Our client-centric strategy has delivered strong financial performance, and there are further opportunities to grow FINANCIAL PERFORMANCE BANKING & PAYMENTS REVENUES ($B) INVESTMENT BANKING FEES ($B) AVERAGE LOANS5 ($B) +20% Market share4 +27% (2024) ~$350 5Y CAGR3 ~$280 $3.3 9.3% $35
Slide 125: Expanding client franchise through targeted growth initiatives
GLOBAL BANKING We continue to focus on expanding our client franchise through targeted growth initiatives FACTORS IMPACTING THE BUSINESS KEY FOCUS AREAS Deepen with our existing clients, and expand our client franchise with prospects to become their primary bank Market uncertainty poses the possibil
Slide 126: Maintaining risk discipline across lending portfolio
Maintaining risk discipline across our lending portfolio and closely monitoring evolving market conditions Robust risk culture Rigorous underwriting standards Dynamic portfolio management Continuous stress testing C&I AND OTHER EXPOSURE COMMERCIAL REAL ESTATE KEY RISK FACTORS BY INDUSTRY1 EXPOSURE B
Slide 127: Private Credit: meeting financing needs of borrowers and investors
Private Credit: We are committed to meeting the financing needs of our borrower and investor clients through tailored, product-agnostic solutions Client-centric and solutions-driven approach Key highlights Product-agnostic, solution- $50B JPM Direct Lending driven and through-the-cycle balance sheet
Slide 128: Payments Deep Dive
Investor Day | 2025 Commercial & Investment Bank Payments Deep Dive Firm Overview Consumer & Community Banking Asset & Wealth Management ‘V Commercial & Investment Bank Overview Payments Deep Dive Closing Remarks JPMorganChase
Slide 129: World-leading Payments franchise serving a wide range of clients
We have a world-leading Payments franchise serving a wide range of clients We serve clients of different sizes and industries across the world, providing them with a breadth of Payments solutions tailored to their unique needs Government Mid and Large Commercial Institutional Global and Start Ups Mi
Slide 130: Payments drives value for businesses across the Firm
Payments drives value for businesses across the Firm IMPORTANT SOURCE OF CRITICAL CONSISTENT, COST-EFFICIENCIES ENHANCED CLIENT LIQUIDITY INFRASTRUCTURE RECURRING REVENUE OF IN-HOUSE PAYMENTS VALUE PROPOSITION Payment rails ~1/3rd Sanctions screening of Firmwide deposit funding Fraud services
Slide 131: Payments business organized into five key segments
Our Payments business is industry-leading and organized into five key segments $10T+ #1 Treasury Services #1 Treasury Services1 Payments average daily USD SWIFT value processed5 market share6 ~$2.6T 6,000+ Merchant Services #1 U.S. Acquirer2 Annual global Peak transactions processing volume7 per sec
Slide 132: Comprehensive set of offerings amplify each other
Our comprehensive set of offerings amplify each other… We offer a comprehensive set of solutions to meet the end-to-end needs of our clients Treasury Services Trade & Working Capital Merchant Services Embedded Finance Digital Solutions Typical Bank offerings Typical Fintech offerings Industry Integr
Slide 133: Differentiated value to clients
…and power our unique, differentiated value to clients Nearly 30-year relationship, supporting Over 20-year partnership to further enable them as they’ve grown their global growth journey Global liquidity optimization across brands Liquidity and cash management, including and geographies enablin
Slide 134: Strong performance, gaining scale and market share
The business continues to deliver strong performance, gaining scale and market share STRONG FINANCIAL PERFORMANCE UNDERPINNED BY FEE AND DEPOSIT GROWTH DELIVERED GROWTH DESPITE RATE HEADWINDS Payments revenue1 ($B) Fee revenue growth Payments revenue1 ($B) NOT TO SCALE Organic growth $18.4 $18.4 $18
Slide 135: Significant tailwinds position Payments to grow
There are significant tailwinds that position Payments well to grow GROWTH OF PAYMENTS AS CONSOLIDATION TOWARDS PAYMENTS IS INCREASINGLY AN INDUSTRY THE LARGEST PLAYERS STRATEGIC FOR CLIENTS Digital payment adoption is rapidly Clients favor banks that can meet Payments is increasingly vital increasi
Slide 136: Targeted investments to capture growth opportunities
We are making targeted investments to capture growth opportunities across the business Expanding Leveraging Modernizing Investing Increasing 1 coverage to cover more 2 our fortress balance sheet 3 products and platforms 4 in digital innovation 5 global presence clients 27
Slide 137: Covering more clients through coordination with Banking
1 Covering more clients and building deep, lasting relationships through close coordination with Banking TARGETING KEY GROWTH AREAS TO EXPAND OUR CLIENT FRANCHISE AND DEEPEN EXISTING RELATIONSHIPS SELECT INDUSTRIES SELECT SEGMENTS Technology Consumer and Retail Healthcare Services Middle Market Inte
Slide 138: Modernizing platforms to win business and drive efficiencies
3 Modernizing our platforms to win new business and drive efficiencies and operating leverage MODERNIZATION AND PRODUCT ENHANCEMENTS INVESTMENT IMPACT Treasury Completed modern payments processing platform (Graphite) in 2024 Services Completing development and deployment of enhanced global liqui
Slide 139: Innovation strategy centered on evolving client needs
4 Innovation strategy centered on meeting evolving client needs and the changing Payments landscape DIGITAL EXPERIENCES We continue to be recognized for our best-in-class digital client Leading the industry with one of the most mature institutional experiences… blockchain platforms Kinexys Liink #1
Slide 140: Unlocking the value of our data
4 Unlocking the value of our data to drive value for the Firm and our clients EXPANSIVE DATA REACH STRONG TOOLS AND GOVERNANCE Integrated ~400mm 60B+ 3rd Party Accounts Global Transactions Datasets Payments data lake AI and ML models Privacy and controls ENABLE US TO LEVERAGE THIS DATA TO POWER SEV
Slide 141: Modernizing footprint and expanding into new markets
5 Modernizing our current footprint and expanding into new markets to better serve clients EXPANSION OPPORTUNITY MODERNIZING AND ENHANCING CURRENT FOOTPRINT Select example: Mexico Client growth Transaction growth Developed a more comprehensive product suite ~2x ~9x Deepen relationships with existi
Slide 142: Well-positioned for the long term
Well-positioned for the long term Support clients across the continuum with market-leading offerings Combined scale, trust and safety of a leading bank with the innovation of a Fintech Modern, digitally innovative platforms and solutions to capture opportunity Strong financial performance, u
Slide 143: Closing Remarks
Investor Day | 2025 Commercial & Investment Bank Closing Remarks Firm Overview Consumer & Community Banking Asset & Wealth Management ‘V Commercial & Investment Bank Overview Payments Deep Dive Closing Remarks JPMorganChase
Slide 144: CIB executing a proven strategy
Commercial & Investment Bank – executing a proven strategy PAYMENTS Client-centric Investing for growth GLOBAL SECURITIES BANKING SERVICES Innovating to extend competitive advantage Diversified and resilient revenue base MARKETS Strong risk discipline COMPLETE GLOBAL & LOCAL DIVERSIFIED AT SCALE EXC
Slide 145: Notes on market share, ranks, industry wallets and client coverage
Notes on market share, ranks, industry wallets and client coverage 1. Coalition Greenwich Competitor Analytics. Based on JPMorganChase internal business structure and internal revenue. Excludes the impact of Archegos in 2021 Historical Coalition Greenwich competitor revenue and industry wallets have
Slide 146: 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 5 and 6 exclude the impact o
Slide 147: Notes on slides 2-3
Notes on slides 2-3 Slide 2 - The combined Commercial & Investment Bank is built around our clients 1. Coalition Greenwich Competitor Analytics reflects global firmwide Treasury Services business (Corporate & Investment Banking and Commercial Banking). Market share is based on JPMorganChase internal
Slide 148: Notes on slides 7-8
Notes on slides 7-8 Slide 7 - Our investments are focused on delivering business value 1. The CAGR and YoY calculations use actual, not rounded, numbers 2. Front Office-related growth statistics represent 2024 vs. 2019 3. Includes retired / replaced applications 4. KYC unit cost is based on comparis
Slide 149: Notes on slides 10-12
Notes on slides 10-12 Slide 10 - We have strong financial performance driven by our scale 1. 2019 and 2024 revenue excludes discontinued business 2. The CAGR calculations use actual, not rounded, numbers 3. Coalition Greenwich Competitor Analytics. Market share is based on JPMorganChase internal bus
Slide 150: Notes on slides 13-15
Notes on slides 13-15 Slide 13 – Despite our industry-leading position, further opportunities remain 1. JPM revenue as reported 2. Coalition Greenwich Competitor Analytics. Market share is based on JPMorganChase internal business structure, footprint and revenue. Ranks are based on Coalition Index
Slide 151: Notes on slide 16-21
Notes on slide 16-21 Slide 16 – Our client-centric strategy has delivered strong financial performance, and there are further opportunities to grow 1. Totals include $0.1B in Other revenues in 2019 and 2024 2. $18.1B includes ~$1B of Payments revenue through clients not covered by GB, Payments reven
Slide 152: Notes on slides 22-25
Notes on slides 22-25 Slide 22 – Our Payments business is industry-leading and organized into five key segments 1. Coalition Greenwich Competitor Analytics reflects global firmwide Treasury Services and Trade Finance business (Corporate & Investment Banking and Commercial Banking). Market share is b
Slide 153: Notes on slide 26
Notes on slide 26 Slide 26 – There are significant tailwinds that position Payments well to grow 1. Source: EY Global Embedded Finance Report, 2023 2. Source: Reserve Bank of India, 2024 3. Source: The Economist; 2025 4. Coalition Greenwich Competitor Analytics reflects global firmwide Treasury Serv