Jp Morgan Chase & Co. · NYSE:JPM
Jp Morgan Chase & — Investor Day (February 2015)
79 slides from Jp Morgan Chase &'s investor day presentation, Feb 24, 2015
Slide 1: Consumer & Community Banking
CONSUMER & COMMUNITY BANKING Gordon Smith, Chief Executive Officer Consumer & Community Banking February 24, 2015
Slide 2: Agenda
Agenda Page Consumer & Community Banking 1 Consumer Banking 20 Mortgage Banking 39 Card Services 57 Appendix 76 CONSUMER & COMMUNITY BANKING 1
Slide 3: Our strategic agenda is focused on 6 key areas
Our strategic agenda is focused on 6 key areas Continue to improve the customer experience and deepen relationships Reduce expenses Continue to simplify our business Maintain strong control environment and automate processes CONSUMER & COMMUNITY BANKING Increase digital engagement Lead p
Slide 4: Chase CCB is a strong franchise with leadership positions across all businesses
Chase Consumer & Community Banking is a strong franchise with leadership positions across all its businesses Consumer relationships with almost half of U.S. households Powerful customer franchise #1 in primary bank relationships within Chase footprint1 Chase Private Client integration with J.P
Slide 5: Performance targets
Performance targets Consumer & Community Banking Target Medium term 2014 achieved in Targets (+/-) guidance (+/-) 2014 Consumer & Business ROE 31% P 35% 35% Prior Year target 30% + Banking Net charge-off rate1 0.41% X 0.20% 0.15%5 Prior Year target 0.25% +/- Mortgage Banking ROE 9% X 9% 15%6 Revenue
Slide 6: Deposit growth has been strong and core loans show continued growth
Deposit growth has been strong and core loans show continued growth Consumer & Community Banking average deposits ($B) Consumer & Community Banking EOP loans1 ($B) Card Mortgage Banking CAGR Auto Business Banking/Other3 2 +8% Non-core loans (all LOBs) Total: +1% 2010 – 2014 $455 Core: +11% CAGR $426
Slide 7: We exceeded our 2014 expense reduction target
We exceeded our 2014 expense reduction target by $400mm and will enter 2017 with an additional $2B of cost savings 2014 Investor Day targets 2014 performance Consumer & Community Expense reduction of ~$1.8B2 in 2014 P Achieved $2.2B2 expense reduction in 2014 Banking ~8K1 headcount reduction in
Slide 8: We are executing against our expense reduction initiatives
We are executing against our expense reduction initiatives Key initiatives across Consumer & Community Banking Branch staffing Align banker and specialist staffing in branches with opportunity model Branch Increase in-branch digital functionality to facilitate self-service automation Digital /
Slide 9: We are actively driving down our expense base: non-branch location strategy
We are actively driving down our expense base Example: Non-branch location strategy Consumer & Community Banking buildings (excluding branches) ~325 ~300 ~200 Jan '13 Jan '14 Dec '16 Comprehensive real estate strategy to consolidate locations into large strategic hubs Economies of scale to be ac
Slide 10: We are driving down expenses while growing: servicing unit costs
We are actively driving down our expense base while growing our business Example: Servicing unit costs Consumer & Business Banking call center cost per checking account Operating cost per active credit card1 CAGR CAGR (6%) (5%) 100% 100% 80% 80% 60% 60% 40% 40% 20% 20% 0% 0% 2012 2014 2016 2012 2014
Slide 11: We have simplified our product set
We have simplified our product set to reduce complexity and further de-risk the business # of Mortgage Banking products # of Business Banking deposit # of Card partners and programs products (77%) (43%) (51%) CONSUMER & COMMUNITY BANKING 2010 2014 2010 2014 2010 2014 Revenue impact is already reflec
Slide 12: We have strengthened our controls and continue to simplify and innovate
We have strengthened our controls and continue to simplify and innovate our businesses Continuing to enhance the control environment… …which will lead to: Dedicated resources to strengthen our controls Simpler products and processes De-risking through client selection – discontinuing certain bus
Slide 13: Customer experience continues to improve, resulting in lower attrition
Customer experience continues to improve, resulting in lower attrition… Net promoter scores1 Chase household attrition rates2 Consumer Banking Business Banking 2010 2014 Card (6) ppt Mortgage Originations Auto 3 63 61 (4) ppt 60 53 43 (1) ppt 37 35 32 15 12 CONSUMER & COMMUNITY BANKING Nov-11 Nov-12
Slide 14: … and deeper relationships with our customers
… and deeper relationships with our customers Checking balance per new account ($K)1 Credit card spend share of wallet2 2x +6 ppt CONSUMER & COMMUNITY BANKING 2010 2014 2010 2014 1 Data represents average checking balance per new checking account on the last day of the month the account was opened 2
Slide 15: We leverage the franchise across the firm for deeper relationships
We continue to leverage the strength of our franchise across the entire firm which results in deeper relationships Number of products & services1 per Consumer Banking household Strength of the franchise ~45% of CCB households have more than one Chase product ~35% of Chase branded cards sold thro
Slide 16: Customers increasingly engage through digital channels
Customers are increasingly engaging with us through digital channels which enables us to reduce service costs Chase servicing interactions per Ultimate Rewards redemptions household1 – 2010-2014 CAGR by channel Cost per deposit by channel2 Online Mobile Phone +26% Online log-ins: +10% Mobile log-ins
Slide 17: Our goal is a compelling experience in the digital channel
Our goal is to give customers a compelling experience in the digital channel Digital strategy Develop simple, Improve Simplify secure and safe Reduce service customer originations payments costs experience experiences CONSUMER & COMMUNITY BANKING Increased customer engagement 16
Slide 18: Chase Commerce Solutions has been growing faster than the market
Chase Commerce Solutions has been growing faster than the market Merchant processing volumes ($B)1 Merchant processing bankcard volumes ($B)3 Chase +21% Industry +81% +60% 18% higher than First Data/Chase combined in 2007 (pre- dissolution of JV)2 848 469 CONSUMER & COMMUNITY BANKING 2010 2014 2010
Slide 19: Growing our Auto business while maintaining credit discipline
We are continuing to grow our Auto business while maintaining credit discipline Chase EOP Auto loans ($B) November 2014 YTD originations average LTV1 +13% (6 ppt) $54.5 100% $48.4 94% 2010 2014 Industry average Chase November 2014 YTD originations average term November 2014 YTD originations average
Slide 20: The underlying performance of the business is strong
The underlying performance of the business is strong Consumer & Community Banking lines of business drivers $ in billions, except ratios and where otherwise noted 2014 YoY ∆ Households (mm) 22.9 3% Consumer Banking Deposits (average) $381 8% Client investment assets $213 13% Deposits (average) $91 1
Slide 21: Agenda
Agenda Page Consumer & Community Banking 1 Consumer Banking 20 Mortgage Banking 39 Card Services 57 Appendix 76 CONSUMER & COMMUNITY BANKING 20
Slide 22: Key strategic initiatives and mission
Key strategic initiatives and mission Acquire and deepen relationships with customers Rapid adoption of mobile & digital capabilities Drive down expenses CONSUMER BANKING 21
Slide 23: Consumer Banking business drivers
Consumer Banking business drivers Consumer Banking business drivers 2013 2014 YoY Δ Consumer household relationships (mm) 22.3 22.9 3% Relationships Consumer household attrition rate1 10% 9% Average deposit balances2 $434.6 $472.3 9% Deposit & Investment Client investment assets (end of period) 189
Slide 24: Higher customer satisfaction is driving lower attrition
Acquire and deepen relationships with customers Higher customer satisfaction is driving lower attrition J.D. Power overall satisfaction index1 Consumer Banking household attrition rates3 820 15% (4) ppt 14% 800 13% 780 12% 760 11% 740 10% Industry Average 9% 720 Big Banks Regional Banks 8% 700 Chase
Slide 25: We have had record deposit and investment growth
Acquire and deepen relationships with customers We have had record deposit and investment growth Consumer Banking deposit and investment growth ($B) Key growth drivers CAGR Acquisition Added ~2mm households since 2010 $594 Total: 10% High quality: New account balances up ~100%2 New builds co
Slide 26: Building core investment relationships with our customers
Acquire and deepen relationships with customers Building core investment relationships with our customers Building core investment relationships % of investment revenue from asset-based fees2 ~60% of new investment money is from deposit customers who invest with us for the first time1 ~40% lift
Slide 27: Chase Private Client is deepening relationships with affluent clients
Acquire and deepen relationships with customers Our Chase Private Client platform is deepening relationships with affluent clients Chase Private Client (CPC) cumulative net new deposits and investments1 ($B) $43.7 $27.3 $13.0 $2.1 2011 2012 2013 2014 Chase Private Client is deepening relationships
Slide 28: The way customers bank is changing
Rapid adoption of mobile & digital capabilities The way customers bank is changing Customers Branches move adopting digital from transaction solutions for simple centers to advice transactions centers CONSUMER BANKING 27
Slide 29: Transactions are migrating to digital channels
Rapid adoption of mobile & digital capabilities Transactions are migrating to digital channels Digital channel1,2 YoY growth 2014 transactions Mobile app users3 +20% 19mm users Mobile QuickDepositSM +25% ~45mm Mobile Chase +80% ~30mm QuickPaySM Mobile Bill Pay +30% ~60mm ATM deposits +10% ~200mm 1 M
Slide 30: Digital usage results in more engaged customers and lower cost
Rapid adoption of mobile & digital capabilities Digital usage results in more engaged customers and lower cost Results when customers adopt digital solutions1 Consumer Banking household deposits by channel3 Primary relationships2 Teller ATM QuickDeposit 10% 1% 10% 10% 37% 48% Non-digital households
Slide 31: Enhancing ATM and mobile functionality
Rapid adoption of mobile & digital capabilities We continue to enhance ATM & mobile functionality to support transaction migration Enhancing ATM functionality Enhancing mobile functionality Increasing ATM capacity in high volume branches Simplified mobile onboarding experience Increasing withd
Slide 32: Branch operating model continues to evolve
Drive down expenses As a result of changes in customer behavior, our branch operating model continues to evolve New branch Transactional to advisory formats Fewer people New branch staffing model Less dense Plan to reduce branch count by ~300 by end of 2016 network CONSUMER BANKING 31
Slide 33: New branch formats
Drive down expenses New branch formats Changes are driving a shift in our branch operating model from service to sales Branches remain a critical channel Branches evolving to advice centers ~90% of customers visit a branch each year Average customer visits 4x per quarter Key channel for buildi
Slide 34: Fewer people: new branch staffing model
Drive down expenses Fewer people New branch staffing model 2/3 of branch expenses are staffing Branch staff1 related Aligning banker staffing model ~60K to sales opportunity and branch volume ~46K Reducing tellers based on automation of transactions Reducing assistant branch managers due to si
Slide 35: We continue to optimize our branch network
Drive down expenses We continue to optimize our branch network Network activity Net change in branches 2012 2013 2014 2012 2013 2014 2015F 2016F 106 Beginning branch count 5,508 5,614 5,630 16 New builds1 150 132 71 Consolidations1 (44) (116) (99) (28) Net branches opened 106 16 (28) Ending branch c
Slide 36: Consolidating branches with minimal customer impact
Drive down expenses We are consolidating branches with minimal customer impact Chase deposit share in consolidation markets1 Branch consolidation process 2012 deposit share 2014 deposit share Annual review of branch network 25.6% to identify overlapping distribution 24.7% Analytics and marginal pe
Slide 37: Selectively adding branches where opportunity exists
We are selectively adding branches where opportunity exists New build rationale New builds are driving growth (example: San Jose, CA) Local real estate San Jose deposits1 ($B) expertise in every CAGR Chase market 12% Constantly looking at improving footprint as leases mature 2010 2011 2012 2013
Slide 38: Industry leading multi-channel platform
As a result, we continue to maintain an industry leading multi-channel platform Chase advantages Deposit market share1 Greater than 10% Between 5% and 10% Less than 5% Well positioned footprint Leading position in digital banking Top 3 in deposit share in 23 of our 25 largest New mobile app with
Slide 39: Summary
Summary We delivered best in class growth and improved operating efficiency in 2014 We will continue to focus on our strategic themes Acquire and deepen relationships Rapid adoption of digital capabilities as customers continue to change the way they bank with us Drive down expenses We a
Slide 40: Agenda
Agenda Page Consumer & Community Banking 1 Consumer Banking 20 Mortgage Banking 39 Card Services 57 Appendix 76 CONSUMER & COMMUNITY BANKING 39
Slide 41: Progress executing against strategic objectives
We have made significant progress in executing against our strategic objectives 2014 Investor Day plan Progress Deliver a great Simplify our product set and Reduced our product set from 37 to 18 (will reduce invest in new technology to to 15 by YE 2015) customer New originations platform to laun
Slide 42: 2014 solid financial results in a challenging environment
In 2014 we delivered solid financial results in a challenging environment Includes ~$1B of repurchase benefit and gains on excess interest-only securities and Ginnie Mortgage Banking P&L ($mm) Mae loan sales – not expected to occur in 2015 2013 2014 YoY Δ Revenue $10,236 $7,826 (24%) Expense 7,602 5
Slide 43: Progress in rightsizing our business
We have made progress in rightsizing our business… Mortgage Banking expense ($B) Mortgage Banking headcount (K)1 ($3.8B) (19K) $9.1 46 $7.6 35 $5.3 27 2012 2013 2014 2012 2013 2014 MORTGAGE BANKING 1Includes employees and contractors; 2013 headcount adjusted for ~1,250 reduction effective January 1,
Slide 44: Improving customer satisfaction
… while improving customer satisfaction J.D. Power 2014 Mortgage Origination survey J.D. Power 2014 Mortgage Servicer survey 2010 2014 2010 2014 Provider Change Provider Change Rank Rank Rank Rank Quicken Loans 1 1 - Quicken Loans N/A 1 N/A Bank of America 14 2 +12 Chase 13 2 +11 Chase 12 3 +9 Regio
Slide 45: Strong penetration with Chase Private Client households
We have strong penetration with Chase Private Client households and lead peers in mortgage consideration among affluent consumers % of households that originated a mortgage with Mortgage consideration among affluent Chase through 3Q14YTD1 consumers2,3,4 ~4x 60% 49% 49% 45% 15% Penetration of Consume
Slide 46: Significant regulatory and legal complexity still exists
Significant regulatory and legal complexity still exists FHFA and GSEs announced helpful refinements in 2014 Putback risk and compensatory fees but more needed TILA-RESPA, Servicing rules (Reg X), Servicing transfer Regulation Origination & Servicing Rules guidelines Qualified Mortgage (QM) & Qualif
Slide 47: The purchase market is facing numerous headwinds
The purchase market is facing numerous headwinds… High levels of student debt Changing views towards homeownership U.S. student loan balances 80% % of respondents who say it is a good time to buy Avg student loan Total U.S. student balance per loan bal. ($B) 75% borrower ($K) $1,600 $30 $25 $27 70%
Slide 48: Originations market expected to remain depressed
… and the overall originations market is expected to remain at depressed levels for the foreseeable future Industry origination market size ($T) $3.9 $3.5 1.2 $3.1 $2.9 $3.0 $3.0 $2.9 1 $2.4 $2.5 $2.2 0.8 $2.1 $2.0 $1.9 $1.8 $1.6 0.6 $1.5 $1.5 $1.5 $1.2 $1.2 $1.2 $1.0 0.4 $1.0 Refinance 0.2 $0.5 Pur
Slide 49: Maximize our share of high-quality originations
Maximize our share of high quality originations Our strategy is to maximize our share of high-quality originations Chase1originations originationsmarket marketshare share change 2,3 2 3 Total mortgage Jumbo Conventional Government 10% 8% 6% 4% 2% 0% -2% -4% -6% -8% -10% 4Q13 1Q14 2Q14 3Q14 4Q14 MORT
Slide 50: Leveraging our balance sheet with a focus on high-quality mortgages
Maximize our share of high quality originations We are leveraging our balance sheet with a focus on high-quality mortgages Average FICO of originations retained on balance % of originations retained on balance sheet1 sheet1 772 770 771 33% 739 Avg 2012 2013 2014 2005-2008 % of FICOs 17% 2% 1% 1% <70
Slide 51: Real estate portfolio has hit an inflection point
Maximize our share of high quality originations Our real estate portfolio has hit an inflection point as we leverage our balance sheet to add high-quality loans Mortgage Banking loan portfolio EOP ($B) 2010 – 2014 $237 CAGR $215 $195 $184 $184 Total: (6%) Non-core1 $185 $162 $105 Non-core: (13%) $14
Slide 52: Housing market fundamentals continue to improve
Housing market fundamentals continue to improve… Number of underwater homes in the U.S. (mm) Home price index (HPI) – peak to September 2014 0% Trough to (58%) current: 29% (10%) Peak to trough: (32%) (20%) 12.0 12.1 10.5 (30%) 6.6 5.1 (40%) 2010 2011 2012 2013 2014 2006 2007 2008 2009 2010 2011 201
Slide 53: Improved credit performance in real estate portfolios
… which has driven improvement in credit performance in our real estate portfolios Non-credit impaired 30+ day delinquencies1 Non-credit impaired net charge-offs2 30+ delinquencies ($B) 30+ delinquency rate (%) Net charge-offs ($B) Net charge-off rate (%) $10 8% $1.5 4% $8 6% 3% 4.6% $1.0 $6 4.2% 3.
Slide 54: Quality of servicing book continues to improve
Improve quality of servicing portfolio The quality of our servicing book continues to improve as we are actively managing down our default inventory Foreclosure inventory (K) 30+ day delinquency rate (%)1 Pre 2010 vintages 2010 onward vintages 16.0% Chase 2 Industry 3 14.0% 399 12.0% 312 10.0% 8.0%
Slide 55: We continue to reduce servicing expense
Drive efficiencies We continue to reduce servicing expense Servicing expense has been declining… …and will continue to trend downward Quarterly trend in servicing expense ($mm) (~$300mm) Quality of servicing book continues to improve $873 Servicing cost per loan is decreasing Investments in co
Slide 56: Competitive advantages across the mortgage lifecycle
We have competitive advantages across the mortgage lifecycle Our business model Our competitive advantages Production Servicing High quality Breadth of distribution (retail, including branch network, and correspondent) Quality products recurring cash flow Brand Strong customer service Servicing
Slide 57: Headwinds continue but we will execute against our strategy
The business will continue to face headwinds but we will continue to execute against our strategy and improve returns Strategic priorities Deliver a great customer experience Maximize our share of high quality originations Improve quality of servicing portfolio Drive efficiencies MORTGAGE BA
Slide 58: Agenda
Agenda Page Consumer & Community Banking 1 Consumer Banking 20 Mortgage Banking 39 Card Services 57 Appendix 76 CONSUMER & COMMUNITY BANKING 57
Slide 59: We continue to execute on core elements of our strategy
We continue to execute on the core elements of our strategy 2014 Investor Day plan Progress Modest loan growth Grew loan balances by 3% in 2014 Execute Strong returns on marketing driving sales and against core balance growth Achieved 40% efficiency ratio in 2014 1 business drivers Maintain
Slide 60: Chase Card Services is an exceptional franchise
Chase Card Services is an exceptional franchise that continues to deliver strong returns Key metrics and performance targets $ in millions, except ratios and where otherwise noted 2013 2014 YoY Δ Revenue $15,615 $15,055 (4%) Expense $6,245 $6,152 (1%) Net charge-offs $3,879 $3,429 (12%) Performance
Slide 61: Revenue headwinds are subsiding
Revenue headwinds are subsiding Distribution of Card Services revenue ($B) Revenue drags from 2012–2014 are A largely behind us Increase in customer acquisition A resulted in higher amortization costs1; B C costs are stabilizing Exited products One-time loss on non-strategic portfolio exits
Slide 62: Spend engagement continues to deliver results
Our focus on spend engagement continues to deliver results 2014 credit card sales volume ($B)1 Chase general purpose credit card sales market share Total 2014 market size = ~$2.2T 21.0% 21.3% 20.6% 19.8% 18.8% 19.1% 17.0% 16.1% $542 $466 $252 $212 $209 $116 American Chase Citi Bank of Capital Discov
Slide 63: 2014 was the turning point in portfolio growth
2014 was the turning point in portfolio growth Card Services EOP outstandings ($B) Growth drivers +3% $138 $132 $131 Growth in the portfolio is driven by the value $128 $128 $10 proposition in our Chase branded and Non-core1 $31 $20 $15 $13 partner products Core balance growth now outpacing the
Slide 64: Competitive efficiency ratio despite significant investments
We maintain a competitive efficiency ratio despite significant investments in marketing and digital Chase Consumer and Small Business Card expense (indexed to 2009)1 Efficiency ratio vs. competitors (2014) (%) 2.0 Total Expenses Marketing Opex 1.8 1.6 1.4 51% 51% 1.2 40% 39% 37% 1.0 0 0.8 1 2009 201
Slide 65: Our marketing dollars are generating higher returns
Our marketing dollars are generating higher returns In-year sales by vintage In-year outstandings by vintage +41% +51% 2012 2014 2012 2014 Note: Excludes Commercial Card and certain terminated partner portfolios CARD SERVICES 64
Slide 66: Credit trends remain strong
Credit trends remain strong... Delinquency $ roll-rate from current to bucket 2 (0- Net charge-off1 and delinquency rate trends 60 days past due) NCO rate 2.0% 30+ day delinquency rate 1.5% 31-90 day delinquency rate Down 8bps YoY in Dec. 1.0% 12% 0.5% 0.0% 10% Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec
Slide 67: Enhancing security for consumers and merchants
… and we are focused on enhancing security for consumers and merchants Credit card fraud1 by category More than 14mm EMV chip credit cards issued as of January 2015 Card present ~30% We forecast that ~90% of card present ~60% spend will be on a chip credit card by October 2015 Transactions are
Slide 68: Ultimate Rewards 2.0 and engagement metrics
Deliver best-in-class rewards Our recent launch of Ultimate Rewards 2.0 has contributed to our strong engagement metrics for our ~20 million Ultimate Rewards accounts Updated digital experience Key digital engagement metrics Data driven personalized experience, with simple, Existing customers are in
Slide 69: Our digital engagement metrics continue to grow rapidly
Drive digital engagement Our digital engagement metrics continue to grow rapidly Acquisitions through mobile channels1 Prime online credit card applications share2 (FY 2014) Other 3 Smartphone Tablet Bank of 14% America 7% Chase 43% American Express 6% Discover 9% Citi Capital One 9% 12% E-statement
Slide 70: A clear consumer payments strategy
Lead payments innovation We have a clear consumer payments strategy to address merchant and consumer needs Payments strategy Develop ChaseNet Launch our proprietary solutions online wallet Streamlined rules (Chase PaySM) and Build “Next-gen” Chase Simplified pricing structure pursue first in wal
Slide 71: ChaseNet roll-out has exceeded initial expectations
Lead payments innovation ChaseNet roll-out has exceeded our initial expectations and has enabled our continued market share gains Volumes running over ChaseNet by month ChaseNet positioning Streamlined rules (e.g., removed signature requirement for transactions less than $1K) Simplified pricing
Slide 72: Our proprietary platform has enjoyed a successful pilot
Lead payments innovation Our proprietary platform has enjoyed a successful pilot Chase PaySM customer experience 1 Customer selects Chase 2 Customer confidently enters their 3 Customer chooses their known Pay checkout option secure Chase credentials to shipping address and preferred simplify payment
Slide 73: Early adopters of Apple Pay are attractive customers
Lead payments innovation Early adopters of Apple PayTM are attractive customers and engaged with Chase Adoption of Apple Pay in our card base continues to rise Apple Pay spend distribution2 # of cards provisioned over time1 All other 31% Debit merchants 42% Top 5 69% Credit merchants 58% October Nov
Slide 74: ChaseNet enables an integrated shopping experience
Lead payments innovation With ChaseNet, we are well positioned to provide consumers with an integrated shopping experience as we build out our digital platform Integrated experience Simple digital payment experience; pay anywhere and pay anyone Easy pay Chase merchants Targeted and contextual / Targ
Slide 75: Summary
Summary Underlying performance drivers are strong, and we continue to gain market share of general purpose credit card sales volume Credit quality of our portfolio is excellent; credit trends remain positive Tight focus on expense management resulting in a strong efficiency ratio Innovation
Slide 76: Our strategic agenda is focused on 6 key areas
Our strategic agenda is focused on 6 key areas Continue to improve the customer experience and deepen relationships Reduce expenses Continue to simplify our business Maintain strong control environment and automate processes CONSUMER & COMMUNITY BANKING Increase digital engagement Lead p
Slide 77: Agenda
Agenda Page Consumer & Community Banking 1 Consumer Banking 20 Mortgage Banking 39 Card Services 57 Appendix 76 CONSUMER & COMMUNITY BANKING 76
Slide 78: Notes on slide 3
Notes on slide 3 – Chase Consumer & Community Banking is a strong franchise with leadership positions across all its businesses 1. TNS 2014 Retail Banking Monitor; based on total U.S. (~5K surveys per quarter) and Chase footprint (~2.8K surveys per quarter); TNS survey question used to determine pri
Slide 79: Notes on slide 44
Notes on slide 44 – Our penetration with Chase Private Client households continues to improve and we lead our peers in mortgage consideration among affluent consumers 1. Of those households that originated a mortgage through consumer channels in the period; Consumer Bank represents households with a