You may proceed. And we don't want our company to be terrified of errors so we don't do anything, and if the complacency isn't burdened by bureaucracy, which is stasis and death. You know, keep in mind is, if we got to a relative adverse case, call that a 6% unemployment -- and then once you get there, you assume the average weighting you have wins. You had the guilt problem in London. At this time, I would like to turn the call over to JPMorgan Chase's Chairman and CEO, Jamie Dimon, and Chief Financial Officer, Jeremy Barnum. And we're not -- look, we're in a -- we'd like to help the system when it needs help if we can reasonably. So I just wanted to unpack the higher for longer rate possibility as to how it impacts your NII because your NII guide is assuming the forward curve, if I understand correctly. We now expect 2023 NII and NII ex-Markets to be approximately $81 billion. JPMorgan Chase & Co. (NYSE:JPM) Q4 2022 Earnings Call JPMorgan Chase to Host Third-Quarter 2022 Earnings Call Investment banking revenue of 1.4 billion was down 57% year on year. For the quarter, net long-term inflows were $47 billion, led by fixed income and equities. Thank you. Before reviewing our results for the quarter, let's talk about the recent bank failures. We want healthy community banks. It's normalization. And so there may be additional bank deposits -- I mean, bank failures, something like that, which we don't know. I take a sip of water. Transcript So, really, the large majority of our commercial real estate exposure is multifamily lending in supply-constrained markets. Hey, thanks. And I'll just remind you that at a conference in February, I suggested that we were already starting to feel like some of the uncertainties we mentioned when giving the guidance had started all moving in the same direction. For the quarter, net long-term inflows were 10 billion, positive across equities and fixed income, and 47 billion for the full year. JPMorgan It will pass. You may proceed. But when we talk about responses to the recent events through the lens of uninsured deposits, that's obviously very different if you're talking about large balances of non-operating uninsured deposits from financial institutions or de facto financial institutions versus normal large corporate operating balances, which is, of course, like core banking business for all of us. That's the difference. And with that, operator, let's open up the line for Q&A. I am very proud of them. Hmm. Just a follow-up. Moving to financial results, CCB reported net income of $5.2 billion on revenue of $16.5 billion, which was up 35% year-on-year. We sell what we find rich and we buy we think is dear, cheap. You may proceed. Hey, good morning. We think that the overhang is in the numbers, and people need to look forward, and the system has the capacity to handle the risks. Jeremy, given the strong pipelines you cited, I was hoping you can provide some additional color just in terms of what you're hearing from corporate clients, especially in the context of the mild recession scenario you outlined, when you would expect to see some inflection in investment banking activity. The next question comes from the line of Gerard Cassidy with RBC Capital Markets. The next question comes from the line of Mike Mayo with Wells Fargo Securities. JPMorgan Chase : 2Q20 Earnings Call Transcript 07/16/2020 | 01:56pm EDT 2Q 2 0 FINANCI AL RESULTS EARNINGS CALL TRANSCRIPT July 14, 2020 MANAGEMENT DISCUSSION SECTION I wanted to understand a little bit about how you're thinking about managing the expense line as you go through this year. And in every single businesses, mortgages, loans, derivatives, how we hedge CVA and stuff like that, we take actions to manage RWA. Loans were up 13% year-on-year and 1% sequentially. The net reserve build of 1.4 billion was driven by updates to the firm's macroeconomic outlook, which now reflects a mild recession in the central case, as well as loan growth in card services, partially offset by a reduction in pandemic-related uncertainty. Are you seeing pain points in CRE customers given what's happening with cap rates? So I think inflation will come down a little bit, but it could easily be stickier than people think and therefore the rate curve will have to go up a little bit. The outcome you should want is very strong community and regional banks. And I think in terms of the larger dynamics that you lay out, it's just a little too early to tell. Yeah. Expenses of 8 billion were up 3% year on year, primarily driven by investments as well as higher compensation, largely offset by auto lease depreciation from lower volumes. As it relates to the organic growth such as in the payments business, which I know is a focus, that cuts across a lot of different business lines. Terms are better, pricing is better. Or how are you thinking about the loan environment? So, in that context, we do expect modest balance attrition across the company for the process, as I said. And then the follow-up is just on the buybacks. Are there still opportunities to optimize that going into whatever the Fed comes out with on Basel? And of course, the actual outcome will be different in one way or another. Seeking Alpha's transcripts team is Investment Banking revenue of $1.6 billion was down 24% year-on-year. Can you help us understand how you're thinking about delivering operating leverage, where the elements of the expense base are, you know, needing to be invested in, so you really can't touch, and where there are opportunities to potentially peel back such that if you get a weaker red line, you know, you can still deliver positive operating leverage? So it may vary. And to be honest, I haven't actually specifically checked what's happening with card yields. So we've been quite conservative ourselves. And I think there's some decent color there in terms of Jamie's, you know, 6 billion over a few quarters in a world where the economic outlook is worse than it is today. Yeah. Yeah. Thank you very much. So, see, I'd love to get into more detail here, but I just think that the question of how to mitigate is really hard to discuss in a lot of detail until we see an actual proposal. The short-term CD, in particular, is really getting a lot of positive feedback from our folks in the branches. Betsy, did we just lose you? But, you know, to follow up with, you know, John's question, I'm wondering if you could give us sort of more specific guardrails with regards to what you're expecting for deposit attrition and deposit data -- in terms of the terminal deposit data. They are just -- there is a whole bunch of different types and analytically, you go through each one and try to figure out what the stickiness is and what the stickiness is and etc., and so. As a result, loss rates in 2023 will still be normalizing. We didn't change the probabilities in their weighting, but of course, it got worse as the base case got worse. We'll see. So you talked about in your letter about the regulators avoiding the knee-jerk reaction, which you addressed earlier. It's a good thing for us. Web4Q21 FINANCIAL RESULTS EARNINGS CALL TRANSCRIPT January 14, 2022 2 MANAGEMENT DISCUSSION SECTION Operator:Good morning, ladies and gentlemen. JPM Earnings Call - Final Transcript April 14, 2023 J P Morgan Chase & Co ( NYSE: JPM) Q1 2023 earnings call dated Apr. 10-K EPS of $3.57 beats by $0.47 | Revenue of $34.55B (18.08% Y/Y) beats by $320.96M JPMorgan Chase & Co. ( NYSE: JPM.PK) Q4 2022 Earnings Conference Call Obviously, there's going to be a little bit of tightening. Earnings Call Transcripts. You know, a lot of people out there competing for it. Let's see what the boss thinks. We've never had Q -- this zero rates. Yeah. You may proceed. You know, and the reason that we talk about potentially punitive increases, I mean, if you study this issue closely, is just to point out that under the version of the world where you get the worst outcome in all of the different moving parts of this thing, it's a very significant increase to the capital requirements of the system as a whole. we just want to say that. And I'm assuming --. So I will go straight to the specific impacts on the firm. Ebrahim Poonawala -- Bank of America Merrill Lynch -- Analyst. I think we feel really good about how the company is positioned for a recession, but we're a bank. Chief Financial Officer at JPMorgan Chase & Co. Chairman of the Board and Chief Executive Officer at JPMorgan Chase & Co. Analyst at Deutsche Bank Aktiengesellschaft. And as we look forward to this year and into next year and the medium term, we remain very focused on those. And the other thing is they should [Indecipherable] decide what they want on the banking side at this point, because I made it clear. Never miss a So, for example, in this year's ultimate outcome, and the number that we wound up ending in 2022, the year-on-year change in volume and revenue-related expense, still finding the number of employees show you more than yesterday, but it's probably closer to $1 million. We expect increases from labor inflation, which, while it seems to be abating on a forward-looking basis, is effectively in the run rate for 2023. You may proceed. You mentioned the Fed cuts coming sooner and positive feedback on the customer offers. So I think down the road, there may be some limitations on held-to-maturity, maybe more TLAC for certain type -- size banks and more scrutiny and interest rate exposure, stuff like that. Rates was strong during the rally early in the quarter as well as through the elevated volatility in March. OK, thanks. Moving to Markets, total revenue was $8.4 billion, down 4% year-on-year. 1.5 trillion came out of bank deposits. You know, obviously, Mike, it's a very good question, which we're always concerned about. So we did that, which changed the weighted average expectation. The firm reported net income of $11 billion, EPS of $3.57, and revenue of 35.6 billion, and delivered an ROTCE of 20%. Transcribe Your Own Content Try Rev and save time transcribing, captioning, and subtitling. And as you know, we invest through the cycle. Expenses of $3.1 billion were up 8% year-on-year, predominantly driven by compensation, reflecting growth in our private banking advisor teams, higher revenue-related compensation, and the run rate impact of acquisitions. Total revolving balances were up 20%, and we are now back to pre-pandemic levels. As you know, our sort of multifamily commercial term lending business is really quite different from the classic office-type business. Thanks so much for taking my questions. You guys talked about one of the drivers of the higher net interest income guide this year is due to likely higher credit card balances. Yeah. In advisory, fees were down 53%, reflecting lower announced activity earlier in the year. Thanks. Are you changing your underwriting standards in any way? So our space is really quite different in that respect. What's different than what you've already been doing for the last 30 years? You may proceed. I would point out that this outlook still embeds significant reprice lags. Client investment assets were down 10% year on year, driven by market performance, partially offset by net inflows where we are seeing good momentum, including from our deposit customer. And so if you're a regulator, if you look it and saying, do I want that? And so, we don't build in -- you know, somehow, it was a little bit of this, a little bit of that. Let me just-- look, you guys know this operators' capital and trading bug, the CCAR or G-SIFI, all those moving parts. We are very disciplined, and you see that in a lot of different ways. Yeah, Mike. I guess I'll say a couple of things. But we take the outlook from our economists. [Technical Issues] from the line of Steve Chubak with Wolfe Research. Welcome to JPMorgan Chase's First Quarter 2023 Earnings Call. Can you share with us on the equity write downs -- obviously, private equity is going through some challenging times. I'd say very modestly, but we look at that all the time. But I think our multifamily lending portfolio is quite low risk in the scheme of things. So, if we have better uses for the money, those will come first. And don't just think of just the Fed funds rate because I think you should -- for our planning, I'd be thinking more about, it could be 6%, and don't -- and then think about the five and 10-year rate, which could be 5%. You know, sometimes, you know, where you aggregate the data, you know, it's consumer, it's the investment bank. September 28, 2022. Earnings Call JetBlue Ends Alliance With American, Chance Of Spirit Merger? I guess, you know, with respect to CECL, I'm guessing that it should top out quite soon. I think all of us did the right thing, whether ultimately it works out or not, well, you could second guess that when it happens, but the fact is, I think people want to help the system, and this whole banking theme is bad for banks. What I would call more like operational cash, I think even with the small companies, middle market companies, etc., that tends to be fairly sticky because you have your loans there, you have your money there, you get more and more competitive in rates. And then in a Basel III outcome that is, you know, unreasonably punitive from a capital perspective. But, you know, those are some of the things that we're thinking about. Now, back to the quarter, touching on a few highlights. And to be sure, it's not as if we're super optimistic. Is that the way we should be thinking about it? Asset & Wealth Management reported net income of $1.4 billion, pretax margin of 35%. It's not like a credit crunch. And again, if there's $1 billion that we were spending, it didn't give us the return, we cut the billion. But that's a lot of certain front-loaded expenses for less certain back-ended benefits. So, these are still very good numbers, and, you know, we're going to wait and see and we'll report to you. The Fed is selling. 3 Cash-Rich Defensive Companies Making Investors Rich, Tesla Production Cranks Into High Gear, Shares Follow, Overstock Looks Beyond Overbought After Bed Bath Re-Brand, Three (3) Stocks Under $10 That Insiders Are Buying, Get 30 Days of MarketBeat All Access Free, By creating a free account, you agree to our, Pfizer Just Invested $25 million In This Biotech. Importantly, this does not currently include the impact of the pending FDIC special assessment. I'm wondering if you could update us on what unemployment rate you're assuming in your reserves. So, I mean, as we -- as you know, obviously, we tend, you know, to break down our expenses across all three categories. JPMorgan Chase (JPM-0.60%) Q4 2022 Earnings Call Jan 13, 2023, 8:30 a.m. Yeah, I mean, I'll give you that answer, but I'm oversimplifying a lot. We're doing a little bit now. So, short answer is we're absolutely open for business there. Average deposits were down 16% year-on-year and 5% quarter-on-quarter, predominantly driven by continued attrition and non-operating deposits as well as seasonally lower balances. Um, this is, you know, uh, an investment that we got payment in kind as part of the sale of some of our internally developed initiatives. We're simply saying don't project those into the future in perpetuity. Interesting. And then you have the online banks, you've got treasury bills, you've got money market funds. Yeah. So, as you know and as we discussed a lot went through the pandemic in terms of the way we construct and build the allowance, well, it's anchored around our economists' central case forecast, which, as you correctly say, is a mild recession. Who negotiates them? That always helps us a little bit. Next, the CIB on page five. We should follow up. At the same time, you know, you have been consistently beating what seemed like conservative NII expectations for 2022, including printing a giant 20.3 billion number in the fourth quarter. So it's prudent and appropriate for us to assume that they won't be particularly stable. Yeah, I hear you. And the -- sort of using your estimates, organic capital generation minus dividends, etc., and all of the elements of uncertainty there, I think a good number to use is something like $12 billion of buybacks for, you know, this year, for 2023. Yes, we can. Sorry, Jeremy, I couldn't help myself here, but in Barr's December speech, he strongly hinted at capital requirements moving higher for you and peers. C&I loans were up 4% quarter on quarter, reflecting continued strength in originations and revolver utilization. Operator: ( 00:00) Please stand by. So when the NPR comes, that's only going to be part of it. Moving to expenses, our outlook for 2023 continues to be about $81 billion. So, maybe just, in the specifics, as it relates to the acquisition strategy, like, who sources them? We will now go live to the Our final question comes from the line of Matt O'Connor with Deutsche Bank. Corporate Participants: Jeremy Barnum Chief Financial Officer James Dimon Chairman and Chief Executive Officer Analysts: Ken Usdin Jefferies Analyst Ebrahim Poonawala Bank of America Merrill So I wouldn't look at that as higher for long as a positive. And on investments, while we are continuing to invest consistent with what we told you at Investor Day, it's a more modest increase than last yea. These results included $868 million of net investment securities losses in Corporate. The central case outlook from our research team hasn't actually changed. But, you know, we feel confident with our credit discipline and what we have on the books. You know, might one day, but it doesn't affect it today. Hi. And in the past, you've talked about really just going security by security, looking for kind of pricing opportunities. Thank you. Whenever looking for, you know, how great everything was and obviously just been in one way or another, it was a huge mistake. So, the -- my comments about sequential increases were to address the sort of obvious conclusion, which you are somewhat correctly drawing from the slide, which is that in a world where we're exiting the fourth quarter run rate at 81, and we're telling our ADX markets or whatever, and we're telling you 74 for the full year, there are obviously some sequential declines in there somewhere as a function of what plays out. Understanding RSI: A Powerful Momentum Indicator for Stock Analysis. So the rate curve -- the Fed has the rate curve -- the forward short-term rate curve, almost at 1% higher than what the market has. Net charge-offs were $1.1 billion, up about $500 million year-on-year, in line with expectations as delinquency levels continue to normalize across portfolios. It would probably be negative in other lines. We look at every part of the curve. Specifically, Fed funds could deviate from forwards, balance attrition and migration assumptions could be meaningfully different, and deposit product and pricing decisions will be determined by customer behavior and competitive dynamics as we focus on maintaining and growing primary bank relationships and may be quite different from what this outlook assumes. Thank you, Jamie. So --. Do you see that in terms of anything you look at in terms of lending that -- and is that a reaction that makes sense that banks might be retrenching a lot here? Your lines will be muted for the duration of the call. Moving to credit on Page 12. Thank you. We ranked number one with first quarter wallet share of 8.7%. The headwind, you know, year on year is primarily a function of the fact that this is an investment that, you know, just because of the measurement of alternative accounting standard, we were forced to mark up previously. Revenue was up 12% year on year, predominantly driven by higher card services NII on higher revolving balances, partially offset by lower auto lease income. Or they intensify it, industry-wide, because smaller banks have to reprice to keep their deposits? contact@marketbeat.com Now, turning to expenses on Page 11. I can look at the banking system today and say that no bank should keep a loan, if possible. Thank you. And, you know, 17 -- and remember, 17 is very good. Thanks. So to wrap up, our strong results this quarter once again highlight the earnings power of this diversified franchise. A very serious recession is, of course, going to be a headline -- a headwind for returns, but we think even in a fairly severe recession, we'll deliver very good returns, whether that's 17% or not is too much detail for now. Expenses of 19 billion were up 1.1 billion, or 6%, year on year, primarily driven by higher structural expense and investments. And I know you can't go into details on the Frank deal. You know, you mentioned that your outlook already captures a mild recession. And should they need to? It probably is good, but to what degree are you willing to sacrifice JPM shareholder money to help rescue problem banks that do not get their asset liability management correctly? The following slide deck was published by JPMorgan Chase & Co. in conjunction with their 2022 Q2 earnings call. Our underwriting businesses were affected by market conditions, resulting in fees down 58% for debt and down 69% for equity. Read or listen to the conference call. It's -- the numbers are really very strong in markets. Starting with a quick update on the health of U.S. consumers and small businesses. The presentation is available on our website and please refer to the disclaimer on the back. In Banking & Wealth Management, revenue was up 67% year-on year, driven by higher NII on higher rates. Do you think it's because the Fed's just got to react to an even tougher economy and still some of those storm clouds that might be out there? Good morning, ladies and gentlemen. Yeah, I mean, I think that's a risk that we manage quite tightly as a company. JPMorgan Chase : 2Q20 Earnings Call Transcript Invest better with The Motley Fool. This article is a transcript of this conference call produced for The Motley Fool. And just as a follow-up, I think the other risk from higher for longer rates, I think, is just the ability of the economy, the financial markets to sustain a 5% plus Fed fund for a long period of time. You may proceed. We bought a lot of Ginnie Maes when there was, you know, a 60 OAS spread. You see it in our leverage lending book, you see the success of our investment, you see it in the quality of our products and services. Please stand-by. Yeah. OK. And part of the reason for asking is one of the debate points on JPMorgan's stock has been around the capital charges, the capital march, and will capital be, you know, a bigger burden for you to bear as we go through the next couple of years. Two questions to that. Video Transcript INES FERRE: It's one thing to look at the top lines when the big bank results hit. Now, let's go to our businesses starting on Page 5. Can you -- just sticking just with private equity for a moment, can you share with us where the risks are in the private equity markets to JPMorgan? NIR ex-Markets was down $1.1 billion or 10%, driven by the securities losses previously mentioned as well as lower IB fees and lower auto lease income on lower volume. Also, I think there's a bit of a narrative that, like, activity in the market needs to overcome overhang. Quarter Transcript; 2023. Do not -- it does not really affect the business that much. We run a bunch of different scenarios and we probably really weighed those. WebJPMorgan Chase & Co. (JPM) Q1 2023 Earnings Call Transcript - April 14, 2023 JPMorgan Chase & Co. Declares Quarterly Coupon on Alerian MLP Index ETN - Feb. 24, 2023 Chase Opens Innovative Community Center Branch in West Philadelphia - Feb. 23, 2023 However, bank balance sheets, not yours, are still kind of monkeyed up with a lot of the back book. On Jamie's point -- it's important to be clear -- there will be time to adjust. And at the same time, you know, the securities book is cash flowing a lot less than it was a couple of years ago, just given the rate environment. Starting on page one, the firm reported net income of $12.6 billion, EPS of $4.10 on revenue of $39.3 billion, and delivered an ROTCE of 23%. Obviously, when something happens like this, you should adjust, think about it. ET JPM earnings call for the period ending June 30, 2021. Starting on page 1. We'll deal with them when we get there and, you know -- and then we'll figure out what we have to modify in business and stuff like that. So, as you invest more in payments, which is, you know, can be a 20 or 30 PE business, which could be, you know, great if you got there, who's responsible for that sort of organic investment that cuts across? The next question comes from the line of Glenn Schorr with Evercore ISI. But yeah, Jamie, please. Good morning. So you have to overweigh that and that's embedded in our assumptions. Record revenue of $3.4 billion was up 30% year on year, driven by higher deposit margins, partially offset by lower investment banking revenue and deposit-related fees. And maybe just a follow-up on John's question on the lending environment. Good morning, everyone. And certain actions are taken, which are drastic, it could actually make them weaker. I just think people should prepare for them. And so, for example, if we wound up being wrong about the type of environment that we're budgeting or you would expect a significant drop in the volume in revenue-related numbers in the prior outlook. When the base case itself deteriorates, we're moving closer to the relative adverse. Hey, Jeremy, I was just wondering if you can just give us a little bit more detail on those lower funding expectation point that you made, just in terms of -- is it because of like what you can offer the client that might allow you to kind of keep that beta lower? You know, as you think about 2023, do you think JPMorgan can hit that 17% ROTCE that you laid out in Investor Day even with the headwind NII and headwind in the provision? But I think they've already -- as the Fed has raised rates, you've already seen -- that's the reason we expected outflows, both from consumers and corporate customers. Thank you. Calculated by average return of all stock recommendations since inception of the Stock Advisor service in February of 2002. Our office exposure is quite modest, very concentrated in Class A buildings in sort of dense urban locations where the return to the office narrative is one of the drivers is generally in favor of high occupancy. 4Q21 FINANCIAL RESULTS - JPMorgan Chase & Co. We also like to buy our stock when it's cheap, not just when it's available. So give us a sense of when you look at the two pressure points on CRE, one, how much is oversupply, and that probably goes beyond office into apartments, how much of an issue is oversupply in the market as we think about the next few years going into a weakening economy?
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