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"slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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revenue of $17.6B, up 18% YoY\nBanking & Payments revenue\nIB revenue of $2.6B, up 46% YoY, driven by higher fees across all products\nPayments revenue of $4.7B, up 6% YoY\nExcluding the net impact of equity investments, revenue was up 3%,\ndriven by higher deposit balances and fee growth, largely offset by\ndeposit margin compression\nLending revenue of $1.9B, up 9% YoY, predominantly driven by lower losses\non hedges of the retained lending portfolio\nMarkets & Securities Services revenue\nMarkets revenue of $7.0B, up 21% YoY\nFixed Income Markets revenue of $5.0B, up 20% YoY, largely driven by\nhigher revenue in Credit and Currencies & Emerging Markets\nEquity Markets revenue of $2.0B, up 22% YoY, predominantly driven by\nhigher client activity in Derivatives and Cash\nSecurities Services revenue of $1.3B, up 10% YoY, driven by fee growth on\nhigher client activity and market levels, as well as higher deposit balances\nExpense of $8.7B, up 7% YoY, predominantly driven by higher brokerage,\ntechnology and legal expense\nCredit costs of $61mm, driven by net downgrade activity and the net impact\nof charge-offs, largely offset by a reserve release due to an update to loss\nassumptions on certain loans in Markets\nNCOs of $300mm and net reserve release of $239mm", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-01 23:02:19.469+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b2ca037e-1b80-4733-9e6c-591278311cc1", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.26, "x": 0.05, "y": 0.93 }, "kind": "source-note", "text": "1 See note 1 on slide 12; 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"at": "2026-05-01 23:02:22.03+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0dd564dd-e61e-4bf5-93e9-26f76d2b6b59", "parentComponentId": null }, { "bbox": { "h": 0.09, "w": 0.65, "x": 0.068, "y": 0.34 }, "kind": "list", "text": "1\nExpect FY2025 net interest income of ~$94B, market dependent\nExpect FY2025 net interest income excluding Markets of ~$90B, market dependent", "attrs": {}, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-01 23:02:22.03+00", "model": "google/gemini-2.5-flash", "runId": 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"parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.136, "x": 0.046, "y": 0.239 }, "kind": "paragraph", "text": "FIRMWIDE", "attrs": {}, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-01 23:02:22.03+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "83db7a0d-1d6e-4fe5-9f2a-68298ac73b28", "parentComponentId": null }, { "bbox": { "h": 0.01, "w": 0.15, "x": 0.045, "y": 0.937 }, "kind": "source-note", "text": "¹See notes 1, 2 and 5 on slide 12", "attrs": {}, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"7335bf65-8fe7-4437-9589-84c1dc74711c", "matchId": "de16b6f6-67c3-410e-a07a-c14ead86ba31", "beatType": { "name": "Solution", "slug": "sequoia-pitch-solution", "status": "active", "canonId": "019dd9b8-1fb1-71d9-a260-07738d7f9c2f", "version": 1, "description": null }, "evidence": "The document provides an overview of the company's strategy and outlook for 2025", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. 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The Firm also reviews the results of the lines of business on a managed basis. The Firm's definition of managed basis starts, in each case, with the reported U.S. GAAP results and includes certain reclassifications to present total net revenue for the Firm as a whole and for each of the reportable business segments and Corporate on a fully taxable-equivalent basis. Accordingly, revenue from investments that receive tax credits and tax-exempt securities is presented in the managed results on a basis comparable to taxable investments and securities. These financial measures allow management to assess the comparability of revenue from year-to-year arising from both taxable and tax-exempt sources. The corresponding income tax impact related to tax-exempt items is recorded within income tax expense. These adjustments have no impact on net income as reported by the Firm as a whole or by each of the lines of business and Corporate. For a reconciliation of the Firm's results from a reported to managed basis, refer to page 7 of the Earnings Release Financial Supplement.\nIn addition to reviewing net interest income (\"NII\") and noninterest revenue (\"NIR\") on a managed basis, management also reviews these metrics excluding Markets, which is composed of Fixed Income Markets and Equity Markets. Markets revenue consists of principal transactions, fees, commissions and other income, as well as net interest income. These metrics, which exclude Markets, are non-GAAP financial measures. Management reviews these metrics to assess the performance of the Firm's lending, investing (including asset-liability management) and deposit-raising activities, apart from any volatility associated with Markets activities. In addition, management also assesses Markets business performance on a total revenue basis as offsets may occur across revenue lines. For example, securities that generate net interest income may be risk-managed by derivatives that are reflected at fair value in principal transactions revenue. Management believes these measures provide investors and analysts with alternative measures to analyze the revenue trends of the Firm. For a reconciliation of NII and NIR from reported to excluding Markets, refer to page 28 of the Earnings Release Financial Supplement. For additional information on Markets revenue, refer to page 75 of the Firm's 2023 Form 10-K.\nTangible common equity (\"TCE\"), return on tangible common equity (\"ROTCE\") and tangible book value per share (\"TBVPS\"), are each non-GAAP financial measures. TCE represents the Firm's common stockholders' equity (i.e., total stockholders' equity less preferred stock) less goodwill and identifiable intangible assets (other than mortgage servicing rights), net of related deferred tax liabilities. For a reconciliation from common stockholders' equity to TCE, refer to page 10 of the Earnings Release Financial Supplement. ROTCE measures the Firm's net income applicable to common equity as a percentage of average TCE. TBVPS represents the Firm's TCE at period-end divided by common shares at period-end. Book value per share was $116.07, $115.15, and $104.45 at December 31, 2024, September 30, 2024, and December 31, 2023, respectively. TCE, ROTCE and TBVPS are utilized by the Firm, as well as investors and analysts, in assessing the Firm's use of equity.\nFull-year 2024 results included the impact of significant items. These items collectively refer to a $7.9B net gain related to Visa shares, a $1.0B donation of Visa shares to pre-fund contributions to the Firm's Foundation, $546mm of net investment securities losses and a $725mm increase to the estimated FDIC special assessment, all of which were previously disclosed in the first and second quarters of 2024. Full-year 2024 revenue, net income, earnings per share and ROTCE excluding significant items are non-GAAP financial measures. Excluding these items resulted in a decrease of $7.3B to reported revenue from $177.6B to $170.2B, a decrease of $7.3B to managed revenue from $180.6B to $173.3B, a decrease of $4.5B (after tax) to reported net income from $58.5B to $54.0B, a decrease of $1.53 per share to reported EPS from $19.75 to $18.22 and a decrease of 2ppts to reported ROTCE from 22% to 20%. Management believes these measures provide useful information to investors and analysts in assessing the Firm's results.\nAdjusted expense and adjusted overhead ratio are each non-GAAP financial measures. Adjusted expense represents noninterest expense excluding Firmwide legal expense of $236mm, $259mm, and $175mm for the three months ended December 31, 2024, September 30, 2024, and December 31, 2023, respectively; and $740mm and $1.4B for the full year 2024 and 2023, respectively. The adjusted overhead ratio measures the Firm's adjusted expense as a percentage of managed net revenue. Management believes this information helps investors understand the effect of these items on reported results and provides an alternate presentation of the Firm's performance.", "attrs": {}, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-01 23:02:26.702+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "21efac22-ff04-468b-9b6d-fa18db4c5187", "parentComponentId": null }, { "bbox": { "h": 0.026, "w": 0.64, "x": 0.045, "y": 0.085 }, "kind": "title", "text": "Notes on non-GAAP financial measures", "attrs": {}, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-01 23:02:26.702+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a7982efd-163b-41ef-aeac-ed34f6a924b0", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 17, "type": "appendix", "function": "appendix", "rawType": "appendix", "block": null, "metadata": { "slideType": "appendix", "slideTypeCanon": { "name": "Appendix", "slug": "appendix", "status": "active", "canonId": "019de52d-0762-71f8-b564-89ab863301cc", "version": 1, "description": null }, "function": "appendix", "functionCanon": { "name": "Appendix", "slug": "appendix", "status": "active", "canonId": "019de52d-138d-750b-83c3-49b4bc7a7a38", "version": 1, "description": null }, "density": "dense", "densityScore": 61, "componentCount": 4, "textChars": 1879, "nDataPoints": 3, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-2.5-flash", "runId": null, "at": "2026-05-01 23:02:24.87+00", "seconds": 4.87, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de518-d660-7751-9f7b-a9bedf4e6698/17", "deck": "/decks/019de518-d660-7751-9f7b-a9bedf4e6698", "deckAnchor": "/decks/019de518-d660-7751-9f7b-a9bedf4e6698#slide-17", "deckJson": "/decks/019de518-d660-7751-9f7b-a9bedf4e6698.json" }, "components": [ { "bbox": { "h": 0.016, "w": 0.104, "x": 0.045, "y": 0.94 }, "kind": "image", "text": "JPMorgan Chase", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-01 23:02:24.87+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2b8f3ecd-1c1a-4f35-b156-0c4cce4ae2f2", "parentComponentId": null }, { "bbox": { "h": 0.24, "w": 0.867, "x": 0.05, "y": 0.185 }, "kind": "list", "text": "1. Reflects the Current Expected Credit Losses (\"CECL\") capital transition provisions. As of December 31, 2024 and September 30, 2024, CET1 capital and Total Loss-Absorbing Capacity reflected the remaining $720mm CECL benefit; as of December 31, 2023, CET1 capital reflected a $1.4B benefit. Refer to Note 21 of the Firm's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024 and Note 27 of the Firm's 2023 Form 10-K for additional information\n2. Total excess high-quality liquid assets (\"HQLA\") represent the average eligible unencumbered liquid assets that are in excess of what is required to meet the estimated Firm and Bank total net cash outflows over a prospective 30 calendar-day period of significant stress under the LCR rule. HQLA and unencumbered marketable securities, includes end-of-period HQLA, excluding regulatory prescribed haircuts under the LCR rule where applicable, for both the Firm and the excess HQLA-eligible securities included as part of the excess liquidity at JPMorgan Chase Bank, N.A., which are not transferable to non-bank affiliates and thus excluded from the Firm's LCR. Also includes other end-of-period unencumbered marketable securities, such as equity and debt securities. Does not include borrowing capacity at Federal Home Loan Banks and the discount window at the Federal Reserve Bank. Refer to Liquidity Risk Management on pages 50-57 of the Firm's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024 and pages 102-109 of the Firm's 2023 Form 10-K for additional information\n3. During the fourth quarter of 2024, the Firm made a change to its funds transfer pricing with respect to consumer deposits, resulting in an increase in the funding benefit reflected within CCB net interest income which is fully offset within Corporate net interest income", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-01 23:02:24.87+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "91dd10d2-a55c-41cf-9c0a-b87008a761f2", "parentComponentId": null }, { "bbox": { "h": 0.016, "w": 0.016, "x": 0.94, "y": 0.94 }, "kind": "source-note", "text": "13", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-01 23:02:24.87+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5739b1e6-1279-4407-ba4a-e76a0d6174f8", "parentComponentId": null }, { "bbox": { "h": 0.025, "w": 0.203, "x": 0.049, "y": 0.08 }, "kind": "title", "text": "Additional notes", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-01 23:02:24.87+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2914d325-0bf1-4980-be0c-65be5fcd8690", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 18, "type": "appendix", "function": "appendix", "rawType": "appendix", "block": null, "metadata": { "slideType": "appendix", "slideTypeCanon": { "name": "Appendix", "slug": "appendix", "status": "active", "canonId": "019de52d-0762-71f8-b564-89ab863301cc", "version": 1, "description": null }, "function": "appendix", "functionCanon": { "name": "Appendix", "slug": "appendix", "status": "active", "canonId": "019de52d-138d-750b-83c3-49b4bc7a7a38", "version": 1, "description": null }, "density": "dense", "densityScore": 60, "componentCount": 4, "textChars": 1402, "nDataPoints": 3, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-2.5-flash", "runId": null, "at": "2026-05-01 23:02:25.048+00", "seconds": 5.04, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de518-d660-7751-9f7b-a9bedf4e6698/18", "deck": "/decks/019de518-d660-7751-9f7b-a9bedf4e6698", "deckAnchor": "/decks/019de518-d660-7751-9f7b-a9bedf4e6698#slide-18", "deckJson": "/decks/019de518-d660-7751-9f7b-a9bedf4e6698.json" }, "components": [ { "bbox": { "h": 0.23, "w": 0.879, "x": 0.058, "y": 0.346 }, "kind": "list", "text": "Slide 6 – Commercial & Investment Bank\n2. Effective in the second quarter of 2024, the Firm reorganized its reportable business segments by combining the former Corporate & Investment Bank and Commercial Banking business segments to form one segment, the Commercial & Investment Bank (\"CIB\")\n3. In the fourth quarter of 2024, certain net funding costs that were previously allocated to Fixed Income Markets were reclassified to Equity Markets. Prior-period amounts have been revised to conform with the current presentation\n4. Actual numbers for all periods, not over/(under)\n5. Client deposits and other third-party liabilities (\"client deposits\") pertain to the Payments and Securities Services businesses\n6. Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery) rate\n7. 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Actual numbers for all periods, not over/(under)\n4. Users of all mobile platforms who have logged in within the past 90 days\n5. Excludes Commercial Card\n6. 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These statements are based on the current beliefs and expectations of JPMorgan Chase & Co.'s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Factors that could cause JPMorgan Chase & Co.'s actual results to differ materially from those described in the forward-looking statements can be found in JPMorgan Chase & Co.'s Annual Report on Form 10-K for the year ended December 31, 2023 and Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, which have been filed with the Securities and Exchange Commission and are available on JPMorgan Chase & Co.'s website (https://jpmorganchaseco.gcs-web.com/financial-information/sec-filings), and on the Securities and Exchange Commission's website (www.sec.gov). 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