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      "text": "Slide 5 – Expenses increased due to higher revenue and accelerated investments\n1. 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\n2. Adjusted expense, which excludes AWM legal expense, is a non-GAAP financial measure. Adjusted expense excludes AWM legal expense of $113mm for the year ended December 31, 2021. Management believes this information helps investors understand the effect of certain items on reported results and provides an alternate presentation of the Firm’s performance",
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      "text": "Slide 7 – Key investment #2: Scaling Asset Management\n1. Source: Morningstar. JPM 3Y return (net of fees) and SEC Yield as of March 31, 2022. JPM performance compared to fund benchmark (ICE BofA U.S. 3-Month Treasury Bill TR USD) and SEC Yield compared to SPDR Bloomberg 1-3-Month T-Bill ETF. Retrieved April 21, 2022\n2. Source: Morningstar. JPM 5Y return (net of fees) and SEC Yield are for Institutional share class as of March 31, 2022. Other share classes may have higher expenses, which would lower returns. JPM performance compared to fund benchmark (Bloomberg U.S. Aggregate Bond TR USD) and SEC Yield compared to iShares Core U.S. Aggregate Bond ETF. Retrieved April 5, 2022\n3. Source: Morningstar. JPM 1Y return (net of fees) and SEC Yield as of March 31, 2022. JPM performance compared to fund benchmark (S&P 500 TR USD) and SEC Yield compared to SPDR S&P 500 ETF Trust. Retrieved April 5, 2022\n4. Source: Morningstar. JPM 5Y return (net of fees) and Sharpe Ratio (5Y) are for “C (acc) USD” share class as of March 31, 2022. Other share classes may have higher expenses, which would lower returns. JPM performance and Sharpe Ratio compared to fund benchmark (CSI 300 NR USD). Retrieved May 18, 2022\n5. Source: ISS Market Intelligence Simfund. Retrieved May 18, 2022",
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      "text": "Slide 6 – Key investment #1: Hiring advisors\n1. 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",
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