{
  "docId": "019de515-b38f-7138-b19f-253224bdf70e",
  "docSlug": "0e3b5639a94d03f1c0ba9446ae4fcd14",
  "documentTitle": "J.P.Morgan | Mergers and Acquisitions Presentation Deck | 11 slides",
  "authorId": "j-p-morgan",
  "authorName": "J.P. Morgan",
  "documentKindSlug": "press-release",
  "documentKindLabel": "Press release",
  "sourceTypeSlug": "investment_bank",
  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2023-05-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.2938006,
  "pageNumber": 4,
  "pageCount": 11,
  "prevPage": 3,
  "nextPage": 5,
  "slideType": "kpi_overview",
  "function": "quantify_opportunity",
  "density": "overcrowded",
  "nDataPoints": 8,
  "notes": null,
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de515-b38f-7138-b19f-253224bdf70e/4",
  "deckHref": "/decks/019de515-b38f-7138-b19f-253224bdf70e",
  "deckJsonHref": "/decks/019de515-b38f-7138-b19f-253224bdf70e.json",
  "deckAnchorHref": "/decks/019de515-b38f-7138-b19f-253224bdf70e#slide-4",
  "components": [
    {
      "bbox": {
        "h": 0.07,
        "w": 0.32,
        "x": 0.59,
        "y": 0.39
      },
      "kind": "callout",
      "text": "Accretive to tangible book value per share",
      "attrs": {},
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "11251982-10b1-4437-b79e-2bec5ad84a8e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.32,
        "x": 0.59,
        "y": 0.56
      },
      "kind": "callout",
      "text": "CET1 ratio consistent with 1Q24 target of 13.5%",
      "attrs": {},
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8a6a806e-9b77-4515-9ea9-f93804478ad5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.32,
        "x": 0.59,
        "y": 0.73
      },
      "kind": "callout",
      "text": "IRR > 20%",
      "attrs": {},
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "988c672c-bec4-4aea-95f8-5128fd42be85",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.32,
        "x": 0.59,
        "y": 0.22
      },
      "kind": "callout",
      "text": ">$500mm net income accretion¹",
      "attrs": {},
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bf192508-2bc6-4db5-b5bd-7d20024d495c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.19,
        "x": 0.09,
        "y": 0.57
      },
      "kind": "list",
      "text": "Average loan mark of 87%",
      "attrs": {},
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1554b21a-2668-41f3-b7ea-4fe349cc0e3a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.31,
        "x": 0.08,
        "y": 0.5
      },
      "kind": "list",
      "text": "Fair value marks on acquired loans of ~$22B",
      "attrs": {},
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2ad5ef56-9810-4230-b0b5-0c36adc04899",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.31,
        "x": 0.08,
        "y": 0.64
      },
      "kind": "list",
      "text": "FDIC loss share agreements reduce risk weighting on covered loans",
      "attrs": {},
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9b91b426-e27f-45b7-9046-d81f60ea045a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.34,
        "x": 0.08,
        "y": 0.34
      },
      "kind": "list",
      "text": "One-time gain of $2.6B post-tax at closing, not including expected restructuring costs of $2.0B over the course of 2023 and 2024",
      "attrs": {},
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9d012e42-7737-4ba6-b081-037c75bfac70",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.24,
        "x": 0.09,
        "y": 0.72
      },
      "kind": "list",
      "text": "Average risk weighting of ~25%",
      "attrs": {},
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c86dd393-5e98-4b2e-a731-a684cd2c0e2e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.01,
        "w": 0.46,
        "x": 0.048,
        "y": 0.92
      },
      "kind": "source-note",
      "text": "1 Accretion excluding bargain purchase gain in 2023 and restructuring costs expected in 2023 and 2024",
      "attrs": {},
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "63ddea25-936f-4c22-a3c1-6d56248c7e53",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.62,
        "x": 0.048,
        "y": 0.09
      },
      "kind": "title",
      "text": "Transaction assumptions and pro forma impact",
      "attrs": {},
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "93ecb5d2-2261-428f-ad41-75a37ed900e1",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Waterfall chart",
      "slug": "waterfall-chart",
      "agent": null,
      "layer": "slide",
      "matchId": "18b2f6e6-d4b2-4f41-85ea-feebcbdf88ff",
      "evidence": "list/bullet: Fair value marks on acquired loans of ~$22B callout/primary: Accretive to tangible book value per share",
      "confidence": 0.7
    }
  ],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 5,
      "from": 2,
      "beatId": "77e2a431-e68a-47e7-8d85-cf34eca71583",
      "arcName": "The Sequoia Pitch",
      "arcSlug": "sequoia-pitch",
      "beatName": "Solution",
      "beatSlug": "sequoia-pitch-solution",
      "evidence": "Transaction overview, assumptions, and rationale",
      "position": 1,
      "confidence": 0.7,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    },
    {
      "to": 4,
      "from": 3,
      "beatId": "1316e42f-7346-4d6e-a433-b8057fb63947",
      "arcName": "The Sequoia Pitch",
      "arcSlug": "sequoia-pitch",
      "beatName": "Financials",
      "beatSlug": "sequoia-pitch-financials",
      "evidence": "Transaction assumptions and pro forma impact",
      "position": 3,
      "confidence": 0.7,
      "parentBeatName": "Evidence",
      "parentBeatSlug": "evidence"
    }
  ],
  "loops": [
    {
      "to": 8,
      "from": 2,
      "name": "Logic Chain",
      "slug": "01-logic-chain",
      "bestFor": "Skeptical audiences, controversial recommendations, rigorous analysis",
      "matchId": "5e60d8a3-015e-43aa-b943-d782c997838b",
      "evidence": "From 'fortress principles' to 'key takeaways'",
      "position": 0,
      "objective": "Explain acquisition strategy and benefits",
      "structure": "Premise 1 (Accepted truth) -> Premise 2 (Observed fact) -> Therefore... (Inevitable conclusion)",
      "confidence": 0.6,
      "description": "Build an airtight chain of logic where each premise leads inevitably to the conclusion"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}