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  "documentTitle": "J.P.Morgan | Results Presentation Deck | 31 slides",
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  "authorName": "JPMorgan Chase & Co.",
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      "text": "(in millions, except where otherwise noted)",
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      "text": "(a) Client deposits and other third-party liabilities pertain to the Payments and Securities Services businesses.\n(b) Represents Firmwide merchant processing volume.\n(c) CIB trading VaR includes substantially all market-making and client-driven activities, as well as certain risk management activities in CIB, including credit spread sensitivity to CVA. Refer to VaR measurement on pages 133-135 of the Firm's 2022 Form 10-K for further information,\nand pages 84-86 of the Firm's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2023 for further information.\n(d) Diversification benefit represents the difference between the portfolio VaR and the sum of its individual components. This reflects the non-additive nature of VaR due to imperfect correlation across CIB risks.\n(e) Credit Portfolio VaR includes the derivative CVA, hedges of the CVA and hedges of the retained loan portfolio, which are reported in principal transactions revenue. This VaR does not include the retained loan portfolio, which is not reported at fair value. In the first quarter of 2022,\nin line with the Firm's internal model governance, the credit risk component of CVA related to certain counterparties was removed from Credit Portfolio VaR due to the widening of the credit spreads for those counterparties to elevated levels. The related hedges were also removed\nto maintain consistency. This exposure is now reflected in other sensitivity-based measures.",
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      "text": "Page 18",
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      "text": "FULL YEAR\n2023 2022 2023 Change 2022\n$ 2,814 $ 3,051 (8)%\n1,151 1.034 11\n2,617 2,844 (8)\n$ 6,582 $ 6,929 (5)\n645,074 687,391 (6)\n2,408 2,158 12\n$ 32,392 $ 28,635 13",
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      "text": "QUARTERLY TRENDS\n4Q23 3Q23 2Q23 1Q23 4Q22 4Q23 Change 3Q23 4Q22\nBUSINESS METRICS\nAdvisory $ 751 $ 767 $ 540 $ 756 $ 738 (2)% 2%\nEquity underwriting 324 274 318 235 250 18 30\nDebt underwriting 579 676 699 663 479 (14) 21\nTotal investment banking fees $ 1,654 $ 1,717 $ 1,557 $ 1,654 $ 1,467 (4) 13\nClient deposits and other third-party liabilities (average) (a) 660,750 638,119 647,479 633,729 649,694 4 2\nMerchant processing volume (in billions) (b) 639 610 600 559 583 5 10\nAssets under custody (\"AUC\") (period-end) (in billions) $ 32,392 $ 29,725 $ 30,424 $ 29,725 $ 28.635 9 13\n95% Confidence Level - Total CIB VaR (average)\nCIB trading VaR by risk type: (c)\nFixed income $ 35 $ 49 $ 57 $ 56 $ 66 (29) (47)\nForeign exchange 10 17 12 10 11 (41) (9)\nEquities 5 7 8 7 13 (29) (62)\nCommodities and other 8 10 12 15 18 (20) (56)\nDiversification benefit to CIB trading VaR (d) (29) (48) (48) (44) (50) 40 42\nCIB trading VaR (c) 29 35 41 44 58 (17) (50)\nCredit Portfolio VaR (e) 16 15 14 11 10 7 60\nDiversification benefit to CIB VaR (d) (13) (12) (11) (10) (8) (8) (63)\nCIB VaR $ 32 $ 38 $ 44 $ 45 $ 60 (16) (47)",
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      "text": "FINANCIAL HIGHLIGHTS, CONTINUED",
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