JPMorgan Chase & Co.

Profitability + core business momentum (Good) - Reported Q3 net income of $15.3B, EPS $5.57, ROTCE 20%. - Revenue $50.9B (+8% YoY); excluding net investment securities losses, revenue was +9% YoY, helped by markets revenue, higher deposit balances, and AWM fees. - Business highlights: - CCB: net income $5.7B, revenue $21.2B (+9% YoY). Debit/credit spend +10% YoY; deposits +4% YoY; client investment assets >$1.4T (+15% YoY). - CIB: net income $8.2B; revenue $22.7B (+14% YoY). IB fees +14% YoY (advisory strength). Equities +49% YoY, but fixed income down 4% YoY (commodities/rates/credit headwinds). - AWM: net income $1.8B, pretax margin 36%. Revenue $6.9B (+14% YoY); long-term net inflows $51B; AUM $5.2T (+13% YoY).

Earnings headwind from investment securities (Bad / a notable negative) - Included $658M of net investment securities losses in Corporate, contributing to Corporate net loss of $455M. - Expenses $27.3B (+12% YoY) driven by volume/revenue-related expenses, front office hiring, and wage inflation. - Credit: credit costs $2.7B with net charge-offs $2.2B and net reserve build of $539M.

Capital / balance sheet + CET1 pressure (Mixed, investor-relevant) - Ended quarter with standardized CET1 ratio 13.9%, down 30 bps QoQ due to OCI losses, higher RWA, and capital distributions. - Standardized RWA up ~$52B (updated RWA walk categories): driven by lending across CCB/CIB/AWM, plus higher energy prices and increased market volatility. - Management emphasized having “dry powder” / excess capital and reframed buyback timing as more about redeploying capital at attractive returns than near-term capital constraints.