JPMorgan Chase & Co

Strong quarter, but with meaningful mark-to-market drag in Corporate - Net income: $15.3B, EPS: $5.57, ROTCE: 20% - Revenue: $50.9B (+8% YoY); however included $658M net investment securities losses in Corporate - Excluding that drag, revenue grew ~9% YoY (driven by Markets revenue, higher deposits, and higher AWM fees) - Expenses: $27.3B (+12% YoY) (front office hiring/wage inflation + higher volume/revenue-related expense) - Credit: $2.7B credit costs; net charge-offs $2.2B; net reserve build $539M

Balance sheet / capital: CET1 down sequentially; RWA up due to both lending and market effects - Standardized CET1: 13.9%, down 30 bps vs prior quarter (OCI losses + higher RWA + capital distributions more than offset net income) - Standardized RWA increase: ~$52B (mix of more lending in banking, markets, and AWM + higher energy prices and increased market volatility) - This is an investor-relevant negative: capital ratios pressured even while earnings were solid, implying uncertainty on the “walk” to future capital and distribution pace.

Guidance/outlook: Q4 NII and updated 2027 NII central case - Q4 NII (ex-markets): ~ $25.5B; Q4 total NII: ~ $28B - 2027 central case: NII ex-markets ~ $107B (company emphasized high uncertainty) - Rough build from Q4 annualized ~$102B, so ~+$5B added vs that run-rate - About ~$1.25B (~a quarter) attributed to the forward curve/yield curve dynamics - Remaining largely attributed to balance sheet growth/mix (consumer deposits modest growth, wholesale deposits weaker vs this year, card loans comparable) - Expense: Q4 ~ $27.5B, implying higher full-year expense mainly from elevated activity levels (volume/revenue-related expenses)