JPMorgan Chase & Co.

Headline performance (good, but with a drag in Corporate) - Net income: $15.3B, EPS $5.57, ROTCE 20% - Revenue: $50.9B (+8% YoY), but included $658M net investment securities losses in Corporate (i.e., underlying revenue strength is better than reported) - Expenses: $27.3B (+12% YoY) driven by higher volume/revenue-related expense, front-office hiring, and wage inflation - Credit costs: $2.7B with net charge-offs $2.2B and a net reserve build of $539M - Balance sheet/CET1: Standardized CET1 13.9% (-30 bps QoQ) as OCI losses, higher RWA, and capital distributions outweighed net income

Guidance / forecasts (investor focus) - Q4 NII ex-markets: ~$25.5B; Q4 total NII: ~$28B - 2027 NII central case (ex-markets): ~ $107B (to be refined next quarter) - Explained as: annualizing Q4 NII ex-markets gets to ~$102B, implying about +$5B to reach $107B - ~1/4 of the $5B: yield curve / rate hikes in the forward curve (Dimon/Barnum referenced hikes with one in Dec and more in early 2027 per forward curve) - Remaining portion: continuation of balance-sheet growth & mix trends (consumer deposit growth, wholesale deposit growth likely weaker than this year, and continued card loan contribution) - Expense outlook: Q4 ~$27.5B; implied full-year expense increase reflects elevated activity levels - Credit expectation: Card net charge-off rate ~3.2%

Business momentum (good areas) - CCB (Consumer & Community Banking): - Net income $5.7B, revenue $21.2B (+9% YoY) - Debit/credit spend +10% YoY (gas/travel supported by consumer demand) - Deposits +4% YoY; retained #1 retail deposit share (FDIC-based) - Client investment assets > $1.4T (+15% YoY) on market performance + flows - CIB (Corporate & Investment Bank): - Net income $8.2B, revenue $22.7B (+14% YoY) - IB fees +14% YoY (advisory strength) - However: activity has slowed a bit recently (agent/pipeline discussion + market conditions slowing deal activity) - AWM (Asset & Wealth Management): - Net income $1.8B, pretax margin 36% - Revenue $6.9B (+14% YoY) driven by management fees, inflows, and higher loan balances - Long-term net inflows $51B, and AUM $5.2T (+13% YoY) / client assets $7.9T (+15% YoY)