JPMorgan Chase & Co.

Strong quarter, but capital ratios pressured - Net income: $15.3B, EPS $5.57, ROTCE 20% - Revenue: $50.9B (+8% YoY); includes $658M net investment securities losses (Corporate) → excluding this, revenue +9% YoY - Expenses: $27.3B (+12% YoY) driven by higher volume/revenue-related costs, front-office hiring, wage inflation - Credit: $2.7B credit costs; net charge-offs $2.2B with net reserve build $539M - CET1 (standardized) 13.9%, down 30 bps QoQ mainly due to OCI losses, higher RWA, and capital distributions

Clear forward guidance (near-term) + cautious mid-term NII central case - Q4 NII ex-markets: ~$25.5B; Q4 total NII: ~$28B - 2027 central case (given as a “refine next quarter” framework): NII ex-markets ~ $107B - Implies ~$5B growth vs annualizing Q4, with ~1/4 from the yield curve and ~3/4 from balance sheet growth/mix trends (consumer + wholesale deposits, and card loans at comparable levels) - Key caveat: high uncertainty due to macro and JPM actions; management emphasized they are more asset sensitive than earnings assumptions reflect (noted lower smart deposit betas than modeled)

Investing/expense outlook: consensus broadly right; uncertainty remains - Q4 expenses expected about $27.5B - For 2027 expenses: consensus around ~$114B, and JPM’s preliminary read is “not too far off” - Management noted expenses are more sensitive to the budget cycle and discretionary decisions (including how AI investment affects operating model)