1Q08
4Q07
1Q07
EOP owned portfolio ($B)
$15.8
$13.7
$8.9
Net charge-offs ($mm)
$417
$211
$38
Net charge-off rate
10.64%
7.81%
1.72%
30+ day delinquency rate
21.14%
16.56%
7.72%
1. JPMorgan Chase reported earnings of $2.4 billion for the first quarter of 2008, down 49% from record earnings in the first
1. In 2Q11, JPMorgan Chase reported net income of $5.4 billion on revenue of $27.4 billion, with EPS of $1.27 per share.
2. Significant items impacting results included a $1 billion benefit from reduced loan loss reserves in Card Services, $620 million in securities gains in Corporate, a $1 billion expense for estimated foreclosure costs in Retail Financial Services, and $787 million in additional litigation reserves in Corporate.
3. The Investment Bank reported net income of $2.1 billion on revenue of $7.3 billion, with strong performance across most businesses. Retail Financial Services reported a net loss of $454 million due to
The document provides 3Q19 financial highlights for JPMorgan Chase & Co. Key points include:
- Net income of $9.1B and EPS of $2.68 for 3Q19. Record managed revenue of $30.1B.
- Strong capital return to shareholders with $9.6B distributed, including $6.7B of net share repurchases.
- Basel III CET1 capital of $188B and CET1 ratio of 12.3%.
- Business segments all reported net income, with CCB at $4.3B, CIB at $2.8B, CB at $937MM, and AWM at $668MM
The document provides financial results for 3Q09. Key highlights include:
- Net income of $3.6 billion and EPS of $0.82, with strong earnings in the Investment Bank.
- Credit costs remain high at $9.8 billion as consumer credit reserves were added.
- Capital levels were further strengthened with Tier 1 Common ratio of 8.2% and Tier 1 Capital ratio of 10.2%.
The document summarizes JPMorgan Chase's financial results for the first quarter of 2011. Key highlights include:
- Net income of $5.6 billion and earnings per share of $1.28.
- Card Services reported net income of $1.3 billion compared to a net loss in the prior year, driven by lower credit costs.
- The Investment Bank reported net income of $2.4 billion on revenues of $8.2 billion, with strong fixed income and equity markets revenue.
- Retail Financial Services reported a net loss of $937 million in its mortgage banking business due to losses from mortgage servicing rights.
JPMorgan Chase reported third quarter 2010 net income of $4.4 billion. Key highlights included a $930 million reduction to loan loss reserves in card services and increases of $776 million and $622 million to litigation and mortgage repurchase reserves, respectively. Several business segments reported solid results, with the investment bank ranked number one for the year in global fees and the retail bank seeing increased mortgage production and deposit margins. Credit costs declined across most businesses from reduced net charge-offs.
- In 3Q11, JPMorgan Chase reported net income of $4.3 billion and earnings per share of $1.02. Revenue for the quarter was $24.4 billion.
- The Investment Bank contributed net income of $1.6 billion on revenue of $6.4 billion, which included $1.9 billion in DVA gains.
- Retail Financial Services reported net income of $1.2 billion, with credit costs of $1 billion reflecting continued losses in mortgage and home equity portfolios.
- Mortgage Production and Servicing reported net income of $205 million, with production revenue of $1.3 billion and servicing revenue of $1.2 billion
- JPMorgan Chase reported net income of $2.1 billion for Q1 2009, driven by record revenue in the investment bank but higher credit costs.
- The investment bank had its best quarter ever with net income of $1.6 billion on record revenue of $8.3 billion from strong fixed income and equity trading. However, markdowns on leveraged loans totaled $711 million.
- Retail banking profits grew 58% to $863 million due to higher deposits and fees from the Washington Mutual acquisition, while consumer lending lost $389 million due to increased loan losses.
The Investment Bank generated strong net income of $2.5 billion on revenue of $8.3 billion in 1Q10. Fixed Income Markets revenue was $5.5 billion, up 12% year-over-year. Retail Financial Services reported a net loss of $131 million compared to net income of $474 million in 1Q09, driven by a $1.3 billion net loss in the Real Estate Portfolios. Card Services reported a net loss of $303 million compared to a net loss of $547 million in 1Q09, as credit costs declined but remained elevated.
1. In 2Q11, JPMorgan Chase reported net income of $5.4 billion on revenue of $27.4 billion, with EPS of $1.27 per share.
2. Significant items impacting results included a $1 billion benefit from reduced loan loss reserves in Card Services, $620 million in securities gains in Corporate, a $1 billion expense for estimated foreclosure costs in Retail Financial Services, and $787 million in additional litigation reserves in Corporate.
3. The Investment Bank reported net income of $2.1 billion on revenue of $7.3 billion, with strong performance across most businesses. Retail Financial Services reported a net loss of $454 million due to
The document provides 3Q19 financial highlights for JPMorgan Chase & Co. Key points include:
- Net income of $9.1B and EPS of $2.68 for 3Q19. Record managed revenue of $30.1B.
- Strong capital return to shareholders with $9.6B distributed, including $6.7B of net share repurchases.
- Basel III CET1 capital of $188B and CET1 ratio of 12.3%.
- Business segments all reported net income, with CCB at $4.3B, CIB at $2.8B, CB at $937MM, and AWM at $668MM
The document provides financial results for 3Q09. Key highlights include:
- Net income of $3.6 billion and EPS of $0.82, with strong earnings in the Investment Bank.
- Credit costs remain high at $9.8 billion as consumer credit reserves were added.
- Capital levels were further strengthened with Tier 1 Common ratio of 8.2% and Tier 1 Capital ratio of 10.2%.
The document summarizes JPMorgan Chase's financial results for the first quarter of 2011. Key highlights include:
- Net income of $5.6 billion and earnings per share of $1.28.
- Card Services reported net income of $1.3 billion compared to a net loss in the prior year, driven by lower credit costs.
- The Investment Bank reported net income of $2.4 billion on revenues of $8.2 billion, with strong fixed income and equity markets revenue.
- Retail Financial Services reported a net loss of $937 million in its mortgage banking business due to losses from mortgage servicing rights.
JPMorgan Chase reported third quarter 2010 net income of $4.4 billion. Key highlights included a $930 million reduction to loan loss reserves in card services and increases of $776 million and $622 million to litigation and mortgage repurchase reserves, respectively. Several business segments reported solid results, with the investment bank ranked number one for the year in global fees and the retail bank seeing increased mortgage production and deposit margins. Credit costs declined across most businesses from reduced net charge-offs.
- In 3Q11, JPMorgan Chase reported net income of $4.3 billion and earnings per share of $1.02. Revenue for the quarter was $24.4 billion.
- The Investment Bank contributed net income of $1.6 billion on revenue of $6.4 billion, which included $1.9 billion in DVA gains.
- Retail Financial Services reported net income of $1.2 billion, with credit costs of $1 billion reflecting continued losses in mortgage and home equity portfolios.
- Mortgage Production and Servicing reported net income of $205 million, with production revenue of $1.3 billion and servicing revenue of $1.2 billion
- JPMorgan Chase reported net income of $2.1 billion for Q1 2009, driven by record revenue in the investment bank but higher credit costs.
- The investment bank had its best quarter ever with net income of $1.6 billion on record revenue of $8.3 billion from strong fixed income and equity trading. However, markdowns on leveraged loans totaled $711 million.
- Retail banking profits grew 58% to $863 million due to higher deposits and fees from the Washington Mutual acquisition, while consumer lending lost $389 million due to increased loan losses.
The Investment Bank generated strong net income of $2.5 billion on revenue of $8.3 billion in 1Q10. Fixed Income Markets revenue was $5.5 billion, up 12% year-over-year. Retail Financial Services reported a net loss of $131 million compared to net income of $474 million in 1Q09, driven by a $1.3 billion net loss in the Real Estate Portfolios. Card Services reported a net loss of $303 million compared to a net loss of $547 million in 1Q09, as credit costs declined but remained elevated.
Retail Financial Services reported net income of $1.0 billion compared to $15 million in the prior year. Mortgage Banking and Other Consumer Lending net income was $364 million, up 55% year-over-year. The Investment Bank reported net income of $1.4 billion on revenue of $6.3 billion with a return on equity of 14%. Card Services reported net income of $343 million compared to a net loss of $672 million in the prior year, with credit costs down year-over-year.
JPMorgan Chase First Quarter 2008 Financial Results Conference Call finance2
JPMorgan Chase reported net income of $2.4 billion for the first quarter of 2008, down 49% from $4.8 billion in the first quarter of 2007. Earnings per share were $0.68, down from $1.34 the previous year. The Investment Bank saw declines in revenue and increases in credit losses. Retail Financial Services increased revenue but also significantly increased its provision for credit losses due to deterioration in home equity and subprime portfolios. JPMorgan Chase maintained a strong capital position despite challenges in the market and credit environment.
Sovereign Bancorp Inc. announced its second quarter 2008 results, reporting net income of $127.4 million compared to $100.1 million in Q1 2008 and $147.5 million in Q2 2007. Key highlights included expanding its net interest margin to 3.06%, increasing its allowance for credit losses, and strengthening its capital ratios through a common stock offering. While asset quality deteriorated, with non-performing loans rising, the company stated it was on solid financial footing to manage through the uncertain economic environment.
Sovereign Bancorp reported financial results for the fourth quarter and full year of 2007. For Q4, the company reported a net loss of $1.6 billion compared to a net loss of $129 million in Q4 2006, primarily due to goodwill impairments. For the full year, Sovereign reported a net loss of $1.3 billion compared to net income of $137 million in 2006. The company is taking steps to strengthen its capital position such as discontinuing its dividend and reducing expenses. Sovereign's non-performing loans increased and net interest margin expanded in Q4.
The Bank of New York Mellon Fourth Quarter 2008 Financial Resultsearningsreport
The Bank of New York Mellon Corporation reported earnings per share of $0.05 for the fourth quarter of 2008, down from $0.61 in the fourth quarter of 2007. Revenue was impacted by $1.24 billion in securities write-downs due to deteriorating market conditions. Expenses were well-controlled despite a $181 million restructuring charge. The company maintained strong capital ratios with Tier 1 capital at 13.1% as of December 31, 2008.
Associated Banc-Corp reported first quarter earnings of $0.28 per share, up from $0.11 in the fourth quarter of 2008. Net income was $35.4 million, up from $13.6 million in the previous quarter. Total deposits grew to $15.9 billion, up 4.7% from the previous quarter. The company reduced its quarterly dividend to $0.05 per share to preserve capital during economic uncertainty.
Sovereign Bancorp reported third quarter 2007 earnings of $58.2 million, down from $184 million in the third quarter of 2006, due to disruptions in the mortgage and credit markets. Net interest income was $457 million and the net interest margin was 2.74%. Non-interest income fell to $141 million due to losses from capital markets and mortgage banking. The provision for credit losses increased to $162.5 million due to higher reserves for home equity and auto loans. Capital ratios declined slightly but remained strong.
- Bank of America reported a net loss of $1 billion for Q3 2009, driven by $3 billion in pre-tax charges and a $402 million charge to terminate an asset guarantee.
- Capital levels and liquidity improved, with the Tier 1 capital ratio rising to 12.46% and cash/equivalents totaling over $152 billion.
- Deposit growth continued with average retail deposits up $7.8 billion, while mortgage banking income declined on lower production volumes.
- Credit costs remained elevated though losses showed signs of stabilizing, with nonperforming assets up 9% compared to 21% in Q2 2009.
- Hancock reported improved financial results for the first quarter of 2014, with operating expenses declining 6% linked-quarter and the efficiency ratio improving to 62%.
- Net loans increased $231 million linked-quarter, driven primarily by growth in commercial and industrial loans.
- Asset quality metrics continued to improve with a reduction in non-performing assets and net charge-offs.
- The document discusses forward-looking statements made by Hancock that are inherently limited and subject to various risk factors. Actual results may differ materially from projections.
- Hancock had continued improvement in overall earnings quality in Q1 2014, with operating expenses declining, efficiency ratio improving, and core net interest income and margin stabilizing. Asset quality metrics also continued to improve.
- Loan growth exceeded expectations, with growth across all major categories. Securities portfolio continues to fund loan growth while stabilizing yields. Deposit funding remains strong with low costs.
- JPMorgan Chase reported first quarter 2009 net income of $2.1 billion, down from $1.4 billion in the prior quarter. Revenue was a record $26.9 billion, driven by record results in the Investment Bank.
- The Investment Bank generated record revenue of $8.3 billion and net income of $1.6 billion. Fixed income markets and equity markets performed strongly. Credit portfolio revenue was $299 million.
- Retail Financial Services reported net income of $474 million, rebounding from a net loss in the prior quarter, as deposit growth and wider spreads boosted results. Consumer lending reported a net loss of $389 million on higher credit costs.
- Key risks included $
EOP Loans & Leases
Avg Deposits
FINANCIAL RESULTS
1
Actual numbers for all periods, not over/under
2 Calculated based on average equity; 3Q09 average equity was $2B
3 Excludes loans held-for-sale and loans at fair value
4 Calculated based on average equity; 3Q09 average equity was $2B
8
Total revenue of $1.5B up 4% YoY driven by growth in
Middle Market Banking and Real Estate Banking, partially
offset by lower Commercial Term Lending revenue
Credit costs of $43mm reflect higher net charge-offs
Expense up 10
EOP Loans & Leases
Avg Deposits
FINANCIAL RESULTS
1
Actual numbers for all periods, not over/under
2 Calculated based on average equity; 3Q09 average equity was $2B
3 Excludes loans held-for-sale and loans at fair value
4 Calculated based on average equity; 3Q09 average equity was $2B
8
Total revenue of $1.5B up 335% YoY driven by the
impact of the WaMu transaction and wider loan spreads
Middle Market Banking revenue up $729mm YoY due to
the WaMu transaction
Credit costs of $43mm reflect higher net
The document summarizes JPMorgan Chase's 2Q09 financial results. Key highlights include:
- Net income of $2.7 billion and earnings per share of $0.28.
- Record firmwide revenue of $27.7 billion for the first half of 2009.
- Maintained a strong capital position with a Tier 1 capital ratio of 9.7% and Tier 1 common ratio of 7.7%.
- Extended $150 billion in new credit and approved 138,000 mortgage modifications in 2Q09.
The document summarizes JPMorgan Chase's 2Q09 financial results. Key highlights include:
- Net income of $2.7 billion and earnings per share of $0.28.
- Record firmwide revenue of $27.7 billion for the first half of 2009.
- Maintained a strong capital position with a Tier 1 capital ratio of 9.7% and Tier 1 common ratio of 7.7%.
- Extended $150 billion in new credit and approved 138,000 mortgage modifications in 2Q09.
JPMorgan Chase reported third quarter 2010 net income of $4.4 billion. Key highlights included a $930 million reduction to loan loss reserves in card services and increases of $776 million and $622 million to litigation and mortgage repurchase reserves, respectively. Several business segments reported solid results, with the investment bank ranked number one for the year in global fees and the retail bank seeing growth in deposits and mortgage originations. Credit costs declined across most businesses from reduced charge-offs.
JPMorgan Chase reported third quarter 2010 net income of $4.4 billion. Key highlights included a $930 million reduction to loan loss reserves in card services and increases of $776 million and $622 million to litigation and mortgage repurchase reserves, respectively. Several business segments reported solid results, with the investment bank ranked number one for the year in global fees and the commercial bank completing a $3.5 billion loan portfolio purchase. Credit costs declined across most businesses as credit quality continued to improve.
JPMorgan Chase reported third quarter 2010 net income of $4.4 billion and earnings per share of $1.01. Key business segments performed well, with the Investment Bank ranked #1 in global fees year-to-date, and Retail Financial Services reporting strong mortgage production. Credit costs decreased from reductions to loan loss reserves. However, increases to litigation reserves partially offset these gains. Overall, the company delivered solid results while continuing investments across its businesses.
JPMorgan Chase reported third quarter 2010 net income of $4.4 billion and earnings per share of $1.01. Key business segments performed well, with the Investment Bank ranked #1 in global fees year-to-date, and Retail Financial Services reporting strong mortgage production. Credit costs declined from reductions to loan loss reserves. However, increases to litigation reserves reduced earnings. Overall, the company delivered solid results with improved credit performance.
Retail Financial Services reported net income of $1.0 billion compared to $15 million in the prior year. Mortgage Banking and Other Consumer Lending net income was $364 million, up 55% year-over-year. The Investment Bank reported net income of $1.4 billion on revenue of $6.3 billion with a return on equity of 14%. Card Services reported net income of $343 million compared to a net loss of $672 million in the prior year, with credit costs down year-over-year.
Retail Financial Services reported net income of $1.0 billion compared to $15 million in the prior year. Mortgage Banking and Other Consumer Lending net income was $364 million, up 55% year-over-year. The Investment Bank reported net income of $1.4 billion on revenue of $6.3 billion with a return on equity of 14%. Card Services reported net income of $343 million compared to a net loss of $672 million in the prior year, with credit costs down year-over-year.
The document summarizes JPMorgan Chase's financial results for the first quarter of 2011. Key highlights include:
- Net income of $5.6 billion and earnings per share of $1.28.
- Card Services reported net income of $1.3 billion compared to a net loss in the prior year, driven by lower credit costs.
- The Investment Bank reported net income of $2.4 billion on revenues of $8.2 billion, with strong fixed income and equity markets revenue.
- Retail Financial Services reported a net loss of $937 million in its mortgage banking business due to losses from mortgage servicing rights.
Retail Financial Services reported net income of $1.0 billion compared to $15 million in the prior year. Mortgage Banking and Other Consumer Lending net income was $364 million, up 55% year-over-year. The Investment Bank reported net income of $1.4 billion on revenue of $6.3 billion with a return on equity of 14%. Card Services reported net income of $343 million compared to a net loss of $672 million in the prior year, with credit costs down year-over-year.
JPMorgan Chase First Quarter 2008 Financial Results Conference Call finance2
JPMorgan Chase reported net income of $2.4 billion for the first quarter of 2008, down 49% from $4.8 billion in the first quarter of 2007. Earnings per share were $0.68, down from $1.34 the previous year. The Investment Bank saw declines in revenue and increases in credit losses. Retail Financial Services increased revenue but also significantly increased its provision for credit losses due to deterioration in home equity and subprime portfolios. JPMorgan Chase maintained a strong capital position despite challenges in the market and credit environment.
Sovereign Bancorp Inc. announced its second quarter 2008 results, reporting net income of $127.4 million compared to $100.1 million in Q1 2008 and $147.5 million in Q2 2007. Key highlights included expanding its net interest margin to 3.06%, increasing its allowance for credit losses, and strengthening its capital ratios through a common stock offering. While asset quality deteriorated, with non-performing loans rising, the company stated it was on solid financial footing to manage through the uncertain economic environment.
Sovereign Bancorp reported financial results for the fourth quarter and full year of 2007. For Q4, the company reported a net loss of $1.6 billion compared to a net loss of $129 million in Q4 2006, primarily due to goodwill impairments. For the full year, Sovereign reported a net loss of $1.3 billion compared to net income of $137 million in 2006. The company is taking steps to strengthen its capital position such as discontinuing its dividend and reducing expenses. Sovereign's non-performing loans increased and net interest margin expanded in Q4.
The Bank of New York Mellon Fourth Quarter 2008 Financial Resultsearningsreport
The Bank of New York Mellon Corporation reported earnings per share of $0.05 for the fourth quarter of 2008, down from $0.61 in the fourth quarter of 2007. Revenue was impacted by $1.24 billion in securities write-downs due to deteriorating market conditions. Expenses were well-controlled despite a $181 million restructuring charge. The company maintained strong capital ratios with Tier 1 capital at 13.1% as of December 31, 2008.
Associated Banc-Corp reported first quarter earnings of $0.28 per share, up from $0.11 in the fourth quarter of 2008. Net income was $35.4 million, up from $13.6 million in the previous quarter. Total deposits grew to $15.9 billion, up 4.7% from the previous quarter. The company reduced its quarterly dividend to $0.05 per share to preserve capital during economic uncertainty.
Sovereign Bancorp reported third quarter 2007 earnings of $58.2 million, down from $184 million in the third quarter of 2006, due to disruptions in the mortgage and credit markets. Net interest income was $457 million and the net interest margin was 2.74%. Non-interest income fell to $141 million due to losses from capital markets and mortgage banking. The provision for credit losses increased to $162.5 million due to higher reserves for home equity and auto loans. Capital ratios declined slightly but remained strong.
- Bank of America reported a net loss of $1 billion for Q3 2009, driven by $3 billion in pre-tax charges and a $402 million charge to terminate an asset guarantee.
- Capital levels and liquidity improved, with the Tier 1 capital ratio rising to 12.46% and cash/equivalents totaling over $152 billion.
- Deposit growth continued with average retail deposits up $7.8 billion, while mortgage banking income declined on lower production volumes.
- Credit costs remained elevated though losses showed signs of stabilizing, with nonperforming assets up 9% compared to 21% in Q2 2009.
- Hancock reported improved financial results for the first quarter of 2014, with operating expenses declining 6% linked-quarter and the efficiency ratio improving to 62%.
- Net loans increased $231 million linked-quarter, driven primarily by growth in commercial and industrial loans.
- Asset quality metrics continued to improve with a reduction in non-performing assets and net charge-offs.
- The document discusses forward-looking statements made by Hancock that are inherently limited and subject to various risk factors. Actual results may differ materially from projections.
- Hancock had continued improvement in overall earnings quality in Q1 2014, with operating expenses declining, efficiency ratio improving, and core net interest income and margin stabilizing. Asset quality metrics also continued to improve.
- Loan growth exceeded expectations, with growth across all major categories. Securities portfolio continues to fund loan growth while stabilizing yields. Deposit funding remains strong with low costs.
- JPMorgan Chase reported first quarter 2009 net income of $2.1 billion, down from $1.4 billion in the prior quarter. Revenue was a record $26.9 billion, driven by record results in the Investment Bank.
- The Investment Bank generated record revenue of $8.3 billion and net income of $1.6 billion. Fixed income markets and equity markets performed strongly. Credit portfolio revenue was $299 million.
- Retail Financial Services reported net income of $474 million, rebounding from a net loss in the prior quarter, as deposit growth and wider spreads boosted results. Consumer lending reported a net loss of $389 million on higher credit costs.
- Key risks included $
EOP Loans & Leases
Avg Deposits
FINANCIAL RESULTS
1
Actual numbers for all periods, not over/under
2 Calculated based on average equity; 3Q09 average equity was $2B
3 Excludes loans held-for-sale and loans at fair value
4 Calculated based on average equity; 3Q09 average equity was $2B
8
Total revenue of $1.5B up 4% YoY driven by growth in
Middle Market Banking and Real Estate Banking, partially
offset by lower Commercial Term Lending revenue
Credit costs of $43mm reflect higher net charge-offs
Expense up 10
EOP Loans & Leases
Avg Deposits
FINANCIAL RESULTS
1
Actual numbers for all periods, not over/under
2 Calculated based on average equity; 3Q09 average equity was $2B
3 Excludes loans held-for-sale and loans at fair value
4 Calculated based on average equity; 3Q09 average equity was $2B
8
Total revenue of $1.5B up 335% YoY driven by the
impact of the WaMu transaction and wider loan spreads
Middle Market Banking revenue up $729mm YoY due to
the WaMu transaction
Credit costs of $43mm reflect higher net
The document summarizes JPMorgan Chase's 2Q09 financial results. Key highlights include:
- Net income of $2.7 billion and earnings per share of $0.28.
- Record firmwide revenue of $27.7 billion for the first half of 2009.
- Maintained a strong capital position with a Tier 1 capital ratio of 9.7% and Tier 1 common ratio of 7.7%.
- Extended $150 billion in new credit and approved 138,000 mortgage modifications in 2Q09.
The document summarizes JPMorgan Chase's 2Q09 financial results. Key highlights include:
- Net income of $2.7 billion and earnings per share of $0.28.
- Record firmwide revenue of $27.7 billion for the first half of 2009.
- Maintained a strong capital position with a Tier 1 capital ratio of 9.7% and Tier 1 common ratio of 7.7%.
- Extended $150 billion in new credit and approved 138,000 mortgage modifications in 2Q09.
JPMorgan Chase reported third quarter 2010 net income of $4.4 billion. Key highlights included a $930 million reduction to loan loss reserves in card services and increases of $776 million and $622 million to litigation and mortgage repurchase reserves, respectively. Several business segments reported solid results, with the investment bank ranked number one for the year in global fees and the retail bank seeing growth in deposits and mortgage originations. Credit costs declined across most businesses from reduced charge-offs.
JPMorgan Chase reported third quarter 2010 net income of $4.4 billion. Key highlights included a $930 million reduction to loan loss reserves in card services and increases of $776 million and $622 million to litigation and mortgage repurchase reserves, respectively. Several business segments reported solid results, with the investment bank ranked number one for the year in global fees and the commercial bank completing a $3.5 billion loan portfolio purchase. Credit costs declined across most businesses as credit quality continued to improve.
JPMorgan Chase reported third quarter 2010 net income of $4.4 billion and earnings per share of $1.01. Key business segments performed well, with the Investment Bank ranked #1 in global fees year-to-date, and Retail Financial Services reporting strong mortgage production. Credit costs decreased from reductions to loan loss reserves. However, increases to litigation reserves partially offset these gains. Overall, the company delivered solid results while continuing investments across its businesses.
JPMorgan Chase reported third quarter 2010 net income of $4.4 billion and earnings per share of $1.01. Key business segments performed well, with the Investment Bank ranked #1 in global fees year-to-date, and Retail Financial Services reporting strong mortgage production. Credit costs declined from reductions to loan loss reserves. However, increases to litigation reserves reduced earnings. Overall, the company delivered solid results with improved credit performance.
Retail Financial Services reported net income of $1.0 billion compared to $15 million in the prior year. Mortgage Banking and Other Consumer Lending net income was $364 million, up 55% year-over-year. The Investment Bank reported net income of $1.4 billion on revenue of $6.3 billion with a return on equity of 14%. Card Services reported net income of $343 million compared to a net loss of $672 million in the prior year, with credit costs down year-over-year.
Retail Financial Services reported net income of $1.0 billion compared to $15 million in the prior year. Mortgage Banking and Other Consumer Lending net income was $364 million, up 55% year-over-year. The Investment Bank reported net income of $1.4 billion on revenue of $6.3 billion with a return on equity of 14%. Card Services reported net income of $343 million compared to a net loss of $672 million in the prior year, with credit costs down year-over-year.
The document summarizes JPMorgan Chase's financial results for the first quarter of 2011. Key highlights include:
- Net income of $5.6 billion and earnings per share of $1.28.
- Card Services reported net income of $1.3 billion compared to a net loss in the prior year, driven by lower credit costs.
- The Investment Bank reported net income of $2.4 billion on revenues of $8.2 billion, with strong fixed income and equity markets revenue.
- Retail Financial Services reported a net loss of $937 million in its mortgage banking business due to losses from mortgage servicing rights.
The document summarizes JPMorgan Chase's financial results for the first quarter of 2011. Key highlights include:
- Net income of $5.6 billion and earnings per share of $1.28. Revenue was $25.8 billion.
- Significant items that impacted results were a $2 billion benefit from lower credit card loan loss reserves, a $1.1 billion loss from mortgage servicing rights adjustments, and a $650 million expense for estimated foreclosure costs.
- The balance sheet was strengthened with a Basel I Tier 1 Common ratio of 10% and estimated Basel III Tier 1 Common of 7.3%. Credit reserves totaled $30.4 billion.
The document summarizes JPMorgan Chase's financial results for the first quarter of 2011. Key highlights include:
- Net income of $5.6 billion and earnings per share of $1.28. Revenue was $25.8 billion.
- Significant items that impacted results were a $2 billion benefit from reduced credit card loan loss reserves in Card Services, a $1.1 billion loss from mortgage servicing rights asset adjustments in Retail Financial Services, and a $650 million expense for estimated costs of foreclosure matters in Retail Financial Services.
- The Investment Bank generated net income of $2.4 billion on revenue of $8.2 billion, with strong performance in fixed income and
The Investment Bank generated strong net income of $2.5 billion on revenue of $8.3 billion in 1Q10. Fixed Income Markets revenue was $5.5 billion, up 12% year-over-year. Retail Financial Services reported a net loss of $131 million compared to net income of $474 million in 1Q09, driven by a $1.3 billion net loss in the Real Estate Portfolios. Card Services reported a net loss of $303 million compared to a net loss of $547 million in 1Q09, as credit costs declined but remained elevated.
JPMorgan Chase Second Quarter 2008 Financial Results Conference Callfinance2
JPMorgan Chase reported net income of $2.0 billion for Q2 2008, down 55% from the prior year. Earnings per share were $0.54. While several businesses saw growth, losses increased significantly in the mortgage and credit card portfolios, and markdowns were taken on leveraged loans and mortgage-related positions. The firm also completed its acquisition of Bear Stearns during the quarter.
5
J.P. Morgan Chase & Co. reported second quarter 2009 net income of $2.7 billion, up 36% from the prior year. Revenue was a record $27.7 billion. The Investment Bank reported record revenue for the first half of 2009, including record fees and fixed income markets revenue. Retail Financial Services earnings were reduced by high credit costs, though revenue increased 56% due to the Washington Mutual acquisition. JPMorgan maintained a strong capital position with Tier 1 capital of $122.2 billion.
5
J.P. Morgan Chase & Co. reported second quarter 2009 net income of $2.7 billion, up 36% from the prior year. Revenue was a record $27.7 billion. The Investment Bank reported record revenue for the first half of 2009, including record fees and fixed income markets revenue. Retail Financial Services saw higher revenue due to the Washington Mutual acquisition, but a higher provision for credit losses led to a net loss. JPMorgan maintained a strong capital position with Tier 1 capital of $122.2 billion after repaying $25 billion in TARP funds.
Bendigo Bank (EBN) - finding an earnings base George Gabriel
Bendigo and Adelaide Bank (BEN) appears to be finding an earnings baseline, with the rate of cash earnings decline slowing in the second half of 2012. However, given its concentrated exposures to residential mortgages and deposit funding, BEN remains vulnerable to external shocks. Key drivers of BEN's earnings outlook are the residential property market, deposit funding costs, and system credit growth. BEN has an overweight exposure to residential mortgages and leads the sector in deposit funding, but has faced pressure from rising deposit costs.
Northern Trust Corporation reported net income of $161.8 million or $.61 per share for Q1 2009, down from $385.2 million or $1.71 per share in Q1 2008. Revenues decreased 8% to $904.2 million due to lower trust, investment and custody fees from declines in market valuations. Expenses decreased 3% to $593.5 million. The provision for credit losses was $55.0 million, and nonperforming loans totaled $167.8 million.
- JPMorgan Chase & Co. reported a net loss of $380 million for the third quarter of 2013 compared to net income of $6.496 billion for the second quarter of 2013.
- Total net revenue was $23.117 billion for the third quarter, down 8% from the prior quarter, driven by lower investment banking and mortgage fees and higher noninterest expense, including legal expense.
- The firm recorded a provision for credit losses of $543 million for the third quarter compared to $47 million in the prior quarter, reflecting a higher allowance for loan losses.
JPMorgan Chase reported third quarter 2011 net income of $4.3 billion, down slightly from $4.4 billion in third quarter 2010. Revenue was $24.4 billion. While the investment banking environment was challenging, JPMorgan maintained its #1 ranking for global investment banking fees year-to-date. Consumer & business banking reported higher revenue and deposits. Credit card sales volume was up 10% and net charge-offs declined as expected. The firm repurchased $4.4 billion in stock and maintained a Basel I Tier 1 ratio of 9.9% and estimated Basel III ratio of 7.7%.
JPMorgan Chase reported third quarter 2011 net income of $4.3 billion, down slightly from $4.4 billion in third quarter 2010. Revenue decreased due to challenging market conditions impacting the Investment Bank. The firm maintained its #1 ranking for Global Investment Banking Fees year-to-date. Consumer & Business Banking reported higher revenues and deposits compared to a year ago. Credit quality improved with lower credit card and wholesale credit losses, while mortgage losses remained elevated. The firm repurchased $4.4 billion in stock and estimated its Basel III Tier 1 ratio was 7.7% at the end of the third quarter.
JPMorgan Chase reported third quarter 2010 net income of $4.4 billion, up 23% from the third quarter of 2009. Revenue was $24.3 billion. The Investment Bank reported solid earnings and maintained its #1 ranking for global investment banking fees and global debt/equity. Retail Financial Services had strong mortgage production and continued branch expansion. Card Services saw increased sales volume and improved credit trends. Commercial Banking reported record revenue. Asset Management had $38 billion in net inflows. Credit costs declined but mortgage and credit card losses remained high. The Firm's capital and credit reserves remained strong.
JPMorgan Chase reported third quarter 2010 net income of $4.4 billion, up 23% from the third quarter of 2009. Revenue was $24.3 billion. The Investment Bank reported solid earnings and maintained its #1 ranking for global investment banking fees and global debt/equity. Retail Financial Services had strong mortgage production and continued branch expansion. Card Services saw increased sales volume and improved credit trends. Commercial Banking reported record revenue. Asset Management had $38 billion in net inflows. Credit costs declined but mortgage and credit card losses remained high. The Firm's capital and credit reserves remained strong.
JPMorgan Chase reported third quarter 2010 net income of $4.4 billion, up 23% from the third quarter of 2009. Revenue was $24.3 billion. The Investment Bank reported solid earnings and maintained its #1 ranking for global investment banking fees and global debt/equity. Retail Financial Services had strong mortgage production and continued branch expansion. Card Services saw increased sales volume and improved credit trends. Commercial Banking reported record revenue. Asset Management had $38 billion in net inflows. Credit costs declined but mortgage and credit card losses remained high. The Firm's capital and credit reserves remained strong.
- Total net revenue for JPMorgan Chase & Co. in the third quarter of 2009 was $26.6 billion, up 4% from the previous quarter and up 81% from the third quarter of 2008.
- Net income was $3.6 billion, up 32% from the third quarter of 2008.
- Earnings per share were $0.82, up 193% from the third quarter of 2008.
JPMorgan Chase reported third quarter 2009 net income of $3.6 billion, an increase from $527 million in third quarter 2008. Revenue was $28.8 billion, a record year-to-date. Credit costs remained high at $31.5 billion and the firm added $2 billion to consumer credit reserves. The firm's capital levels were strengthened with Tier 1 Common at $101 billion and ratios of 8.2% and 10.2% respectively. While signs of credit stability emerged, continued uncertainty led to higher reserves. The firm's strong capital position will enable continued investment despite this uncertainty.
JPMorgan Chase reported second quarter 2013 net income of $6.5 billion, down from $5 billion in the second quarter of 2012. Revenue was $26 billion, up from $22.9 billion the prior year. Return on tangible common equity was 17%, up from 15% in 2012. Consumer & Community Banking saw deposit growth of 10% and record credit card sales volume of $105.2 billion, though net income fell to $3.1 billion due to lower revenue and higher expenses. Mortgage originations increased 12% to $49 billion while net income fell to $1.1 billion on lower revenue.
- JPMorgan Chase reported net income of $6.5 billion for 2Q13, with EPS of $1.60. Revenue was $26.0 billion.
- Key business segments like Consumer & Business Banking and Mortgage Banking remained strong, while the company continued to strengthen its balance sheet.
- The company saw improvements in its Basel III Tier 1 common capital ratio to 9.3% and maintained solid returns on equity and assets.
The document is a financial supplement from JPMorgan Chase & Co. for the second quarter of 2011. It includes:
- Consolidated financial highlights such as total net revenue, net income, earnings per share, and capital ratios for the second quarter of 2011 compared to previous quarters.
- Business segment results for the second quarter of 2011 including net income for each line of business.
- Additional financial details such as credit related information, market risk information, and non-GAAP reconciliations.
- The supplement provides investors with JPMorgan Chase's key financial results to allow analysis of performance and comparisons to previous periods. It contains consolidated results, business segment results, and other financial details for
- JPMorgan Chase reported financial results for the second quarter of 2010 with net income of $4.8 billion, an increase of 44% compared to the same quarter in the prior year.
- Total net revenue was $25.1 billion for the quarter, a decrease of 2% from the prior year. Noninterest expenses increased 8% to $14.6 billion.
- The provision for credit losses decreased 58% to $3.4 billion from the second quarter of 2009, reflecting improved asset quality.
- JPMorgan Chase & Co. released its financial supplement for the second quarter of 2010 including consolidated results and business detail.
- Total net revenue was $25.1 billion for Q2 2010, down 9% from Q1 2010 but up 2% year-over-year. Net income was $4.8 billion for Q2 2010, up 44% from Q1 2010 and 76% year-over-year.
- By line of business, the Investment Bank and Commercial Banking saw the largest increases in net income quarter-over-quarter, while Retail Financial Services had a loss in Q1 2010 but profit in Q2 2010.
- JPMorgan Chase & Co. released its financial supplement for the second quarter of 2010 including consolidated results and business detail.
- Total net revenue was $25.1 billion for Q2 2010, down 9% from Q1 2010 but up 2% year-over-year. Net income was $4.8 billion for Q2 2010, up 44% from Q1 2010 and 76% year-over-year.
- By line of business, net income was highest for Investment Bank ($1.4 billion), Retail Financial Services ($1 billion), and Commercial Banking ($693 million) for Q2 2010.
- JPMorgan Chase & Co. released its financial supplement for the second quarter of 2010 including consolidated results and business detail.
- Total net revenue was $25.1 billion for Q2 2010, down 9% from Q1 2010 but up 2% year-over-year. Net income was $4.8 billion for Q2 2010, up 44% from Q1 2010 and 76% year-over-year.
- By line of business, the Investment Bank and Commercial Banking saw the largest increases in net income quarter-over-quarter, while Retail Financial Services had a loss in Q1 2010 but profit in Q2 2010.
- JPMorgan Chase & Co. released its financial supplement for the second quarter of 2010 including consolidated results and business detail.
- Total net revenue was $25.1 billion for Q2 2010, down 9% from Q1 2010 but up 2% year-over-year. Net income was $4.8 billion for Q2 2010, up 44% from Q1 2010 and 76% year-over-year.
- By line of business, the Investment Bank and Commercial Banking saw the largest increases in net income quarter-over-quarter, while Retail Financial Services had a loss in Q1 2010 but profit in Q2 2010.
JPMorgan Chase reported second quarter 2010 net income of $4.8 billion, up significantly from $2.7 billion in the second quarter of 2009. Revenue was $25.6 billion. While most businesses performed solidly with reduced credit costs, returns in consumer lending remained unacceptable. The bank maintained strong capital and liquidity positions. Looking ahead, Dimon noted regulatory reforms could impact clients and businesses, and implementation will require careful coordination.
The document is JPMorgan Chase & Co.'s earnings release for the second quarter of 2009. It reported net income of $2.7 billion for Q2 2009, up 27% from Q1 2009. Total net revenue was $25.6 billion for Q2 2009, up 2% from the previous quarter. The provision for credit losses was $8 billion for Q2 2009, down 7% from Q1 2009.
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The Universal Account Number (UAN) by EPFO centralizes multiple PF accounts, simplifying management for Indian employees. It streamlines PF transfers, withdrawals, and KYC updates, providing transparency and reducing employer dependency. Despite challenges like digital literacy and internet access, UAN is vital for financial empowerment and efficient provident fund management in today's digital age.
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Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
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A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
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2. 1Q08 Financial highlights
Earnings of $2.4B on revenue of $17.9B
EPS of $0.68 down 49% from record 1Q07 earnings
Tier 1 capital remained strong at $89.6B, or 8.3% (estimated)
Credit reserves further strengthened by $2.5B firmwide, of which $1.1B is related to home
equity portfolio
Investment Bank took markdowns of $2.6B, including markdowns on leveraged lending,
prime, Alt-A and subprime mortgages
Sale proceeds of $1.5B (pretax) on the sale of Visa shares in initial public offering
Continuing underlying business momentum:
Retail Financial Services grew revenue by 15%
Investment Bank ranked #1 for Global Investment Banking Fees1 and for first time ever,
#1 in Global Debt, Equity and Equity-Related2
F I N A N C I AL
R E S U L T S
Treasury & Securities Services increased earnings 53%
Commercial Banking grew liability balances by 22% and loans by 18%
Asset Management grew assets under management by 13%
Announced the planned acquisition of Bear Stearns on March 16
1
2
Source: Dealogic
Source: Thomson Financial
1
3. 1Q08 Managed Results1
$ in millions
$ in millions
$ O/(U)
1Q08
Revenue (FTE)1
$17,898
4Q07
O/(U) %
1Q07
4Q07
1Q07
($377) ($1,843)
(2)%
(9)%
Credit Costs1
5,105
1,944
3,504
61%
219%
Expense2
8,931
(1,789)
(1,697)
(17)%
(16)%
($598) ($2,414)
(20)%
(50)%
(21)%
(49)%
Reported Net Income
Reported EPS
$2,373
($0.18)
($0.66)
8%
10%
17%
ROE Net of GW3
12%
15%
27%
ROTCE3, 4
13%
17%
30%
F I N A N C I AL
R E S U L T S
ROE3
$0.68
Managed basis presents revenue and credit costs without the effect of credit card securitizations. Revenue is on a fully taxable-equivalent (FTE) basis. All references to
credit costs refer to managed provision for credit losses
2 Includes merger costs of $22mm in 4Q07 and $62mm in 1Q07
3 Actual numbers for all periods, not over/under
4 See note 1 on slide 20
1
2
4. Investment Bank
$ in millions
$ in millions
Net loss of $87mm on revenue of $3.0B, down 52% YoY
$ O/(U)
1Q08
IB fees of $1.2B down 30% YoY, driven primarily by a
decline in debt underwriting fees
4Q07
1Q07
$3,011
($161)
($3,243)
1,206
(451)
(523)
Fixed Income Markets
466
(149)
(2,126)
Equity Markets
976
398
(563)
Credit Portfolio
363
41
(31)
618
418
555
Revenue
Investment Banking Fees
Credit Costs
Expense
2,553
(458)
(1,278)
($87)
($211)
($1,627)
Overhead Ratio
85%
95%
61%
Comp/Revenue
41%
49%
42%
Net Income
F I N A N C I AL
R E S U L T S
Key Statistics
1
Allowance for loan losses
to average loans
2
VAR ($mm)
1
2
3
4
Actual numbers for all periods, not over/under
Average Trading and Credit Portfolio VAR
Source: Dealogic
Source: Thomson Financial
1.93%
1.76%
(2)%
ROE
2.55%
2%
30%
$122
$123
$83
Ranked #1 for total Global Investment Banking Fees3;
market share grew from 7.2%3 in 2007 to 7.4%3 in 1Q08
Ranked #1 in Global Debt, Equity and Equity-Related4
for first time ever
Fixed Income Markets revenue of $466mm decreased 82%
YoY reflecting:
Markdowns of $2.6B: $1.2B on prime, Alt-A and
subprime mortgages; $1.1B on leveraged lending
commitments; $266mm on CDO warehouse and unsold
positions
All other trading results include record rates &
currencies and strong trading results in credit trading,
commodities and emerging markets. Mixed results in all
other businesses
Gain of $662mm from the widening of the firm’s credit
spread on certain structured liabilities
Equity Markets revenue of $1.0B down 37% YoY, driven by
weak trading results, offset partially by strong client
flows and gains of $287mm from the widening of the
firm’s credit spread on certain structured liabilities
Credit costs of $618mm were driven by increased
allowance, including the impact of the transfer of $4.9B
of leveraged lending commitments to the retained loan
portfolio
3
5. Leveraged Lending
Net additional markdown of $1.1B for the quarter on the remaining funded and unfunded
commitments of $22.5B
$22.5B of funded and unfunded commitments with gross markdowns in excess of 11% at
3/31/2008
$26.4B of funded and unfunded commitments at 12/31/2007
($2.3B) closed, distributed and other reductions in quarter
$3.3B new commitments
($4.9B) transferred to held-for-investment
$22.5B of leveraged lending funded and unfunded commitments at 3/31/08 classified
as held-for-sale
F I N A N C I AL
R E S U L T S
Valuations are deal specific and result in a wide range of pricing levels; markdowns
represent best indication of prices at 3/31/08
Note: $8.0B total commitments at 3/31/08 classified as held-for-investment
4
6. Other Investment Bank Risk Topics
Mortgage Related
Prime / Alt-A exposure of $12.8B - markdowns of $1.1B
Prime - securities of $5.6B, mostly AAA-rated and $1.5B of first lien mortgages
Alt-A - securities of $3.5B, mostly AAA-rated and $2.2B of first lien mortgages
Subprime exposure of $1.9B – markdowns of $152mm
Exposure is hedged by approximately ($1.6B) of hedges and short positions
CMBS exposure of $13.5B
The majority is comprised of loans and securities of which 50% are AAA-rated
Collateralized Debt Obligation (“CDO”) Warehouse and Unsold Positions
CDO warehouse and unsold positions of $4.4B - markdowns of $266mm
F I N A N C I AL
R E S U L T S
Mostly corporate credit underlying; no subprime
Fair value accounting
Firm-wide Level 3 assets are expected to increase from 5% to 6%1 of total firm-wide assets
in 1Q08
1
Includes assets measured at fair value on a recurring basis and Level 3 held-for-sale loans which are accounted for under LOCOM. These numbers are estimates
5
7. Retail Financial Services - Drivers
Key Statistics¹ ($ in billions)
Key Statistics¹ ($ in billions)
1Q08
4Q07
1Q07
Average deposits up 4% YoY
Branch production statistics YoY:
Regional Banking
Average Deposits
$214.3
$208.5
$206.5
Checking accounts up 9%
11.1
10.8
10.2
Credit card sales up 18%
# of Branches
3,146
3,152
3,071
# of ATMs
Mortgage originations up 39%
9,237
9,186
8,560
$4,084
$4,114
$4,783
Investment sales down 15%
$6.7
$9.8
$12.7
$95.0
$94.0
$86.3
$15.8
$13.7
$8.9
Checking Accts (mm)
Investment Sales ($mm)
Home Equity Originations
Avg Home Equity Loans Owned
Avg Mortgage Loans Owned
2,3
Mortgage loan originations up 30% YoY
Mortgage Banking
$47.1
$40.0
$36.1
3rd Party Mortgage Loans Svc'd
R E S U L T S
Mortgage Loan Originations
F I N A N C I AL
Home equity originations down 47% YoY
due to tighter underwriting standards
and housing market deterioration
$627
$615
$546
$7.2
$5.6
$5.2
$45.1
$43.5
$42.5
3rd party mortgage loans serviced up
15% YoY
Auto
Auto Originations
Avg Auto Loans and Leases
Actual numbers for all periods, not over/under
Does not include held-for-sale loans
3 Reflects primarily subprime mortgage loans owned. As of 3/31/08, $34.3B of held-for-investment prime mortgage loans sourced by RFS are reflected in Corporate for reporting
and risk management purposes. The economic benefits of these loans flow to RFS
1
2
6
8. Retail Financial Services
$ in millions
$ in millions
$ O/(U)
1Q08
4Q07
1Q07
Net loss of $227mm driven by increased credit
costs
Net Interest Income
$3,011
$306
$394
Revenue of $4.7B grew 15% YoY
Noninterest Revenue
1,691
(419)
202
Total Revenue
4,702
(113)
596
Credit Costs
2,492
1,441
2,200
Expense
2,570
30
163
($227)
($979)
($1,086)
($433)
($804)
($1,123)
545
(17)
37
(978)
(787)
(1,160)
Mortgage Banking
132
(200)
48
Auto Finance
$74
$25
($11)
Overhead (excl. CDI)
53%
50%
56%
Net Charge-off Rate
2
1.71%
1.17%
0.46%
Allowance for Loan Losses to EOP Loans
2.28%
1.46%
0.89%
(5)%
19%
22%
Net Income
Regional Banking
Consumer and Business Banking
Loan Portfolio/Other
F I N A N C I AL
R E S U L T S
Key Statistics
ROE
1
2
1
Credit costs in 1Q08 include a $1.7B addition to
allowance (including $1.1B home equity and
$417mm subprime mortgage) and higher net
charge-offs across all segments
Expense growth of 7% YoY reflects higher
mortgage production and servicing expense and
investments in retail distribution
Regional Banking net loss of $433mm reflects a
significant increase in the provision for credit
losses. Net revenue of $3.4B was up 11% YoY,
benefiting from higher loan balances, wider loan
spreads, increased deposit-related fees and
higher deposit balances
Mortgage Banking net income of $132mm was up
57% YoY driven by increased production revenue
Auto Finance net income of $74mm declined 13%
YoY primarily due to increased credit costs
Actual numbers for all periods, not over/under
The net charge-off rate for 1Q08 and 4Q07 excluded $14mm and $2mm, respectively, of charge-offs related to prime mortgage loans held by Treasury in the Corporate sector
7
9. Home Equity
JPM 30-day delinquency trend
JPM 30-day delinquency trend
Key statistics
Key statistics
1Q08
2.25%
EOP owned portfolio ($B)
2.00%
Net charge-offs ($mm)
1.75%
Net charge-off rate
4Q07
1Q07
$95.0
$94.8
$87.7
$447
$248
$68
1.89%
1.05%
0.32%
1.50%
1.25%
1.00%
Sep05
Dec-
Mar-
Jun-
Sep-
Dec-
Mar-
Jun-
Sep-
Dec-
Mar-
05
06
06
06
06
07
07
07
07
08
Comments on home equity
Comments on home equity
F I N A N C I AL
R E S U L T S
1Q08 addition to allowance for loan losses of $1.1B is sufficient to cover annual net chargeoffs of approximately $2.6B
Significant underwriting changes made over the past year include elimination of stated
income loans and state/MSA based reductions in maximum CLTVs based on expected housing
price trends. Maximum CLTVs now range from 60% to 85%
2008 originations are expected to be down significantly from 2006-2007 levels
High CLTVs continue to perform poorly, exacerbated by housing price declines in key
geographies
Note: CLTV = Combined-Loan-to-Value. This metric represents how much equity the borrower has in the property
8
10. Subprime Mortgage
JPM 30-day delinquency trend
JPM 30-day delinquency trend
Subprime mortgage key statistics
Subprime mortgage key statistics
1Q08
Subprime
18%
EOP owned portfolio ($B)1
15%
4Q07
1Q07
$15.8
$15.5
$9.0
12%
EOP held-for-sale ($B)
-
-
$3.7
9%
Net charge-offs ($mm)
$149
$71
$20
6%
Net charge-off rate
3.82%
2.08%
0.92%
3%
0%
Sep05
1
Dec05
Mar06
Jun06
Sep06
Dec06
Mar07
Jun07
Sep07
Dec07
Excludes mortgage loans held in the Community Development loan portfolio
Mar08
Comments on subprime mortgage portfolio
Comments on subprime mortgage portfolio
1Q08 addition to allowance for loan losses of $417mm is sufficient to cover annual net chargeoffs of approximately $700mm
F I N A N C I AL
R E S U L T S
Portfolio experiencing credit deterioration as a result of risk layering and housing price declines
Additional underwriting changes have effectively eliminated new production in the current
environment
9
11. Prime Mortgage
Prime mortgage portfolio key statistics
Prime mortgage portfolio key statistics
JPM 30-day delinquency trend
JPM 30-day delinquency trend
1Q08
Prime
3.50%
EOP balances in Corporate ($B)
EOP balances in RFS ($B)
3.00%
2.50%
Total
2.00%
1.50%
Net charge-offs ($mm)
1.00%
Net charge-off rate
4Q07
1Q07
$41.1
4.0
$36.9
3.6
$26.5
7.4
$45.1
$40.5
$33.9
$50
$17
$3
0.48%
0.18%
0.04%
0.50%
0.00%
Sep05
Dec05
Mar06
Jun06
Sep06
Dec06
Mar07
Jun07
Sep07
Dec07
Mar08
F I N A N C I AL
R E S U L T S
Comments on prime mortgage portfolio
Comments on prime mortgage portfolio
1Q08 addition to allowance for loan losses of $256mm
Prime mortgage includes1:
$32.1B of jumbo mortgages
$2.6B of Alt-A mortgages
Recent underwriting changes for non-conforming loans include:
Eliminated stated income/assets in wholesale and correspondent channels
Reduced maximum allowable CLTVs in all markets and set even tighter CLTV limits in declining
home price markets
Note: CLTV = Combined-Loan-to-Value. This metric represents how much equity the borrower has in the property
1 $0.3B jumbo mortgages and $1.2B Alt-A mortgages are in warehouse
10
12. Card Services (Managed)
$ in millions
$ in millions
$ O/(U)
1Q08
F I N A N C I AL
R E S U L T S
Revenue
Credit Costs
Expense
Net Income
1
Key Statistics ($B)
Avg Outstandings
EOP Outstandings
Charge Volume
Net Accts Opened (mm)
Managed Margin
Net Charge-Off Rate
30-Day Delinquency Rate
ROO (pretax)
ROE
¹ Actual numbers for all periods, not over/under
$3,904
1,670
1,272
$609
$153.6
$150.9
$85.4
3.4
8.34%
4.37%
3.66%
2.52%
17%
4Q07
1Q07
($67)
(118)
49
-
$224
441
31
($156)
$151.7
$157.1
$95.5
5.3
8.20%
3.89%
3.48%
2.51%
17%
$149.4
$146.6
$81.3
3.4
8.11%
3.57%
3.07%
3.28%
22%
Net income of $609mm down by $156mm,
or 20% YoY; decline in results driven by
increase in credit costs
Credit costs up by $441mm, or 36% YoY due
to a higher level of charge-offs and an
$85mm prior-year reduction of the
allowance for loan losses
Average outstandings of $153.6B up 3% YoY
and 1% QoQ
Charge volume growth of 5% YoY reflects a
10% increase in sales volume, offset
partially by a lower level of balance
transfers, the result of more targeted
marketing efforts
Revenue of $3.9B up by $224mm or 6% YoY
Managed margin increased to 8.34% from
8.11% YoY and 8.20% in the prior quarter
Expense of $1.3B up by $31mm, or 2% YoY,
primarily due to higher marketing expense
11
13. Commercial Banking
$ in millions
$ in millions
$ O/(U)
1Q08
Revenue
$1,067
4Q07
1Q07
($17)
$64
Middle Market Banking
706
11
45
Mid-Corporate Banking
207
(32)
(5)
Real Estate Banking
97
(5)
(5)
Other
57
9
29
Credit Costs
101
(4)
84
Expense
485
(19)
-
$292
$4
Net Income
Key Statistics ($B)
R E S U L T S
Avg Loans & Leases
2
Avg Liability Balances
F I N A N C I AL
($12)
1
$68.0
$65.5
$57.7
$99.5
$96.7
$81.8
Overhead Ratio
Net Charge-Off Rate
45%
0.48%
46%
0.21%
48%
(0.01)%
Allowance for loan losses
to average loans
2.65%
2.66%
2.68%
17%
17%
Net income of $292mm down 4% YoY
driven by an increase in the provision
for credit losses, largely offset by
higher net revenue
Average loans up 18% and liability
balances up 22% YoY
Revenue of $1.1B up 6% YoY primarily
due to higher treasury services and
lending revenue, partially offset by
lower IB revenue
Credit costs reflect higher net chargeoffs, primarily related to residential
real estate, the effect of the
weakening credit environment and
growth in loan balances
20%
ROE
Expense relatively flat YoY, with
overhead ratio of 45%
¹ Actual numbers for all periods, not over/under
2 Includes deposits and deposits swept to on-balance sheet liabilities
12
14. Treasury & Securities Services
$ in millions
$ in millions
Net income of $403mm up 53% YoY
$ O/(U)
Pretax margin of 34%
1Q08
Net Income
Key Statistics
(11)
124
Assets under custody up 7% YoY
(6)
263
Revenue up 25% YoY driven by:
1,228
Expense
$387
1,100
Worldwide Securities Svcs
($17)
813
Treasury Services
1Q07
$1,913
Revenue
4Q07
6
153
$403
($19)
$140
1
Avg Liability Balances ($B)
2
$254.4
$210.6
$15.7
Assets under Custody ($T)
$250.6
$15.9
$14.7
F I N A N C I AL
34%
35%
27%
ROE
R E S U L T S
Pretax Margin
46%
56%
36%
TSS Firmwide Revenue
$2,598
$2,636
$2,142
TS Firmwide Revenue
$1,498
$1,530
$1,305
$353.8
$347.4
$292.4
TSS Firmwide Avg Liab Bal ($B)
1
2
2
Actual numbers for all periods, not over/under
Includes deposits and deposits swept to on-balance sheet liabilities
Liability balances up 21% YoY
Double-digit revenue growth in both
TS and WSS
Higher client volumes across
businesses
WSS benefited from wider spreads in
securities lending and foreign
exchange driven by recent market
conditions
Expense up 14% YoY driven by:
Higher expense related to business
and volume growth
Investment in new product platforms
13
15. Asset Management
$ in millions
$ in millions
$ O/(U)
1Q08
Net income of $356mm down 16% YoY and 32% QoQ
4Q07
1Q07
$1,901
($488)
($3)
Private Bank
655
(58)
95
Institutional
490
(264)
(61)
Retail
466
(174)
(61)
Private Client Services
290
8
24
16
17
25
1,323
(236)
88
$356
($171)
($69)
Revenue
Credit Costs
Expense
Net Income
Key Statistics ($B)
1
$1,193
$1,053
Assets under Supervision
$1,569
$1,572
$1,395
$36.6
$32.6
$25.6
$68.2
$64.6
$54.8
R E S U L T S
$1,187
Average Loans
F I N A N C I AL
Assets under Management
Pretax Margin
30%
35%
36%
ROE
29%
52%
Pretax margin of 30%
Revenue of $1.9B flat YoY as the benefit from higher
AUM and deposit and loan growth was offset by
lower performance fees and lower market valuations
for seed capital investments
Revenue decline of 20% QoQ driven by seasonality in
the recognition of performance fees and a decline in
AUM due to lower market levels
Assets under management of $1.2T, up 13% YoY and
flat QoQ
Net AUM inflows of $47B for 1Q08 and $143B for
the past twelve months
1Q08 AUM balances affected by markets
Continued mixed global investment performance
75% of mutual fund AUM ranked in first or second
quartiles over past five years; 73% over past three
years; 52% over one year
46%
2
Average Deposits
1
2
Expense up 7% YoY, driven by higher compensation
related to increased headcount
Actual numbers for all periods, not over/under
Reflects the transfer in 2007 of held-for-investment prime mortgage loans from AM to Treasury within the Corporate segment
14
16. Corporate/Private Equity
$ in millions
$ in millions
$ O/(U)
Private Equity
1Q08
Private Equity
Corporate ex. Visa
1Q07
$57
($299)
($641)
1
Net Income
15
108
44
955
Visa
955
955
$1,027
Includes after-tax merger costs of $14mm in 4Q07 and $38mm in 1Q07
$778
$396
Private Equity gains of $189mm in 1Q08
EOP Private Equity portfolio of $6.6B
Represents 8.3% of common equity less
goodwill
Corporate
Net income of $15mm excluding sale
proceeds on Visa
Sale proceeds of $955mm (after-tax) on
the sale of Visa shares in initial public
offering
F I N A N C I AL
R E S U L T S
1
4Q07
15
17. Capital Management / Fortress Balance Sheet
$ in billions
$ in billions
1Q08
4Q07
1Q07
Tangible Common Equity
$74.0
$71.9
$65.7
Common Shareholders' Equity less Goodwill
$79.9
$78.0
$72.6
$89.6
$88.7
$82.5
$1,075.9
$1,051.9
$972.8
Tier 1 Capital Ratio
8.3%
8.4%
8.5%
2
12.5%
12.6%
11.8%
6.0%
6.0%
6.2%
6.8%
6.7%
6.6%
1
Tier 1 Capital
2
Risk Weighted Assets
2
2
Total Capital Ratio
2
Leverage Ratio
1,2
TCE/Managed RWA
Strong capital positions with Tier I capital ratio at 8.3% (estimated)
Strong liquidity and funding position
F I N A N C I AL
R E S U L T S
Reserve coverage ratios remain strong:
Allowance for loan losses to loans
Allowance for loan losses to loans
1Q08
See note 1 on slide 20
Estimated for 1Q08
2.00%
1.23%
0.79%
Card Services
2
1Q07
Consumer ex. Card
1
4Q07
4.49%
4.04%
3.96%
Investment Bank
2.55%
1.93%
1.76%
Commercial Banking
2.65%
2.66%
2.68%
16
18. Bear Stearns Transaction Update
Expect closing by June 30, 2008
Increase in capital at closing of approximately $5B +/Estimated adjustments to book value include:
— Bear Stearns results through closing
— Cost of de-leveraging / de-risking the balance sheet
— Purchase accounting, restructuring, litigation, etc.
Extraordinary gain will be reflected in 2Q08 results
Ongoing merger costs in second half of 2008
F I N A N C I AL
R E S U L T S
Capital ratios will remain strong after Bear Stearns transaction
17
19. Bear Stearns Merger Integration Update
Execution
Firmwide Merger Integration Office established
Each business area and function represented
Day 1 Integration Plan / Milestones established
90% complete with acquisition suite selection
Named new IB Management Team for the combined firm
Aiming for next level of announcements by the end of April
People
Completed people mapping – all 14,000 people tracked to appropriate JPM area
F I N A N C I AL
R E S U L T S
Set up groundbreaking “Talent Network” to help place all employees not offered
positions with JPMorgan Chase
Aggregated and categorized all market / credit risk positions
Risks
Revised risk limits to match appetite
Progress made in hedging / de-risking outsized risk positions for combined firm
18
20. 2008 Outlook
Investment Bank
Investment Bank
Good market share but lower IB fees
Reduced trading expectations for
foreseeable future
Strong credit reserves; credit losses are
idiosyncratic
CB
CB
Good underlying growth
Strong reserves but credit normalizing
TSS
TSS
Good underlying growth, which includes
benefit of recent market conditions
Retail Financial Services
Retail Financial Services
Solid underlying growth
Continued deterioration in home equity,
subprime and prime mortgage
AM
AM
Lower revenue given lower markets
Good growth in new assets under
management
F I N A N C I AL
R E S U L T S
Card Services
Card Services
2008 losses of 4.50%-5.00% +/- depend on
economy and unemployment
Slowing card spend
Corporate/Private Equity
Corporate/Private Equity
Private Equity
Results will be volatile by quarter
Low visibility
Corporate
Expect combined net loss to be $50mm –
$100mm per quarter in 2008
19
21. Notes on non-GAAP financial measures and forward-looking statements
This presentation includes non-GAAP financial measures.
1.
TCE as used on slide 2 for purposes of a return on tangible common equity and presented as Tangible Common Equity on slide 16 (line 1) is defined as
common stockholders’ equity less identifiable intangible assets (other than MSRs) and goodwill. TCE as used in slide 16 (line 8) in the TCE/Managed
RWA ratio, which is used for purposes of a capital strength calculation, is defined as common stockholders’ equity plus a portion of junior subordinated
notes (which have certain equity-like characteristics due to their subordinated and long-term nature) less identifiable intangible assets (other than
MSRs) and goodwill. The latter definition of TCE is used by the firm and some analysts and creditors of the firm when analyzing the firm’s capital
strength. The TCE measures used in this presentation are not necessarily comparable to similarly titled measures provided by other firms due to
differences in calculation methodologies.
2.
Financial results are presented on a managed basis, as such basis is described in the firm’s Annual Report on Form 10-K for the year ended December
31, 2007.
3.
All non-GAAP financial measures included in this presentation are provided to assist readers in understanding certain trend information. Additional
information concerning such non-GAAP financial measures can be found in the above-referenced filings, to which reference is hereby made.
F I N A N C I AL
R E S U L T S
Forward looking statements
This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based upon
the current beliefs and expectations of JPMorgan Chase’s management and are subject to significant risks and uncertainties. Actual results may differ from those
set forth in the forward-looking statements. Factors that could cause JPMorgan Chase’s results to differ materially from those described in the forward-looking
statements can be found in the firm’s Annual Report on Form 10-K for the year ended December 31, 2007 and its March 24, 2008 Current Report on Form 8-K, both
filed with the United States Securities and Exchange Commission (SEC) and available at the SEC’s Internet site (http://www.sec.gov).
Additional Information
In connection with the proposed merger with The Bear Stearns Companies Inc (Bear Stearns), JPMorgan Chase has filed with the SEC a Registration Statement on
Form S-4 that includes a preliminary proxy statement of Bear Stearns that also constitutes a prospectus of JPMorgan Chase. Bear Stearns will mail the definitive
proxy statement/prospectus, when it becomes available, to its stockholders. JPMorgan Chase and Bear Stearns urge investors and security holders to read the
definitive proxy statement/prospectus, when it becomes available, because it will contain important information. You may obtain copies of all documents filed with
the SEC regarding this transaction, free of charge, at the SEC's website (www.sec.gov). You may also obtain these documents, free of charge, from JPMorgan Chase’s
website (www.jpmorganchase.com) under the tab "Investor Relations," then under the heading "Financial Information," then under the item "SEC Filings," and then
under the item “Display all of the above SEC filings.” You may also obtain these documents, free of charge, from Bear Stearns's website (www.bearstearns.com)
under the heading "Investor Relations" and then under the tab "SEC Filings."
JPMorgan Chase, Bear Stearns and their respective directors, executive officers and certain other members of management and employees may solicit proxies from
Bear Stearns stockholders in favor of the merger. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation
of the Bear Stearns stockholders in connection with the proposed merger will be set forth in the definitive proxy statement/prospectus filed with the SEC. You can
find information about JPMorgan Chase’s executive officers and directors in its proxy statement filed with the SEC on March 31, 2008. You can find information
about Bear Stearns’s executive officers and directors in the amendment to its Annual Report on Form 10-K filed with the SEC on March 31, 2008. You can obtain free
copies of these documents from JPMorgan Chase and Bear Stearns using the contact information above.
20