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.
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
1) JPMorgan Chase reported earnings of $2.4 billion on revenue of $17.9 billion for 1Q08, down 49% from record earnings in 1Q07. EPS was $0.68.
2) The Investment Bank took markdowns of $2.6 billion related to subprime, Alt-A, prime mortgages, and leveraged lending commitments. It reported a net loss of $87 million on revenue of $3 billion, down 52% year-over-year.
3) The firm increased its credit reserves by $2.5 billion, including $1.1 billion related to the home equity portfolio. It transferred $4.9 billion of lever
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 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.
Merrill Lynch reported a net loss of $1.97 billion for Q1 2008 compared to net earnings of $2.03 billion in Q1 2007. Revenues fell 69% to $2.9 billion due to write-downs related to US ABS CDOs and credit valuation adjustments on hedges with financial guarantors. However, Global Wealth Management saw record quarterly revenues with strong fee income and $9 billion in annuity inflows. While investment banking revenues fell 40% due to lower deal volumes, the business pipeline was only down 5% overall from year-end levels.
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
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 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
1) JPMorgan Chase reported earnings of $2.4 billion on revenue of $17.9 billion for 1Q08, down 49% from record earnings in 1Q07. EPS was $0.68.
2) The Investment Bank took markdowns of $2.6 billion related to subprime, Alt-A, prime mortgages, and leveraged lending commitments. It reported a net loss of $87 million on revenue of $3 billion, down 52% year-over-year.
3) The firm increased its credit reserves by $2.5 billion, including $1.1 billion related to the home equity portfolio. It transferred $4.9 billion of lever
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 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.
Merrill Lynch reported a net loss of $1.97 billion for Q1 2008 compared to net earnings of $2.03 billion in Q1 2007. Revenues fell 69% to $2.9 billion due to write-downs related to US ABS CDOs and credit valuation adjustments on hedges with financial guarantors. However, Global Wealth Management saw record quarterly revenues with strong fee income and $9 billion in annuity inflows. While investment banking revenues fell 40% due to lower deal volumes, the business pipeline was only down 5% overall from year-end levels.
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
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 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 third quarter 2009 net income of $3.6 billion, an improvement from $527 million in the third quarter of 2008. Revenue was $28.8 billion, a record level for the year to date. Credit costs remained high at $2 billion added to consumer credit reserves, bringing the total to $31.5 billion. The firm's capital levels were strengthened with Tier 1 Common Capital reaching $101 billion, or 8.2% of the total. While signs of stability were seen in consumer credit, continued uncertainty remains around the economy. JPMorgan Chase aims to continue investing in its businesses through the challenging environment.
Hancock Holding Company reported a 69% increase in first quarter 2009 net income compared to fourth quarter 2008. Net income was $14.0 million for first quarter 2009, up from $8.3 million in fourth quarter 2008. Compared to first quarter 2008, net income was down 30%. Non-performing assets increased to $44.3 million as of March 31, 2009, with non-accrual loans rising to $38.3 million. However, net charge-offs declined 53 basis points from fourth quarter 2008 to 0.67% of average loans. Overall, while asset quality issues continue to impact results, the company showed improvement in key metrics compared to previous quarters.
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.
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 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.
- 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.
Dossier de presse Nouvelle application mobile ALLIA : Toute l’expertise du sp...Allia_Salle_De_Bains
ALLIA a développé une application mobile gratuite, disponible en version Smartphone, sur App Store et Google Play, pour faciliter l’accès des professionnels (installateurs
et distributeurs) à toute l’expertise de la marque et retrouver lors d’un chiffrage, d’une installation ou d’un
rendez-vous avec un client :
• les fiches techniques,
• les notices d’installation,
• des vidéos de montage et de présentation des produits,
• les visuels des produits,
• les catalogues tarif et Collections,
• un système de géolocalisation pour trouver le distributeur le plus proche de son chantier,
• l’actualité de la marque régulièrement mise à jour.
La navigation tactile et intuitive offre un confort de lecture unique.
La contabilidad es la disciplina que estudia, mide y analiza el patrimonio y la situación financiera de las organizaciones para facilitar la dirección y el control. Tiene como objetivo proporcionar información sobre los resultados obtenidos en un período de tiempo para ayudar a los usuarios a tomar decisiones racionales sobre el control de la gestión pasada y las estimaciones de resultados futuros.
This document contains a design portfolio for Jirka Hladis that includes 6 projects: 1) a pressure control system for a tissue engineering bioreactor, 2) a pellet dispenser using a stepper motor, encoder, IR sensor and PLC, 3) an autonomous robot for playing Capture the Flag, 4) integration of instruments for a qPCR workflow, 5) a Pong game using a PIC for logic and mouse input and an FPGA for graphics and sound, and 6) a piping tool for a robotic arm.
Meg Griesmer is an experienced graphic designer with over 20 years of experience designing print and digital materials for companies like Deloitte and her own firm, CleanSlate Graphic Design. She has extensive experience designing magazines, brochures, advertisements, logos, and other materials. She is proficient in programs like Photoshop, Illustrator, and InDesign. Feedback from past clients and colleagues has praised her creativity, work ethic, organizational skills, and ability to meet tight deadlines.
Este documento proporciona instrucciones para descargar e instalar Microsoft Word desde un CD e incluye consejos breves sobre cómo realizar tareas comunes en Word como aplicar negrita, crear un nuevo documento, editar imágenes, alinear texto, agregar encabezados, pies de página, guardar documentos, cambiar el color de fondo y trabajar con tablas y columnas.
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.
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.
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 $672 million in the prior year, with credit costs down year-over-year.
1Q08
4Q07
1Q07
EOP owned portfolio ($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
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 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 third quarter 2009 net income of $3.6 billion, an improvement from $527 million in the third quarter of 2008. Revenue was $28.8 billion, a record level for the year to date. Credit costs remained high at $2 billion added to consumer credit reserves, bringing the total to $31.5 billion. The firm's capital levels were strengthened with Tier 1 Common Capital reaching $101 billion, or 8.2% of the total. While signs of stability were seen in consumer credit, continued uncertainty remains around the economy. JPMorgan Chase aims to continue investing in its businesses through the challenging environment.
Hancock Holding Company reported a 69% increase in first quarter 2009 net income compared to fourth quarter 2008. Net income was $14.0 million for first quarter 2009, up from $8.3 million in fourth quarter 2008. Compared to first quarter 2008, net income was down 30%. Non-performing assets increased to $44.3 million as of March 31, 2009, with non-accrual loans rising to $38.3 million. However, net charge-offs declined 53 basis points from fourth quarter 2008 to 0.67% of average loans. Overall, while asset quality issues continue to impact results, the company showed improvement in key metrics compared to previous quarters.
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.
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 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.
- 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.
Dossier de presse Nouvelle application mobile ALLIA : Toute l’expertise du sp...Allia_Salle_De_Bains
ALLIA a développé une application mobile gratuite, disponible en version Smartphone, sur App Store et Google Play, pour faciliter l’accès des professionnels (installateurs
et distributeurs) à toute l’expertise de la marque et retrouver lors d’un chiffrage, d’une installation ou d’un
rendez-vous avec un client :
• les fiches techniques,
• les notices d’installation,
• des vidéos de montage et de présentation des produits,
• les visuels des produits,
• les catalogues tarif et Collections,
• un système de géolocalisation pour trouver le distributeur le plus proche de son chantier,
• l’actualité de la marque régulièrement mise à jour.
La navigation tactile et intuitive offre un confort de lecture unique.
La contabilidad es la disciplina que estudia, mide y analiza el patrimonio y la situación financiera de las organizaciones para facilitar la dirección y el control. Tiene como objetivo proporcionar información sobre los resultados obtenidos en un período de tiempo para ayudar a los usuarios a tomar decisiones racionales sobre el control de la gestión pasada y las estimaciones de resultados futuros.
This document contains a design portfolio for Jirka Hladis that includes 6 projects: 1) a pressure control system for a tissue engineering bioreactor, 2) a pellet dispenser using a stepper motor, encoder, IR sensor and PLC, 3) an autonomous robot for playing Capture the Flag, 4) integration of instruments for a qPCR workflow, 5) a Pong game using a PIC for logic and mouse input and an FPGA for graphics and sound, and 6) a piping tool for a robotic arm.
Meg Griesmer is an experienced graphic designer with over 20 years of experience designing print and digital materials for companies like Deloitte and her own firm, CleanSlate Graphic Design. She has extensive experience designing magazines, brochures, advertisements, logos, and other materials. She is proficient in programs like Photoshop, Illustrator, and InDesign. Feedback from past clients and colleagues has praised her creativity, work ethic, organizational skills, and ability to meet tight deadlines.
Este documento proporciona instrucciones para descargar e instalar Microsoft Word desde un CD e incluye consejos breves sobre cómo realizar tareas comunes en Word como aplicar negrita, crear un nuevo documento, editar imágenes, alinear texto, agregar encabezados, pies de página, guardar documentos, cambiar el color de fondo y trabajar con tablas y columnas.
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.
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.
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 $672 million in the prior year, with credit costs down year-over-year.
1Q08
4Q07
1Q07
EOP owned portfolio ($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
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
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.
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.
- 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 $2.4 billion for the first quarter of 2008, down 49% from the first quarter of 2007. Earnings per share were $0.68 compared to $1.34 in the prior year. The Investment Bank saw significant declines in revenue and increased credit losses. Retail Financial Services also reported an increased provision for credit losses related to deteriorating home equity and subprime mortgage portfolios. However, the firm maintained a strong capital position with a Tier 1 capital ratio of 8.3%. JPMorgan also announced the planned acquisition of Bear Stearns during the quarter to enhance client services.
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 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.
Citi reported revenues of $24.8 billion for the first quarter of 2009, nearly double the prior year period. Net income was $1.6 billion. Results were driven by strong performance in institutional banking, though offset by higher credit costs. Credit costs totaled $10.3 billion, up 76% due to increased net credit losses and loan loss reserves. The CEO commented that clients remained engaged with Citi and that the company would continue reducing legacy risks and improving efficiency.
- JPMorgan Chase reported net income of $9.1 billion for Q3 2019, up 8% from the prior year. Revenue was $30.1 billion, up 8%, driven by growth in consumer and investment banking.
- Consumer & Community Banking revenue was $14.3 billion, up 7%, helped by higher deposits and auto/credit card volumes, though home lending revenue fell due to loan sales.
- Corporate & Investment Bank revenue was $9.3 billion, up 6%, with record investment banking fees and strong fixed income markets, though equity markets fell.
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.
- Discover Financial reported a 5% increase in diluted EPS to $1.35 for Q1 2016. Revenue net of interest expense grew 2% to $2.2 billion, as loan growth offset the lack of mortgage income. Provision for loan losses increased 9% due to a higher reserve build. Expenses grew 1% as increases in compliance costs offset reductions from exiting mortgage origination. Credit quality improved with net charge-offs up 3% and delinquency rates mostly stable.
- 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.
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 declined from reductions to loan loss reserves. However, increases to litigation reserves reduced earnings. Overall, the company delivered solid results with improved credit performance.
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.
- 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 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.
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.
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.
How Does CRISIL Evaluate Lenders in India for Credit RatingsShaheen Kumar
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Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
5 Tips for Creating Standard Financial ReportsEasyReports
Well-crafted financial reports serve as vital tools for decision-making and transparency within an organization. By following the undermentioned tips, you can create standardized financial reports that effectively communicate your company's financial health and performance to stakeholders.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...Donc Test
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting, 8th Canadian Edition by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Ebook Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Pdf Solution Manual For Financial Accounting 8th Canadian Edition Pdf Download Stuvia Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Financial Accounting 8th Canadian Edition Ebook Download Stuvia Financial Accounting 8th Canadian Edition Pdf Financial Accounting 8th Canadian Edition Pdf Download Stuvia
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
2. 3Q10 Financial highlights
3Q10 Net income of $4.4B; EPS of $1.01; revenue1 of $24.3B
Results include the following significant items:
$ in millions, excluding EPS
Net Income
EPS
Card reduction to loan loss allowance
$930
$0.22
Corporate increase to litigation reserve
(776)
(0.18)
RFS increase to mortgage repurchase reserve
(622)
(0.15)
Delivered solid business results, combined with reduced credit costs:
Investment Bank reported solid earnings; #1 year-to-date rankings for Global Investment Banking Fees
and Global Debt, Equity and Equity-related
Retail Financial Services reported strong mortgage loan production; continued to invest in new branches
and sales force
FINANCIAL RESULTS
Card Services sales volume up compared with prior year and quarter; 2.7mm new accounts opened
during the quarter; net charge-offs and delinquencies continued to improve
Commercial Banking reported record quarterly revenue; completed purchase of $3.5B loan portfolio
Asset Management had strong net inflows of $38B during the quarter; added over 300 client advisors and
brokers year-to-date
Tier 1 Common2 of $110.8B, or 9.5%; Credit reserves at $35.0B; loan loss coverage ratio at 5.12% of total
loans3
1
2
3
See note 1 on slide 22
See note 3 on slide 22
See note 2 on slide 22
1
3. 3Q10 Financial results1
$ in millions, excluding EPS
$ O/(U)
3Q10
2Q10
3Q09
$24,335
($1,278)
($4,445)
3,223
(140)
(6,579)
Expense
14,398
(233)
943
Reported Net Income
$4,418
($377)
$830
Net Income Applicable to Common
$4,019
($344)
$779
$1.01
($0.08)
$0.19
Revenue (FTE)1
Credit Costs1
Reported EPS
1
3
12%
9%
15%
17%
13%
ROTCE2,3
2
10%
ROE Net of GW 2
FINANCIAL RESULTS
ROE2
15%
17%
14%
Revenue is on a fully taxable-equivalent (FTE) basis. See note 1 on slide 22
Actual numbers for all periods, not over/under
See note 4 on slide 22
2
4. Investment Bank
Net income of $1.3B on revenue of $5.4B
$ in millions
ROE of 13%
$ O/(U)
3Q10
Revenue
$5,353
2Q10
($979)
IB fees of $1.5B down 9% YoY
3Q09
($2,155)
Investment Banking Fees
1,502
97
Fixed Income Markets
3,123
(440)
Equity Markets
1,135
97
194
(407)
(733)
(305)
(142)
183
(521)
3,704
(818)
(570)
$1,286
($95)
($635)
69%
71%
57%
38%
37%
37%
$53.6
$57.3
$60.3
$2.0
$2.1
$4.7
$2.4
$2.3
$4.9
0.25%
3.85%
0.21%
3.98%
4.86%
8.44%
VAR ($mm)
13%
$99
14%
$90
23%
$143
EOP Equity
$40.0
$40.0
Ranked #1 YTD in Global Investment Banking
Fees
$33.0
Credit Portfolio
Credit Costs
Expense
Net Income
(156)
(1,888)
Fixed Income Markets revenue of $3.1B down 38%
YoY, reflecting lower results in credit and rates
markets
Equity Markets revenue of $1.1B reflecting solid
client revenue
Key Statistics ($B)1
Overhead Ratio
Comp/Revenue
2
EOP Loans
Allowance for Loan Losses
NPLs
Net Charge-off Rate3
ALL / Loans 3
ROE4
FINANCIAL RESULTS
5
Credit Portfolio loss of ($407)mm primarily
reflecting negative net impact of credit spreads on
derivative assets and liabilities partially offset by
NII and fees on retained loans
Credit cost benefit of $142mm reflecting a
reduction in allowance largely related to net
repayments and loan sales
Expense of $3.7B down 13% YoY, primarily due to
lower performance-based compensation
1
Actual numbers for all periods, not over/under
excludes payroll tax expense related to the U.K. Bank Payroll Tax on certain compensation
awarded from 12/9/2009 to 4/5/2010 to relevant banking employees, which is a non-GAAP financial
measure
3 Loans held-for-sale and loans at fair value were excluded when calculating the loan loss coverage
ratio and net charge-off rate
4 Calculated based on average equity; 3Q10, 2Q10 and 3Q09 average equity was $40B, $40B, and
$33B, respectively
5 Average Trading and Credit Portfolio VAR at 95% confidence interval
2 2Q10
3
5. Retail Financial Services
$ in millions
Retail Financial Services net income of $907mm compared with
$7mm in the prior year
$ O/(U)
3Q10
2Q10
Retail Banking net income of $848mm down 19% YoY:
3Q09
Total revenue of $4.4B down 3% YoY driven by declining
deposit-related fees, largely offset by a shift to wider-spread
deposit products and higher debit card income
Retail Financial Services
Net income
$907
($135)
ROE1,2
13%
15%
-
$28
$28
$25
1
EOP Equity ($B)
$900
Credit costs of $175mm down 16% YoY
Expense up 5% YoY resulting from sales force increases in
Business Banking and bank branches
Retail Banking
Net Interest Income
2,745
33
13
Noninterest Revenue
1,691
7
(153)
$4,436
$40
($140)
Total Revenue
Credit Costs
175
7
(33)
Expense
2,779
146
133
Net Income
$848
($66)
Mortgage Banking & Other Consumer Lending net income of
$207mm down 50% YoY:
($195)
Mortgage Banking net income of $26mm down $254mm YoY
– Mortgage Banking total revenue, excluding repurchase
losses, of $2.5B up 45% YoY driven by higher origination
volumes and wider margins
Mortgage Banking & Other Consumer Lending
Net Interest Income
809
17
(25)
1,076
(180)
(125)
$1,885
($163)
($150)
176
1
(46)
Expense
1,348
105
209
Net Income
$207
($157)
($205)
$1,055
($223)
($400)
23%
28%
38%
1,304
(9)
(284)
Noninterest Revenue
Total Revenue
Credit Costs
RFS Net Income Excl. Real Estate Portfolios
ROE1,3
– Repurchase losses of $1.5B, up $1.0B YoY
– Mortgage Banking expense up 21% YoY due to defaultrelated costs and higher production volumes
Auto net income of $197mm up $84mm YoY reflecting lower net
charge-offs
Real Estate Portfolios net loss of $148mm compared with a net
loss of $1.4B in the prior year
FINANCIAL RESULTS
Real Estate Portfolios
Net Interest Income
Noninterest Revenue
Total Revenue
Credit Costs
Expense
Net Income
Total revenue of $1.3B down 18% YoY due to balance run-off
and a decline in mortgage loan yields
21
(31)
2
$1,325
($40)
($282)
Credit costs of $1.2B on lower net charge-offs reflecting
improved delinquency trends, and absence of reserve build
1,197
(175)
(2,361)
Expense down 5% YoY
390
(15)
(21)
($148)
$88
$1,300
1
Actual numbers for all periods, not over/under
Calculated based on average equity; average equity for 3Q10, 2Q10 and 3Q09 was $28B, $28B and $25B,
respectively
3 Calculated based on average equity; average equity for 3Q10, 2Q10 and 3Q09 was $18.3B, $18.3B and $15.2B,
respectively
2
4
6. Retail Financial Services — drivers
Retail Banking ($ in billions)
Average deposits of $335.5B down 1% both YoY and QoQ:
3Q10
2Q10
3Q09
Average Deposits
$335.5
$337.8
$339.6
Deposit Margin
3.08%
27.0
3.05%
26.4
2.99%
25.5
5,192
5,159
5,126
# of ATMs
15,815
15,654
15,038
Investment Sales ($mm)
$5,798
$5,756
$6,243
Key Statistics
Checking Accts (mm)
# of Branches
Business Banking Originations
$1.2
$1.2
$0.5
Avg Business Banking Loans
$16.6
$16.7
Deposit margin expansion YoY and QoQ reflects the portfolio shift
to wider spread deposit products
Branch production statistics:
Checking accounts up 6% YoY and 3% QoQ
Credit card sales up 1% YoY and down 10% QoQ
Mortgage originations up 37% YoY and 14% QoQ
Investment sales down 7% YoY and up 1% QoQ
$17.6
Business Banking originations up 91% YoY and down 8% QoQ
Mortgage Banking & Other Consumer Lending ($ in billions)
3Q10
2Q10
3Q09
Key Statistics
Mortgage Loan Originations
$40.9
Avg Loans
Auto
$1,099
$5.8
$6.9
$77.8
$67.5
$47.7
$43.3
$13.6
$16.7
2Q10
3Q09
7.25%
7.01%
5.72%
$118.5
$122.0
$134.0
$115.0
$119.7
$131.1
Auto originations down 12% YoY and up 5% QoQ:
– Decrease YoY driven primarily by CARS program in prior year
$15.3
3Q10
Mortgage loan originations up 10% YoY and 27% QoQ
$8.9
$14.8
Mortgage
Student Loans and Other
$47.5
$13.6
1
FINANCIAL RESULTS
$37.1
$1,055
$76.1
Auto Originations
$32.2
$1,013
$6.1
3rd Party Mortgage Loans Svc'd
Total Mortgage Banking & Other Consumer Lending originations of
$47.2B:
3rd party mortgage loans serviced down 8% YoY and 4% QoQ
Real Estate Portfolios ($ in billions)
Key Statistics
ALL / Loans (excl. credit-impaired)
Avg Home Equity Loans Owned
Avg Mortgage Loans Owned2
1 Predominantly
2
represents loans repurchased from Government National Mortgage Associated
(GNMA) pools, which are insured by U.S. government agencies
2 Includes purchased credit-impaired loans acquired as part of the WaMu transaction
5
Average loans decreased 12% YoY and 3% QoQ reflecting run-off in
the portfolios
7. Home Lending update
Key statistics1
Overall commentary
3Q10
2Q10
$91.7
$94.8
$104.8
56.7
57.8
60.1
12.0
12.6
13.3
$730
$796
$1,142
265
264
525
206
282
422
Home Equity
3.10%
3.32%
4.25%
Prime Mortgage
1.84%
1.79%
3.45%
Subprime Mortgage
6.64%
8.63%
12.31%
$1,251
4,360
$1,211
4,594
$1,598
3,974
2,649
3,115
Delinquencies in 3Q flat QoQ
3Q09
3,233
EO P ow ned portf olio ($B)
Home Equity
Prime Mortgage
2
Subprime Mortgage
It is not clear when we will see delinquencies
improve
Net ch arge-offs ($mm)
Home Equity
Prime Mortgage
3
Subprime Mortgage
Outlook
Quarterly losses could be:
$1B for Home Equity
Net ch arge-off rate
$0.4B for Prime Mortgage
$0.4B for Subprime Mortgage
Nonperforming loans ($mm)
Home Equity
Prime Mortgage 3
Subprime Mortgage
Purchased credit-impaired loans
Total purchased credit-impaired portfolio divided
into separate pools for impairment analysis
FINANCIAL RESULTS
1
Excludes 3Q10 EOP home equity, prime mortgage and subprime mortgage purchased creditimpaired loans of $25.0B, $17.9B and $5.5B, respectively, acquired as part of the WaMu
transaction
2 Ending balances include all noncredit-impaired prime mortgage balances held by Retail
Financial Services, including $12.4B, $12.0B and $8.6B for 3Q10, 2Q10 and 3Q09, respectively,
of loans repurchased from GNMA pools that are insured by U.S. government agencies. These
loans are included in Mortgage Banking & Other Consumer Lending
3 Net charge-offs and nonperforming loans exclude loans repurchased from GNMA pools that are
insured by U.S. government agencies
No increase in the allowance for loan losses
during the quarter
If delinquencies and severities remain flat –
additional impairment over the next two years
could be $3B+/-
6
8. Card Services1
Net income of $735mm compared with a net loss
of $700mm in the prior year
$ in millions
$ O/(U)
3Q10
2Q10
$4,253
$36
($906)
Credit Costs
1,633
(588)
(3,334)
Expense
1,445
9
139
$735
$392
$1,435
3.33%
1.54%
(2.61)%
19%
9%
(19)%
$15.0
$15.0
$15.0
Avg Outstandings
$124.9
$129.8
$146.9
EOP Outstandings
$121.9
$127.4
$144.1
$76.8
$75.4
$71.2
2.7
2.7
2.4
Net Interest Margin
8.98%
8.47%
9.10%
Net Charge-Off Rate
8.06%
9.02%
9.41%
30+ Day Delinquency Rate
4.13%
4.48%
Credit costs of $1.6B reflect lower net charge-offs
and a reduction of $1.5B to the allowance for
loan losses, reflecting lower estimated losses
3Q09
5.38%
Revenue
Net Income
Net charge-off rate (excluding the WaMu
portfolio) of 8.06% down from 9.02% in 2Q10
and 9.41% in 3Q09
2
Key Statistics Incl. WaMu ($B)
ROO (pretax)
ROE
3
EOP Equity
End-of-period outstandings (excluding the WaMu
portfolio) of $121.9B down 15% YoY and 4%
QoQ
Key Statistics Excl. WaMu ($B)2
Sales Volume
New Accts Opened (mm)
1
FINANCIAL RESULTS
2
3
Sales volume (excluding the WaMu portfolio) of
$76.8B up 8% YoY and 2% QoQ
Revenue of $4.3B down 18% YoY and up 1%
QoQ
Revenue (excluding the WaMu portfolio) down
13% YoY and up 1% QoQ
See note 1 on slide 22
Actual numbers for all periods, not over/under
Calculated based on average equity; 3Q10, 2Q10 and 3Q09 average equity was $15B
Net interest margin (excluding the WaMu
portfolio) of 8.98% up from 8.47% in 2Q10 and
down from 9.10% in 3Q09
Expense up 11% YoY due to higher marketing
expense
7
9. Commercial Banking1
Net income of $471mm up 38% YoY
$ in millions
$ O/(U)
3Q10
Revenue
$1,527
2Q10
3Q09
$41
$68
Middle Market Banking
766
(1)
256
19
24
Mid-Corporate Banking
304
19
26
Real Estate Banking
118
(7)
11
QoQ increase reflects acquisition of a $3.5B
loan portfolio
(5)
Commercial Term Lending
(3)
Other
83
Credit Costs
Expense
166
560
401
Average liability balances of $137.9B up 26% YoY
Record revenue of $1.5B up 5% YoY
26
(189)
18
Credit costs were $166mm
15
Net Income
Key Statistics ($B)2
$471
($222)
Avg Loans & Leases
$130
$97.0
$95.9
$104.0
EOP Loans & Leases
$98.1
$95.5
$137.9
$136.8
$109.3
Allowance for Loan Losses
$2.7
$2.7
$3.1
NPLs
$2.9
$3.1
$2.3
0.89%
0.74%
1.11%
2.72%
2.82%
Net charge-offs of $218mm down 25% YoY and
up 24% QoQ
– QoQ increase largely related to commercial
real estate
$101.9
Avg Liability Balances 3
3.01%
Net Charge-Off Rate4
ALL / Loans
4
5
23%
35%
37%
36%
37%
EOP Equity
$8.0
$8.0
Expense up 3% YoY; overhead ratio of 37%
17%
Overhead Ratio
$8.0
ROE
FINANCIAL RESULTS
Average loan balances down 7% YoY and up 1%
QoQ
1
See note 1 on slide 22
Actual numbers for all periods, not over/under
3 Includes deposits and deposits swept to on-balance sheet liabilities
4 Loans held-for-sale and loans at fair value were excluded when calculating the loan loss coverage
ratio and net charge-off rate
5 Calculated based on average equity; 3Q10, 2Q10 and 3Q09 average equity was $8B
2
8
10. Treasury & Securities Services
$ in millions
Net income of $251mm down 17% YoY and 14%
QoQ
$ O/(U)
Pretax margin of 21%
3Q10
Revenue
$1,831
2Q10
3Q09
($50)
$43
Treasury Services
937
11
18
Worldwide Securities Services
894
(61)
QoQ decrease due to a decline in securities
lending and depositary receipts revenue
reflecting seasonal activity
25
Expense
1,410
11
Net Income
$251
($41)
Liability balances up 5% YoY
130
($51)
Key Statistics
Assets under custody up 7% YoY
1
Avg Liability Balances ($B)2
$242.5
Assets under Custody ($T)
$15.9
Revenue of $1.8B up 2% YoY
$246.7 $231.5
$14.9
TS revenue of $937mm up 2% YoY
$14.9
Pretax Margin
21%
25%
ROE3
15%
18%
WSS revenue of $894mm up 3% YoY
26%
24%
TSS Firmwide Revenue
$2,565
TS Firmwide Revenue
$1,671
$1,653 $1,654
TSS Firmwide Avg Liab Bal ($B)2
$380.4
Expense up 10% YoY driven by continued
investment primarily related to international
expansion
$2,608 $2,523
$383.5 $340.8
EOP Equity ($B)
$6.5
$6.5
$5.0
1 Actual
numbers for all periods, not over/under
Includes deposits and deposits swept to on-balance sheet liabilities
3 Calculated based on average equity; 3Q10, 2Q10, and 3Q09 average equity was $6.5B, $6.5B, and
$5.0B respectively
FINANCIAL RESULTS
2
9
11. Asset Management
Net income of $420mm down 2% YoY
$ in millions
Pretax margin of 30%
$ O/(U)
3Q10
2Q10
3Q09
$2,172
$104
$87
1,181
28
101
Institutional
506
51
(28)
Retail
485
25
14
23
18
(15)
1,488
83
137
$420
$29
($10)
Assets under Management
$1,257
$1,161
$1,259
Assets under Supervision
$1,770
$1,640
$1,670
Average Loans
$39.4
$37.4
$34.8
EOP Loans
$41.4
$38.7
$35.9
Average Deposits
$87.8
$86.5
$73.6
Revenue
Private Banking
1
Credit Costs
Expense
Net Income
2
Key Statistics ($B)
Pretax Margin
ROE
3
EOP Equity
30%
32%
33%
26%
24%
24%
$6.5
$6.5
$7.0
FINANCIAL RESULTS
1 Private
Banking is a combination of the previously disclosed clients segments: Private Bank, Private
Wealth Management and JPMorgan Securities
2 Actual numbers for all periods, not over/under
3 Calculated based on average equity; 3Q10, 2Q10 and 3Q09 average equity was $6.5B, $6.5B and
$7.0B, respectively
10
Revenue of $2.2B up 4% YoY due to higher loan
originations, the effect of higher market levels and
net inflows to products with higher margins,
partially offset by narrower deposit spreads, lower
brokerage revenue and lower quarterly valuations
of seed capital investments
Assets under management of $1.3T flat YoY;
Assets under supervision of $1.8T up 6% YoY
AUM inflows in liquidity products of $27B and
long-term products of $11B for the quarter
Good global investment performance
74% of mutual fund AUM ranked in the first or
second quartiles over past five years; 65% over
past three years; 67% over one year
Expense up 10% YoY due to higher headcount
12. Corporate/Private Equity
Private Equity
Net Income ($ in millions)
$ O/(U)
Private Equity gains of $750mm
3Q10
Private Equity
Corporate
Net Income
2Q10
3Q09
$344
$333
$256
4
(638)
(1,195)
$348
($305)
($939)
Private Equity portfolio of $9.4B (7.5% of
stockholders’ equity less goodwill)
Corporate
Investment portfolio results down YoY due to
lower net interest income, trading and securities
gains
FINANCIAL RESULTS
Noninterest expense reflects an increase of $1.3B
(pretax) for litigation reserves, including those for
mortgage-related matters
11
13. Fortress balance sheet
$ in billions
3Q10
2Q10
3Q09
$139
$137
$127
Tier 1 Common Capital
$111
$108
$101
1
$1,169
$1,131
$1,238
$2,142
$2,014
$2,041
11.9%
12.1%
10.2%
9.5%
9.6%
8.2%
1
Tier 1 Capital
1,2
Risk-Weighted Assets
Total Assets
Tier 1 Capital Ratio
1
Tier 1 Common Ratio
1,2
Firmwide total credit reserves of $35.0B; loan loss coverage ratio of 5.12%3
Global liquidity reserve of $272B1,4
FINANCIAL RESULTS
Repurchased $2.2B and $2.6B of common stock in 3Q10 and YTD 2010, respectively
1
Estimated for 3Q10
See note 3 on slide 22
3 See note 2 on slide 22
4 The Global Liquidity Reserve represents cash on deposit at central banks, and the cash proceeds expected to be received in connection with secured
financing of highly liquid, unencumbered securities (such as sovereigns, FDIC and government guaranteed, agency and agency MBS). In addition, the Global
Liquidity Reserve includes the firm’s borrowing capacity at the Federal Reserve Bank discount window and various other central banks and from various
Federal Home Loan Banks, which capacity is maintained by the firm having pledged collateral to all such banks. These amounts represent preliminary
estimates which may be revised in the firm’s 10Q for the period ending September 30, 2010
Note: Firmwide Level 3 assets are expected to be 6% of total firm assets at September 30, 2010
2
12
14. Outlook
Retail Financial Services
Card Services
Home Lending loss guidance:
EOP outstandings for Chase (excluding WaMu) are
projected to decline by 15% or $21B YoY in 2010 to
$123B
Quarterly losses could be:
– $1B for Home Equity
– $0.4B for Prime Mortgage
– $0.4B for Subprime Mortgage
More than half of the decline in receivables is driven
by planned pullback in balance transfer offers
Receivables projected to bottom out in 3Q11 and end
the year in 2011 at $120B, reflecting a better mix of
customer
NSF/OD policy changes:
Net income impact of $700mm +/Full run-rate impact in 3Q
WaMu portfolio declined to $15B in 3Q10 from $20B at
year-end 2009, expected to decline to $10B by end of
2011
Corporate/Private Equity
Corporate quarterly net income expected to decline to
$300mm+/-, subject to the size and duration of the
investment securities portfolio
Chase and WaMu credit losses expected to continue to
improve
Chase losses expected to be approximately
7.50%+/- in 4Q10
FINANCIAL RESULTS
Total net income impact from the CARD Act, including
reasonable and proportional fee changes is
approximately $750mm+/65% of run-rate included in 3Q10 with expectations
of full run-rate impact in 4Q10
13
15. We’re addressing the foreclosure affidavit issues
Issues have been identified relating to mortgage foreclosure affidavits, such as where:
Signers did not personally review the underlying loan files, but instead relied on the work of
others (who personally conducted reviews of the underlying loan files)
Affidavits were not properly notarized
Affidavits differ by jurisdiction, but in general the types of information attested to include the
following:
Name of borrower(s), property address, date of Note, borrower has defaulted and not cured
the default, amount of indebtedness
We are currently reviewing +/-115,000 loan files that are in the foreclosure process
We will re-file affidavits where appropriate
We have delayed foreclosure sales in these states and will re-initiate when appropriate
New processes are being put in place to ensure we fulfill all procedural requirements on a goforward basis
FINANCIAL RESULTS
We take these matters very seriously and have dedicated significant resources to these efforts
14
16. Our priority is foreclosure avoidance
Based on our processes and reviews to date, we believe underlying foreclosure decisions
were justified by the facts and circumstances
We are comfortable that our process between initial delinquency and foreclosure is robust
and we make every effort to avoid foreclosure
We begin contact at 15 days delinquent
We send numerous letters and make numerous calls to borrowers before foreclosure
referral
In 2009, we established a separate group to review loans before we take foreclosure
actions
Since January 2009, we have prevented 429,000 foreclosures through modifications,
short sales and other loss mitigation actions
By the time of foreclosure sale, on average borrowers are 14 months delinquent
FINANCIAL RESULTS
The proper response if mistakes are found is to address them individually – which we will
do; avoiding further damage to an already weak housing market should be a priority
15
18. Consumer credit — delinquency trends (Excl. purchased credit-impaired loans)
Home Equity delinquency trend ($ in millions)
$4,000
30+ day delinquencies
Prime Mortgage delinquency trend ($ in millions)
$6,500
30 – 150 day delinquencies
150+ day delinquencies
30+ day delinquencies
30 – 150 day delinquencies
150+ day delinquencies
$5,200
$3,000
$3,900
$2,000
$2,600
$1,000
$1,300
$0
Mar-08
$0
Aug-08
Mar-09
Aug-09
Mar-10
Sep-10
Mar-08
30+ day delinquencies
30 – 150 day delinquencies
$8,500
150+ day delinquencies
$4,000
Aug-09
Mar-10
Sep-10
$4,600
$1,000
30-89 day delinquencies
$5,900
$2,000
30+ day delinquencies
$7,200
$3,000
$3,300
$0
Mar-08
APPENDIX
Mar-09
Card Services delinquency trend1,2 — Excl. WaMu ($ in millions)
Subprime Mortgage delinquency trend ($ in millions)
$5,000
Aug-08
Aug-08
Mar-09
Aug-09
Mar-10
$2,000
Mar-08
Sep-10
Note: Delinquencies prior to September 2008 are heritage Chase
Prime Mortgage excludes held-for-sale, Asset Management and Government Insured loans
1 See note 1 on slide 22
2 “Payment holiday” in 2Q09 impacted 30+ day and 30-89 day delinquency trends in 3Q09
17
Aug-08
Mar-09
Aug-09
Mar-10
Sep-10
19. Firmwide coverage ratio remains strong
($ in millions)
Loan Loss Reserve/Total Loans1
Loan Loss Reserve/NPLs1
Loan Loss Reserve
6.00%
500%
Nonperforming Loans
5.00%
400%
38,186
34,161
31,602
30,633
35,836
4.00%
300%
29,072
27,381
3.00%
200%
23,164
19,052
2.00%
6,933
8,953
17,767
14,785
11,401
17,564
17,050
16,179
100%
15,503
1.00%
0%
3Q08
4Q08
1Q09
2Q09
3Q09
Peer comparison
3 Q1 0
2Q 10
JPM 1
JPM 1
P eer A vg .2
LLR/ Total Loa ns
6.69 %
6.88 %
268 %
265 %
18 1%
2.28 %
2.42 %
2.9 5%
95 %
97 %
6 3%
LLR/ Total Loa ns
5.12 %
5.34 %
4.8 7%
LLR/ NPLs
208 %
209 %
13 1%
Consumer
LLR/ NPLs
APPENDIX
Firmwide
1
2
3
See note 2 on slide 22
Peer average reflects equivalent metrics for C, BAC and WFC
See note 1 on slide 22
2Q10
3Q10
$7.5B (pretax) addition in allowance for
loan losses predominantly related to the
consolidation of credit card receivables in
1Q103
Whole sale
LLR/ Total Loa ns
1Q10
$34.2B of loan loss reserves in 3Q10, up
~$15.1B from $19.1B two years ago; loan loss
coverage ratio of 5.12%1
5.7 5%
LLR/ NPLs
4Q09
18
20. IB League Tables
League table results
For YTD September 30, 2010, JPM ranked:
YTD Sep 2010
2009
Rank Share
Rank Share
#1 in Global IB fees
#1 in Global Debt, Equity & Equity-related
Based on fees:
#1 in Global Equity & Equity-related
1
Global IB fees
#1
7.6%
#1
9.0%
#1 in Global Long-term Debt
Based on volumes:
#2 in Global M&A Announced
Global Debt, Equity & Equity-related
US Debt, Equity & Equity-related
Global Equity & Equity-related
US Equity & Equity-related
Global Long-term Debt
3
3
2
#1
7.4%
#1
8.8%
#1 11.4%
#1
7.9%
#1 11.6%
#1 15.8%
#2 15.6%
#1
#1
7.4%
8.4%
US Long-term Debt
#1 11.1%
#1 14.1%
Global M&A Announced 4
#2 18.2%
#3 23.4%
#3 22.8%
#2 35.8%
#2
#1
US M&A Announced
4,5
Global Loan Syndications
US Loan Syndications
APPENDIX
#2 in Global Loan Syndications
#1 14.8%
8.5%
#2 19.8%
8.1%
#1 21.8%
Source: Dealogic
1 Global IB fees exclude money market, short term debt and shelf deals
2 Equity & Equity-related include rights offerings and Chinese A-Shares
3 Long-term Debt tables include investment grade, high yield, ABS, MBS, covered bonds,
supranational, sovereign and agency issuance; exclude money market, short term debt and U.S.
municipal securities
4 Global announced M&A is based upon transaction value at announcement; all other rankings are
based upon transaction proceeds, with full credit to each book manager/equal if joint. Because of
joint assignments, market share of all participants will add up to more than 100%. Rankings reflect
the removal of any withdrawn transactions
5 US M&A represents any US involvement ranking
Note: Rankings for 9/30/2010 run as of 10/1/2010; 2009 represents Full Year
19
21. Foreclosure review process
A separate group performs additional reviews on all loans going to foreclosure
Sample of items reviewed
Does the loan meet the required delinquency criteria?
Have the appropriate demand letters and notices been sent?
Is the loan currently in any form of active Loss Mitigation?
Is the loan eligible for a HAMP modification?
Does the loan qualify for any moratoriums?
Have funds in suspense been properly applied?
Is there any evidence of misapplication of funds?
Is there a payment dispute?
Is there a Promise to Pay?
Have at least 3 contact attempts been made in the past 90 days?
Why is the loan being referred to foreclosure?
In September, over 150,000 loan files were reviewed prior to referral
APPENDIX
On average 30,000 loans that are scheduled for sale are reviewed each month
20
22. Delinquent loan facts
Average delinquency at foreclosure is 448 days
Florida 678 days
NY 792 days
~35-40% of homes are vacant at the time of foreclosure sale
~20% of all loans in active foreclosure are non-owner occupied on the application
Around half of seriously delinquent loans have not gone to foreclosure of which:
~20% cured
~25% modified or short sale
Remainder in some form of Loss Mitigation
51 Chase Home Ownership Centers established to help people face-to-face
APPENDIX
Currently 6,000 employees serve as counselors to assist customers
21
23. Notes on non-GAAP financial measures
1.
In addition to analyzing the Firm’s results on a reported basis, management reviews the Firm’s results and the results of the lines of business on a “managed” basis,
which is a non-GAAP financial measure. The Firm’s definition of managed basis starts with the reported U.S. GAAP results and includes certain reclassifications to
present total net revenue for the Firm (and each of the business segments) on a FTE basis. Accordingly, revenue from tax-exempt securities and investments that
receive tax credits is presented in the managed results on a basis comparable to taxable securities and investments. This non-GAAP financial measure allows
management to assess the comparability of revenue arising from both taxable and tax-exempt sources. The corresponding income tax impact related to these items is
recorded within income tax expense. These adjustments have no impact on net income as reported by the Firm as a whole or by the lines of business.
Prior to January 1, 2010, the Firm’s managed-basis presentation also included certain reclassification adjustments that assumed credit card loans securitized by CS
remained on the balance sheet. Effective January 1, 2010, the Firm adopted new accounting guidance that amended the accounting for the transfer of financial assets
and the consolidation of VIEs. Additionally, the new guidance required the Firm to consolidate its Firm-sponsored credit card securitizations trusts. The income, expense
and credit costs associated with these securitization activities are now recorded in the 2010 Consolidated Statements of Income in the same classifications that were
previously used to report such items on a managed basis. As a result of the consolidation of the credit card securitization trusts, reported and managed basis relating to
credit card securitizations are comparable for periods beginning after January 1, 2010.
As noted above, the presentation in 2009 of CS results on a managed basis assumed that credit card loans that had been securitized and sold in accordance with U.S.
GAAP remained on the Consolidated Balance Sheets, and that the earnings on the securitized loans were classified in the same manner as the earnings on retained
loans recorded on the Consolidated Balance Sheets. JPMorgan had used this managed basis information to evaluate the credit performance and overall financial
performance of the entire managed credit card portfolio. Operations were funded and decisions were made about allocating resources, such as employees and capital,
based on managed financial information. In addition, the same underwriting standards and ongoing risk monitoring are used for both loans on the Consolidated Balance
Sheets and securitized loans. Although securitizations result in the sale of credit card receivables to a trust, JPMorgan Chase retains the ongoing customer relationships,
as the customers may continue to use their credit cards; accordingly, the customer’s credit performance affects both the securitized loans and the loans retained on the
Consolidated Balance Sheets. JPMorgan Chase believed that this managed-basis information was useful to investors, as it enabled them to understand both the credit
risks associated with the loans reported on the Consolidated Balance Sheets and the Firm’s retained interests in securitized loans.
The ratio for the allowance for loan losses to end-of-period loans excludes the following: loans accounted for at fair value and loans held-for-sale; purchased creditimpaired loans; the allowance for loan losses related to purchased credit-impaired loans; and, loans from the Washington Mutual Master Trust, which were consolidated
on the Firm's balance sheet at fair value during the second quarter of 2009. Additionally, Real Estate Portfolios net charge-off rates exclude the impact of purchased
credit-impaired loans. The allowance for loan losses related to the purchased credit-impaired portfolio was $2.8 billion, $2.8 billion, and $1.1 billion at September 30,
2010, June 30, 2010, and September 30, 2009, respectively.
3.
Tier 1 common capital ("Tier 1 common") is defined as Tier 1 capital less elements of capital not in the form of common equity – such as perpetual preferred stock,
noncontrolling interests in subsidiaries and trust preferred capital debt securities. Tier 1 common, a non-GAAP financial measure, is used by banking regulators,
investors and analysts to assess and compare the quality and composition of the Firm’s capital with the capital of other financial services companies. The Firm uses Tier
1 common along with the other capital measures to assess and monitor its capital position.
4.
APPENDIX
2.
Tangible Common Equity ("TCE") is calculated, for all purposes, as common stockholders equity (i.e., total stockholders' equity less preferred stock) less identifiable
intangible assets (other than MSRs) and goodwill, net of related deferred tax liabilities. Return on tangible common equity, a non-GAAP financial ratio, measures the
Firm’s earnings as a percentage of TCE, and is in management’s view a meaningful measure to assess the Firm’s use of equity. 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.
5.
Headcount-related expense includes salary and benefits (excluding performance-based incentives), and other noncompensation costs related to employees.
22
24. Forward-looking statements
APPENDIX
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 actual results to differ materially from those described in the forward-looking statements can be
found in JPMorgan Chase’s Annual Report on Form 10-K for the year ended December 31, 2009 and
Quarterly Reports on Form 10-Q for the quarters ended March 31, 2010 and June 30, 2010, each of
which has been filed with the Securities and Exchange Commission and is available on JPMorgan
Chase’s website (www.jpmorganchase.com) and on the Securities and Exchange Commission’s
website (www.sec.gov). JPMorgan Chase does not undertake to update the forward-looking statements
to reflect the impact of circumstances or events that may arise after the date of the forward-looking
statements.
23