>>> JPMorgan Chase from Slideshow Presentations (pdf attached)

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JPMorgan Chase from Slideshow Presentations
  • Wholesale Credit Costs (the build for Ol & Gas) were an approx $0.13 drag on the earnings.
  • RoE was 9% compared to 9% in Q4 and 11% in prior year.
  • NIM was up 7 bps q/q.
  • NII was up $723 mln y/y; increase primarily driven by the impact of higher short-term rates and loan balances, partially offset by the absence this quarter of the ~$178mm benefit in Treasury/CIO in 4Q15.
  • Firmwide total credit reserves $15.0 bln.
  • Markets & Investor Services revenue
    • Markets revenue of $5.2B, down 11% YoY
      • Fixed Income Markets down 13% YoY, reflecting an increase in the Rates business which was more than offset by lower performance across other asset classes
      • Equity Markets down 5% YoY.
Guidance
  • Firmwide
    • Expect 2016 net interest income to be up ~$2B+ YoY
    • Expect 2016 noninterest revenue to be ~$50B, market dependent
    • Expect 2016 adjusted expense to be $56B+/-
    • Expect 2016 net charge-offs to be =$4.75B, with the YoY increase driven by both loan growth and Oil & Gas.
  • C&CB
    • Expect Mortgage Banking net charge-offs to be ~$60mm per quarter in 2016
    • Expect Card net charge-off rate for 2016 of 2.50%+/-
  • Commercial Banking
    • Expect 2Q16 revenue to be up modestly QoQ
    • Expect 2Q16 expense to be ~$725mm.
  • C&IB
    • Expect Securities Services revenue to be ~$875mm per quarter for the remainder of 2016, market dependent.
  • Asset Mgmt
    • Expect 2Q16 revenue to be =$3B, market dependent