JPM JPMorgan Chase & Co.

Jamie Dimon Chairman and CEO
Jennifer Piepszak CFO
John McDonald Autonomous
Betsy Graseck Morgan Stanley
Jim Mitchell Seaport
Brian Kleinhanzl KBW
Matt O'Connor Deutsche Bank
Mike Mayo Wells Fargo
Erika Najarian Bank of America
Glenn Schorr Evercore
Charles Peabody Portales Partners
Saul Martinez UBS
Gerard Cassidy RBC
Ken Usdin Jefferies
Chris Kotowski Oppenheimer
Andrew Lim Société Générale
Call transcript
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Good morning, ladies and gentlemen. Welcome to JPMorgan Chase’s Second Quarter 2020 Earnings Call. This call is being recorded.

Your line will be muted for the duration of the call.

We will now go live to the presentation. by. stand Please I to time, Dimon; to the turn Chief At JPMorgan would Chase’s over Piepszak. the Officer, Jamie Chairman call Financial this Jennifer like and and CEO, Ms. please Piepszak, ahead. go

Jennifer Piepszak

everyone. with the a of I’ll income you, which always, page revenue back. refer ask firm Starting available billion, is to return Good of we $X.XX common net Thank record of our and you these take on billion as website, operator. significant on that the through and Included of the you $XX.X equity EPS the $X.X presentation, a tangible number morning, please on in disclaimer X, reported items. X%. results of are at

$XXX million gain and of the First, of bridge losses book gains million of which our some the a and took reserve then we of represent of credit in other, $XXX build credit $X.X in in adjustments billion, of both quarter. reversals approximately first and

continue challenging we and navigate this the platform. of of the environment, again once and demonstrates our to this scale diversification performance benefit As quarter's uncertain

quarter-on-quarter, up and XX% and year-on-year XX% March. year-on-year growth of loans that reflecting XX%, were up just each touch with across we up its XX% record deposit over consumer the loan $XXX growth X% markets here. We up CIB XX% IB a quarterly billion about performances revenue So, in I'll deposits $X.X quarter-on-quarter. year-on-year on few highest and with the up firm-wide revenue record saw and representing trillion, fees on saw average were COVID-related record year-on-year, highlights Average reported largely board. strength

Home dividends. billion as pay balances CETX nearly common our XX Card impact billion $X of building $X of points approximately quarter in by increased as quarter-on-quarter approximately an $XX by end-of-period on loans. And basis, lastly, reserves However, basis offset of and partially in lower we X% the were down ratio after PPP billion well Lending, of the due revolver to downs loans and paying

of As in you’ll on quarter levels business activity the of unprecedented started recall, March. we second the back

you of on what last some following the today. key quarter pages, metrics I'll give looked On activity an at and share we're we update seeing those

on the the were X. we bank up So with Starting revolver saw majority in wholesale the record receptive, issuance to let's to rebounded page, throughout In to top months issuance while busiest surge debt The March by and issuance to of turn levels first supported And shore converts issuance page of with seen debt pre-COVID to the central continued and [ph] clients by and increased continued market two as the XX% down pay investment of together that, and extraordinary May follow-ons. markets levels, conditions quarter. draws for equity were opt in liquidity by the the yield our in June March grade equity as ever, ECM quarter. U.S. actions. second high driven compared for as volumes reopened, markets quarter

the states trough with recently, sales More out, of in increasing year-on-year down the quarter. while the card with present decreasing recovery improvement growth the since especially the just week strong to spend of consistently meaningfully sales consumer card quarter, have seen most left. in was in throughout retail in volume cases The half strong we cases. in down June. we the X% both improvement not last we’ve in volume the seen to some behavior with continued to and a down on and in and in notably T&E be growth bottom Moving across volume and trended the April overall of weeks the on restaurant second spend. but flatten back levels the overall restaurant two states present country improvement, consistently significant of higher saw Debit second of still has credit upward spending

We see in in the particularly states declines Northeast partially those that and closed, remain larger year-on-year continued to Mid-Atlantic regions.

assistance terms activity seeing ended at trends. the the what April sharply auto, credit, fact, of of May market significant an Relative we've lease the date, financial both levels month lowest and the To origination three programs. in the seen for level provided consumers’ April, balances since over observed forbearance quarter. we a In the of crisis, loan to June, in rebounded page saw for In similar June, we're demand those recovery Home and have just and best applications requests for but on decline for to on in of Lending. recovered levels accounts, the up recovery. we June auto a accounts, for due let's topic new service of retail consumer the and period, assistance in customer payment million peak in originations of behavior, billion in having purchase pre-COVID $XX owned to turn Home in reaching XX% nearly to beginning around assistance both in customer a our Lending, at our Card made in our over X.X observed update about April one least history. representing And we well after strong and low broad portfolios, a while across and and percentage, large Continuing

into request deferral then, approximately date, with current. than a of forbearance in customers or requesting in extended the additional period have of our whose trends, auto-enrolled initial both XX% cards, majority only And assistance. with expired reached and those of the extensions less reenrollment have customers forbearances early but still those most of XX-day of XX% small the the resumed portion Home in three-month terms payments June, at accounts of period been new In completed a Lending, customer's payment either

any closely, while we're conclusions. And it's early draw still so, following to this data too

year-on-year. Now, four detail results. of or on was second to billion some more recorded moving which revenue $XX.X our page $X.X We quarter about for billion, up XX%

expenses, X% and non-interest $XXX revenue approximately predominantly or and revenue $XXX $X.X billion fees. offset higher up million year-on-year up down XX%, on billion IB or by X% expenses. or balance CIB driven on income by reduction market of growth, mostly markets partially rates, structural interest related While was sheet continued lower $XX.X was net NII Expenses offset in million were approximately by

This quarter, $X.X net reserve and build net $XX.X a billion. including were billion, charge-off of costs credit $X.X billion of

detail Let's reserve builds. turn for to page five on more the

recent while in Our in short-lived consists $X.X net quarter an in reserve reserve quarter of second $X.X our momentum first over continue downturn card. to predicated is page, losses. wholesale solid on some our in be credit And the allowance have The seen the this build recovery. base the but consumer, weeks, acute remember for path there of bottom use scenarios can economy for the see recovery the to derive half the the the $X.X does uncertainty and of billion just significant one but you of case, increase a updated the in At we billion of was around positive of with billion we predominantly year. five

on in XXXX. the based outcome with a a weighted and the remains is an digits of first recovery rate double assumes scenarios these slower that half through more unemployment and the of build Our GDP protracted downturn

across is expected broad-based to seen the impact we’ve the quarter. impact wholesale in protracted to have sectors its obvious addition much first a that consumer, In downturn on more

relates payment will clients, and stimulus the weight future both, it the behavior play of its this quarter. out Given government effectiveness and uncertainty downside consumers put on more increased how outlook, as and of ultimate meaningful the we've customer to the macroeconomic wholesale scenario

additional covers than CECL base life of And something our for case. builds And reserve if we're prepared given expect realized, forward. worse therefore, meaningful so the and assumptions going are have wouldn't reserved loan, we

moving points SCB the balance to minimum ratio above going page our relief over new worth while six. Now, that base capital is on of quarter of ratio the XX.X%. basis sheet CETX reported which ended our touch XX.X%, so just to XXX is our on and temporary that WE X.X%, ratio is to And X.X%. without not rely noting we're and SLR, it's on with

June, to in $X.XX As meaningfully, intends maintain Board third change unless the in late we quarter. the things dividend the said

minutes earnings how to managing capital of comfortable why the of as spend range a and as wide few through stream including the forward, going we're that I'd value potential our strong our we're crisis. outcomes this steady like well on Given saying

and made meaningful investments serve to let's generating after over been that, it's seven. stream the average in need worth page reminder times of an absorb points stress. our our it It's they billion in point, basis since having capital $XX replenish to to provides and but us when that obvious new with has XXXX, quarter, over grow businesses. XX clients franchise us powerful a CETX earning even most. go quarterly per So, quickly of it the customers PPNR And our capacity of losses This and capacity allows

billion capital, half distributing two strong excess of our remains $XXX billion capital you $XX we're reserves have last of severe share and today, we eight. buffers. suspended we've which even $XX regulatory more base cumulative which excess see believe XXX% since of on repurchases. is of we the our over While amount $XX above out and can of a scenarios, paid billion of in Standing capital here billion over building page And CETX now and years, capital, we earnings, approximately our a significant nearly

minimum ending XXXX, and XX% to that, we discussed reported regulatory above an X.X% available surcharge of this never any end touched. of we for that our as contraction We've ratio we and And another at scenarios, capital Jamie this versus of number now and one Extreme Our under in that stress GDP, would would nearly year of time. Adverse at with end SCB is And that billion nearly down top $XX by and to billion, that updated from GSIB billion so advanced. the a all this know, scenario free XX%. unemployment of earlier Even prepare XQXX is our our $XX we at assumes to estimate analysis be to translates is a translates the deeper to $XX it XX% you letter his and manage bound capital shareholder CETX them on X.X% scenario, even the year. year

minimum So, be our XX.X%. regulatory would

their scenario not twice U to It's our Adverse get next we are we extent. even notably losses still about and are would Extreme a we also dip we the XX-months. to regulatory into buffers, worse over entire small economy scenarios, While worth for provided our believe to path use scenario that our wrong an this voluntarily even the of on likely this high, only from the and SCB. if W based us as information noting so, the And simulates that wouldn't Fed limited do any the but require

Jamie Dimon

points. Jamie. these couple just This of is I’d amply like a to

of Adverse, lot this are we're a which could U to on obviously it’s advanced we detail showing CETX, not That $XX just because because assumptions, which going roughly analysis a to we're to loan that. predicated the taking to simply So, dip on on, going that actions. another of us of reserves. need we billion and we bear an into example, W or Fed, billion lot give equate Extreme We for that $XX to to show no prepare of lot loss more a may do brings that’s you we're obviously

So, capital told advanced very is that I’ve pro-cyclical. always you

So, downgraded, that that we And capital taking RWA your take of from up. could we change lots the up. much, place base RWA goes whatsoever. things as actions The there’d avoid goes get be that doesn't would way way but

in this out happen Extreme and The July that. Because in quarter. want we of like Adverse stuff It one know probably what will kind other thing is really August can't I like looks quarters. and happen point several to

quarters determination starts we the will of it’s XXX%. you believe there, if head a it even couple Remember, economy that make take before XXX% is saying, us possibility. to So, that the this has now a

to how Of worse have. dividend going that be am by way, capital does Company going much I -- to trying -- the contradict we're things not. the course, just myself. to I’m I’m now be And it but sounds the can you show like

all all of that that have all we things. Today, Okay? earnings, PPNR, the

your through of tough future Extreme get very, kind easily dividend. it’d and to cut the can dividend. very cut and of be Adverse never foolish the Because So, times we get

scenarios you which if new something worse. have Extreme even Adverse, enter like all a However, of are sudden, you

You don't know.

is to community basically will at our point, and Extreme the to one there. out worse to will dividend want through clients, concern one cutting in able of even So, be Adverse The our worry thick it Company because Board the primary ever think, about Chase. anything we get handle serve JPMorgan no and and the should consider serve

the use things look if mean, So, But it. something really we there's no bad, should I materially and do we word intent that’s get to at. significantly,

these of best losses type CCAR are thing, losses our is stuff. estimate of not The loan the loan and way other by the

doing You adverse. that all Fed and estimates show are DFAST

move not kind of will credit. We money on that

stuff. we're not temporary on And make buffers. slight comments. page, the to to I going to -- Jen’s additional next you few said that want a I'm also Okay? going explain some to use she going

I that Xst thing it a think, on into disappears funny or the February temporary but for go Xs. a crisis to March is use could you a while

we So, my shouldn't that. view is, on like rely anything

Jennifer Piepszak

And I’ll the just advanced Jamie add on point to RWA.

to on slide you the is XX.X%. [indiscernible]. see the If we XX.X% other just look About half can RWA is that the half increasing the you of traveled and from and

Jamie So, anyway, as said, page to on moving nine.

of backdrop capital framework the has for that recalibration. opportunity still a against is this of All

start best years, made happen. I'll with But, of first is the we the it actually for we've experienced of be global perhaps of It XXXX. this example a half So, here not significant market might obviously been SCB, predictive important. point. it result this the think a And and is and has while talked this in the very more shock. of just what different portion would CCAR never Jamie we about

that So, These points are of to GSIB. foster financial compromising we growth to there opportunities repeatedly about capital economic the including pace without stability. made will overall higher a the rationalize believe continue time over changes framework, we've

Jamie Dimon

want here. of Again, Yes. to just I couple emphasize things

of wrong. what if look, itself might a can CCAR be. not banks forecast point was everything of results that predictive So, goes extreme your handle stress is the and CCAR

we you you and in AIG quarter. So, all of and ensuing quarters money worst. in financial not our ‘XX And the somewhere in the counterparty necessarily it that's Lehman in combined go tests you not $XX you was at Bros. a had -- global be worst of roughly more action, quickly loss go bankrupt, trading because the you of have billion. $X billion, bankrupt, you tons instructive of not Freddie to we're out, $XX billion. always a But, the lost think just market have Stearns things made effectively, have trading, in position. we earnings. And that, predictive. two of crisis Mae The Fannie all as I of was Lehman, CCAR then you're have we've ‘XX, us recoveries from Again, because all trading the over the Mac had Bear in in tons $XX money effectively, quarters get $XX sudden we course, effectively, But when and and you had between equate billion failures institutions CCAR, results Europe, had gap got had CCAR against making out, of diversify, you pointed take counterparty a bad streams and because back financial worst global spreads nine to We protecting and of never quarters. nine made losing in tests the billion of to worst the which shock, billion $XX We that's they losses. ensuing

X.X% So, what of the stress is capital buffer not we of would indicative lose.

just diversification, it's over and is could of and not I And that by a GSIB capital. against to earnings, I it's drive actions. before, of things would margins. CCAR. doesn't risk not so, It the GSIB say itself, over. just measure actions doesn't your include doesn't GSIB not. we down same I -- close not hope really your representative It or your something doesn't of taking banks like and includes of concept include your pointed does But diversification. is the a real to I'm include more out size like It all, It -- company CCAR -- multiplied that. over over include PPNR, big X.X%. number time, and but that, It’s the a and strength,

that just at them. my to we not way, that over over. which and seen handle the crises lot so, predicting and capital lifetime, always adverse them. enough can We're times prepared in And Company short stuff, a We're run have so we've I've because handle over for and over of is we

stop I there. So,

Jennifer Piepszak

Okay. Thank All you. right.

So, onto the let's businesses. go

Consumer start So, & XX Banking. with we'll page Community on

stimulus of deposit builds government of by a of offset growth partially XX% due small X% a $XX.X by deposit loss reported that in Mobile levels approximately consumer margin but Revenue sharp relief, deposit CCB of $XXX customer the was points delays. consumers billion. would growth up and tax seen users The expansion. year-on-year a lower decline compression, a increased year-on-year, rates, year-on-year. driven billion So, was COVID-related and of year-on-year, on net We since down including $XXX and XXX $X.X payment digital reserved was that of growth transaction to basis million, XX% strong deposit businesses, margin for Lending Home activity, we’ve pandemic, down over is lower start and record up XX% the And were estimate engagement. spending billion. margin

deposit example, up For is pre-COVID enrollment X times quick levels.

consumer environment noted lease for lending, Auto the down I an and continued partnership. year-on-year earlier were to loan the overall originations quarter X% evolve. due activity exit for the Mazda of reflected As the to that

in by favorable, $X.X by card. charge-off of we're down net billion, and to marketing Home impact, down I down reserve billion by volume business driven originations Lending banking And were substantially by structural Home were travel-related sales benefit, due a up of Expenses this loan X% billion mentioned spend, the driven driven PPP retail correspondent credit year-on-year, and $X.X down by by total lower driven auto market prior and offset And Lending was expenses. X%, X% decline mid-single-digits. while offset XX% XX% costs CCB in X% up loans year-on-year, the card Home $X.X Excluding due earlier originations for volume. down to an Lending and lower Total increase included lastly builds originations.

Now, gains of an book, be up basis our to on With We XX%, number driven fees expect revert capital fees record, points turning capital market driven and approximately largely of to by revenue improved rank the XX% market a regards third due up both $X.X expect and Bank and grew which down, relative and the to stabilize, revenue share markets were we were M&A our were year. grew XX% markets, were underwriting XX%. on IB CIB in our and overall rank XX% well the we’re In number by all the equity we on closing In for leveraged of first And of an was income normal the reported for That the XX. of lead of begins quarter underwriting, up half was in transactions. first page ROE by if to few year-on-year, wallet Investment notable the bridge outlook, up one leaders and to the billion. a across XX% IB usual sequentially finance. one levels. Corporate we quarter to of year-on-year. Investment left seasonal primarily decline Banking XXX maintained and we year-to-date. up to the year-on-year & We fees fees to lower as the economy performance billion X.X% quarter. time announcements $X.X net the strong conditions. function billion to share our $XX.X as the advisory, maintained

therefore of capital increase period activity. instability sustained for liquidity, markets result any in demand could and However, additional

Moving products total episodic levels. all-time to began activity an $X.X saw normal was regions later in to training and it revert transactions. large billion, the to June throughout flow performance across for that only and was more driven strength strong up and quarter, by We XX% revenue markets, year-on-year, both record,

markets very largely driven derivatives or continuation was last the activity benefited active cash. driven line products, of and XX%, client theme, from improved the activity able market-making the activity strong quarter from monetize this our primary gain was particularly Fixed up and and for quarter in a first by adjusted across secondary year-on-year IPO income Tradeweb market in Equity flows. better XX% by macro. we was were liquidity, While of to up strong year, XXX%, equity

Looking the see we June, to the we expect of forward, to started slowdown that towards end continue.

continued the any In first revenue XX% of reclassification addition, difficult. services. upfront, year a and transaction makes year-on-year, derivatives usual. payments driven obviously, by second comparison the more was our Security as But mentioned a quarter by volume strong, elevated drove million, Wholesale markets the was the up $XXX of was driven on year than down very reporting X% $X.X primarily in the merchant expenses. of second adjustments of revenue Expenses higher volatility forecasting compared deposit even of $X.X to making X% billion billion I of Credit half services billion funding performance the of in challenging partial and gain tightening year-on-year balances. last was as average to was environment losses and other increased reversal revenue-related were prior spent $X.X due the up and year-on-year quarter.

$X earlier. of build net cost referred reflects credit I Finally, billion the reserve to

of revolver by page XX. to $XXX utilization loss on were net of environment. year-on-year, were March $XXX billion included were increase look to from highs of higher a billion. this billion XX% revenues balances activity. reserve of moving on NII. bonds all-time X% X% and million, X% declined up and gross March. build in C&I of by balance quarter-on-quarter has still $X.X of Banking End were approximately period $XXX in Revenue up up loans driven banking while elevated the Now sheet by investment down as deposits equity from banking was clients liquid year-on-year X% has loans up million investment loans $X.X and significantly of revenue, and structural quarter-on-quarter. remained year-on-year million equity were down driven lower as but our remain Deposits expenses. Record XX% X% year-on-year, as Commercial the down offset $XXX Commercial year-on-year, Banking in largely investment higher which on Expenses reported to increased lower gain deposit largely underwriting due

both costs $X.X is CRE were in term $XX were of loans charge-offs, included lower and billion by half roughly and loans. build Credit and of of the banking. partially gas. However, oil which generally flat with lending originations offset PPP in net reserve earlier real impact mentioned for estate million commercial this the

on to on page XX. & Asset Now Wealth Management

by pretax & and of XX%. average Asset X% and billion with income was $X.X of $XXX volume along deposit higher billion reported down million were loan the reserve ROE X% investments revenue-related Management Revenue $X.X by that compression. and the offset year-on-year margin Wealth of largely net with year-on-year activity margin driven in balances in Expenses advisors. for were lower of expenses, deposit growth $XXX quarter Credit structural by with up as brokerage as was as I continued earlier. well million, offset builds partially mentioned costs

up For $X.X respectively, XX% manager net and AUM driven in overall $XX long-term and liquidity client up and assets of money And we making equity. saw number deposits XX% year-on-year institutional with At us by inflows strength the and all and and products. trillion, billion, by net led on $X.X in both mortgage were all of XX% into loans across fixed long-term finally, up year-on-year products growth were lending. interest-bearing the regions, positive inflows the wholesale globally. quarter, XX% same inflows were channels and net cumulative time, trillion of one were billion, income $XX liquidity

of year-on-year. income $XXX the And lower were down Corporate billion including year-on-year, million, corporate loss loss lower net $X.X on page interest $XX by impact a rates, Now faster driven prepays reported of to million. of a on million down Revenue million expenses $XXX of on on securities. mortgage XX. $XXX was

let's to XX Now, outlook. page the turn for

in to previously, quarter, the performance billion, second be see than net expenses interest latest previous our with You'll the is expect outperformance outcome adjusted line to billion year $XX income the environment, here in expected Based will remains latest outlook and be and on we the second the guidance. despite in reflecting an largely that year. our which of the approximately full of ultimately approximately half insights, $XX higher be slightly uncertain our

the against up, wrap the company. the second to power unprecedented of quarter an scales our and So, our resulting backdrop performance our of benefits environment, and earnings diversification of highlighted

than of our remain range ever is priorities the While before, outcomes broader unchanged.

customers, who through like the please continue We on clients our who communities crisis on are and dedication our serve around people of demonstrated all these by supporting to our unwavering I'd Chase, and at and us of entrusted to capital on with those end of have being good open focused employees, by this times. operator, for the thanking shareholders. And stewards and line to JPMorgan the fortitude here that, the frontlines globe, Q&A.


Certainly. [Operator of Our question John comes Autonomous. from McDonald Instructions] first

John McDonald

towards was incremental reserve morning, if and incremental us building on was directed and wondering you across types Jamie. CRE this exposures impacted your give Jen, thinking to just Good retail, quarter. commercial and heavily I and COVID gas, some Jen help where could sectors us color commercial your to so travel C&I, oil the understand areas of

Jennifer Piepszak


impact in focused much for non-investment the well, So, most thirds second but downgrades, of the of say, our grade were And terms on downturn, represent we you quarter quarter, More I'd we're investment And two most grade than really looking saying, exposure. broad-based a ones the third more that and half mentioned, reserved across now about really very at sectors, downturn, short-lived in first were that by that when the of start a a a secured. deep is we're more impacted impacted the is like protracted sectors. first sectors. much looking I'll the overall of at we

quarter, saw quarter, the reserve versus impacted downgrades of the about most impacted is terms less XX% most So, sectors. those of a in second in second context, than builds sectors. the the the quarter most the was of And in that just sectors two the in were that impacted third build, in to the put in then, first thirds that of we

John McDonald

impacted of that? sectors, most would just what your in including be And definition for you

Jennifer Piepszak

oil sub-sectors, and retail, estate, lodging, as and gas, and about retail and think Consumer real you estate. real

John McDonald


Just a question. quick follow-up

outlook NII for maintained talk Could margin. how net play the drop big into interest dynamics pretty might embedded about year, the NII second trading the You despite for half you in a the thinking? outlook in maybe NII and that

Jennifer Piepszak

great on, a And markets It's help you're NII. is Yes. spot which question.

helps So, headwind NIM average. given the in markets a below that NIM, the outperformance the is NII, can on be but just

So, maintaining that outperformance was markets. yes, of the it outlook to have did do something with

You're right.


question from Betsy Graseck next Stanley. Our from Morgan is

Betsy Graseck

Good Jennifer, of your are kick page paying that the lot case, that the what different with off you us percentage Could detail give at on Thanks. question, up you given on asset three, forbearance assuming to Hi. and sense these a a end once you around least you been delinquencies a during through morning. classes went base has those you've the been outlined deferral you've in period. becoming? that just

Jennifer Piepszak

I amount remains But, the that these you are we So, are of I'll really into just in that early into I what The right couple seeing. read given visibility higher a a still too be risk, specific is, of support would low to lot details, here program. say it customers they we're go won't considering say given is which to is but whole that out are things, there. forbearance

that we So, we about reserves. for did thought account as our

Betsy Graseck

fully I than if Maybe know I'm expected about assumptions hand your right, all question, a talking if sense mentioned that construed to base. you've assumptions as column follow-up could worse close the the outcome you which should could that's thinking, cycle. be what during wondering, your be of over you us a be expecting you to you're I'm are inverse can got because become that delinquencies remarks an give Because time. realized the to prepared And Okay. you basically are the as as for reserved right

done realized, your about assumptions pointing that reserving. confused on cases So, assume to the you're I what little if was what just and should a base you're I

Jennifer Piepszak


first as low. said, quite lot of all, visibility are I the of still there is assumptions, a So, given

the I'll around assumptions So, and back that; stimulus. payment then economic consumer to assumptions assumptions outlook come around and around behavior;

scenarios, So, going have economic scenarios. the equal the weight in case. five different did Even and we downside heavily put back has done. otherwise downside base to to lean the their on have outlook, relative scenarios We we would what Fed to more

we was a having So, bias to thought certainly prudent thing conservative do. the there

case. base that that five, at look is you the as so, slide just And

can just under of scenarios, see exiting end with first there, five through at year across double-digit we what unemployment under then page see this versus by end the the quarter down is When which case, the five, getting unemployment weighted you you fourth XX%. base outcome up improvements XXXX. just relative of to to shows half So, the look the XXXX the there on just you some X% of

Jamie Dimon

base Betsy, these basically estimates things. in about base base JP case, estimates for Fed you took and if these the are all Stanley's stimulus Embedded is all the or Mike Morgan their case, the assumptions as or just I that and are that Feroli or that clarify, PXP case. Morgan

So, reserved that base the is case, and than more we're that.

base So, happens. happens, over-reserved. therefore, the the base we I hope case case may be if


Mitchell is next of Our from question Jim Seaport.

Jim Mitchell

an programs Maybe What Obviously, consumer in delinquencies. were a would talk stress early and you in you're what the the are actually non-deferral and on stage seeing to just quick non-deferral all, that had seeing your delinquencies. What programs? -- to? impact programs? It seeing seem we're Can you the attribute is you you from doesn't follow-up like delinquencies even at much deferral XX-day actually delinquencies down.

Jennifer Piepszak

simply I out there attribute to form that of it support I the would of mean, amount stimulus. in the is

dealing typically on seeing I to is what very because we're right we're And the given recession. now said, a low, as what you very, visibility so, expect not with would see,

so, all have it is think because reserving the way today. seeing outlook, the about to not actually about we're we And

terms now recovery. times, of so, And the in in the of we're has to ahead. the hitting months June its be Jamie moment And prove many May think said I will bumps and easy this truth, really

Jamie Dimon

Yes. unemployment up, goes home that's savings Savings the prices Incomes go true None here. are go down, recession, down. go up, charges down. in go delinquencies up. normal go up, amplify, are incomes home of up, just up, to And are prices

So, you the this of will recession. see effect

it or of going You're and see because than the to the are money not the fact, they XX% of stimulus when unemployed were more making were all making away XX% working. right they

times. just it’s very peculiar So,

Jim Mitchell

quite trading think you the made about is the or through everyone's shock. Fed's you terms in book, changing held that's you how of Jamie, DFAST. don’t time market shock think optimistic? in on comments market see the that about view too trading follow-up or losses they a it well. stress went of We a Maybe -- up over Do kind and

Jamie Dimon

is -- change. bank credit They're were any they sure And expect not like giving things are happy bank. don't withstand not the at all making they're I a said, can bad worst I as they they're -- looking for what if banks the good. to and

something totally So they every crisis. liquidity the than your what to they bank trading goes that assumptions to worse want happens want bad or of same can like on make like outflows really to if the do that? do outflows. wrong, worst I'm not just the have it And sure The against I just and the that withstand they concept. everything in say, that. you outflows But, worst bank are


next of question Brian KBW. from is Our Kleinhanzl

Brian Kleinhanzl

going growth about Quick question couple there's the mean, persistent off that on Is obviously, tremendous roll we sheet around, Thanks. I next in that and on much Is in basis? you’re balance sheet expected expected how balance operating the over forward to near just larger as sheet. with a quarters? and quarter. But, to built of the to that balance term? go are a up thinking be Sure. stick liquidity kind

Jennifer Piepszak

a So, We And wholesale was have started in the very to mean, story. to I'll that. expected seen we and start said deposits. that. it quarter, we first see with we I normalize, much

will revolvers continue on ahead services We'll looking So, and are down, continue puts normalize. security wholesale, likely see think there takes. pay I to to

do be continue I we slower for will we'll think to sheet balance think, see deposits will organic but continue. Fed tailwinds And growth. expansion

latter I year-on-year this wholesale mean, cases, and for as in strong the see in part in in of tax both pickup capital risk. the and rate terms probably consumer balance well payments think to multiple from spending. And management, liquidity, consumer across we'll as very, continue here the But, interest sheet the both year. On then, NII, growth, consumer very dimensions, I sheet balance on of down managed we side,

be deposit we growth environment, in billion had that that have consider, given and cash. of to of since opportunities end amount rate as have we so, growth is have decent held of the $XXX know And likely last deployment you been a that year. transitory of the some diminished, you when And

did on been rates. and second very-disciplined billion $XX on in securities quarter However, we've about here the a add side, pay we the in deposit

Brian Kleinhanzl

grown, loans have to we should expect on migrate asset deposits deposits those the if from fund Are those? to you on more So, side looking into securities?

Jamie Dimon

As to deposits. growth a be of it’s doesn't up recession the loan securities. deposits the much. the go is to balance Fed going go part, usually sheet, grows to end most for And going Because lot up the that in

Jennifer Piepszak

and to We slower. growth recovers, will cards, should see -- will slightly in but down, have PPP we as starting spending which as loan some consumer should Jamie said, growth, pay see help but

Jamie Dimon

the I should at big look numbers. point out that

sum trillion money. billion; over that's is is in to That soundness between have close and banks, look treasuries, like which institution $X assets, of tremendous liquid $XXX very close is central the at We which or safety the held People trillion. securities, $X other to $XXX cash good this. billion a mostly $XXX of billion; and at

some hold -- it a required lot but to Some we conservatively. just required liquidity, is are we're of investing because of

Brian Kleinhanzl



from next question Matt Bank. Deutsche O'Connor Our of is

Matt O'Connor

of timing long in some you could what where wondering a about assumptions Good peak forbearance, of and of charge-off. expected see there's terms level? up, unknowns the the if to are maybe and charge-offs they they was but morning. with the lot bit that growing talk when how starting at Obviously your just a I stimulus start

Jennifer Piepszak

difficult first, really mean, seeing I we delinquencies. to know. to have It's start

-- -- The as charge-off, next to made good heavier reserves. so think will difficult realizing about later it’s this life but assumptions thing loan. of year you the the in be CECL very on And that is It's is much know. year we've

at. looking covered the for feel well we So, scenarios that we're

Matt O'Connor

some Obviously, to go they next us you into will but feed timing that's off just levels, low are or in a or the remind it's issue two? the seeing And nonperforming to in not starting creep starting And then, if us, is are quarter charge-offs, and net remind up. assets. why this

Jennifer Piepszak

Yes. one When half you wholesale, in look increase of at client. that that non-accrual is

creeping -- really conclusions very any level. off that. wouldn't up it's it's I And say, a from as draw So, you low

indicators. in we seeing see what recessionary again, So terms of still would aren't expect you to


is Wells question of Fargo. next Mayo from Our Mike

Mike Mayo


Just more the on question. reserve

you So, if the achieved, case are Fed’s over reserved. base then is

base your If assumptions.... case

Jamie Dimon

We over-reserved… hope we’re

Mike Mayo

And two, credit increasing get that cases and are And about link base and seeing cases And are with there your isn't of June. debit the done add if staring Florida have okay, reserves. more realized, think then and slide with between flattening I'm to increase end California card off the in conservative, do reserve worse, COVID if the quarter, with a deaths volume. and sales you'll assumptions, my can't And you're or economic since Texas COVID case then more building. an how it's off we're here in And activity, at and you which it seems that? it's I in elsewhere. like eyes But

versus your kind were as of with worse So, happening, the assumptions? relates since second quarter, same it or as your this thinking quarter, to you of the do the what's A, better, if feel end of to you end the mark-to-market the of

Jamie Dimon

end know. to don't did mark We We very Mike, clear. We we the at of that forecast we the of exactly sort cannot today And feel market. quarter future. the same that's the are

at and and I a also know least prepared. -- to We’re going much that that you I you're forward have economic June -- very to you murkier environment going have had May clear than think in be

scared get You're a They’re economy, outs. and get the going have businesses, of to ins emerging lot the small scared markets. to COVID. about companies, going People about bankruptcies,

we're guessing things. look be adverse they're those the the extreme probabilities is going it of all which case, why, and if we're base murky, you So, possible. And at That's case, adverse doing. what just to just is

unprecedented We main think it’s attribute. anyone are time, around a This been We know. is properly. simply COVID world. And is properly. rarely I what's the don't used on prepared unprecedented the going It's knows. case. word for itself the don't used -- worst this Obviously,

that. We in And of don't We it So, know a careful. know, made the Fed’s probability to wasting clear. very don't we’ve simply is down guessing. W COVID the by W be got obviously, case, comes way that and case have fall, the the Their we’re way they the to time you big back shut economy in again.

Jennifer Piepszak

decision are for in case. said, base And for just would we more to And downside something reserved clarify the informed to worse you bit add the than the lean just reasons then, I they a all our scenarios. Mike, that on

we bit there terms in this conservative sort best of based upon And a estimate the bias that of more represent slowdown does -- a recent a of does hope, you which include referenced so, while our we know, is here, activities. everything

Mike Mayo

deposit off this equal difficult during kind bank. the to would over my is kind follow-up mean, you've the side, the time, the fifth the year of And flip largest deposits very of here. charts growth past be grown I

half that guess to has you But is and share to other due said several digital COVID. expect you But, how to is of the this do of there's passed? go related much is half much due how that of crisis to in gains, So, questions that so away banking I that. once

Jennifer Piepszak

do XX% we're when So, about was thinking deposits talked bit the kind clarify, said Also COVID-related. we I about side. how I That looking of a like consumer forward. little on

our then, so, consumer in of it's gain, this how that lead with all the in right, difficult coming of branch much and us of a share differentiate I well this. is digital tax I At that time that we payments terms point, this our in know. rate historically, have spending lower we we people is of because environments. and And back. And to and performed think and things some footprint that think you're our offer it will And like capabilities think do


Najarian Our next of America. Bank from is question from Erika

Erika Najarian

-- of that about feedback overhang Jamie. fourth in has CTEX your this banks provisions, case? quarter, today, outside are that quarter, on Extreme could can pretty fact that significant they your to the while The first resubmissions that in given points generation alluded I profitable what see, the stocks, guess, the you of per just which I'm know proven of Adverse for hesitant And to imply investor question encouraged the A view but that bank under basis is dividend lot what relative you've absorbing are remarks, DFAST sustainability of wondering, but remain out dividend. scenario prepared and XX you the I by is I for that and indicated playing

Jamie Dimon

if Board completely reducing Extreme consider That's the will sustainable. And Adverse it. and should the enter case, we

sustainable reducing or The like I out, itself future. they the reason case the you because completely XX% XX% the dividend. consider pointed it, As once enter don't with would Extreme is is unemployment, you Adverse know

is have cheap another and So, Extreme Adverse protect from going equity. case, to going cutting the unemployment. you're is dividend that yourself to which now be you therefore, XX% And

And so, the goal is to the sustain dividends.

You can quarter-by-quarter. numbers. look It’s the at relative miniscule completely

things. you made, happens. So, decision as be And we're could enter the all these this hoping base case

Erika Najarian

question got as And we Extreme towards preference follow-up, difference the is quick from also just in case, this there Adverse investors, a between cutting is or suspension dividend there a the a a the two? or temporary

Jamie Dimon

two. the between difference no There's

You cut dividend. your

back comes. when time You got it hopefully put to the

I've that. done temporary peculiar. that thing And you so, get going suspension. capital you're to need you something might a forward, do. It's And just prudent to twice if sounds It's that in And a my that suspension could going think the like life. terrible,

far up other with goes back start too can stock we end base the the case And way we're So, can which you up. capital then generation. thing, happens, other If much question. again, do buying hope going it before to ask the I we'll


next question… Our

Jamie Dimon

quarter. year. We that in don't fourth completely expect it rule this But, out I wouldn't the


Schorr Glenn from is question next our And of Evercore.

Glenn Schorr

you. for Question there. Hello,

curious a rebound potentially through about on on balance I'm revenue. you outlook this and had uncertain think on big this time, lot we this to in the past we've ways So, given derisking the that But, whole led that's overall sheet. of market been markets talking

huge just selling Have are to proactive the is is balance it a I buildup is of can recovery sheet. do a derisked into some been RWA there environment? things I more you that. my liquidity leverage Now, reduce guess high But, stressed in this this question? get you

Jennifer Piepszak

Glenn, if two do things portfolio RWA, with that is is Investment there your and I could Investment we which it, to the answers question. I'll proactive start then Securities. on guess, Securities components

it preparing spending credit for we outcomes, on opportunistically time cautious. we we impact of about a there sort a customers. a quarter. we And last lot to we do? and don't being any because to needed thinking we have -- is But, because exposure clients are then, we're to, We looked reduce second are resort could certainly RWA, on of are range of And if what want have over the

helping through customers I And get ready proactively at -- We're we're done on so, focused point. much say we're clients looking this it. this haven't crisis. we would But very and anything at

Jamie Dimon

So, this way. let me answer

with had are the banks credit And great have tightening side, kind credit. do seen, more. numbers On could do happened. prudent about you you But Jen, consumer other how like That's some some obviously, how is. already you of good we,

those give the gave numbers is… Well, -- Lending the how Home day. much think, you other me I FICO’s better

Jennifer Piepszak

the Home LTV, portfolio in LTV. And I extraordinary. remembered, weighted I Oh! was now Lending That I have it's was average on that but mortgage, really in XXXX, mean, was I so the it’s and ask. weighted -- on our should did XX% have XX%. And to average LTV the in

Jamie Dimon

can And cards, auto. better credit you it's assume and in better it's

a subprime. have less We side. That's consumer

what about security prudent. downturns more that. On We're and the and capital. Usually careful lending we've stuff this, always the like and always -- you get a on serious management been very -- responsiveness tight happens team in like the little and and business raising side,

lot companies have raising these capital. So, of a lot been of a

I actually securities going we side, But, help very time. and accounting personally There your -- SCB. prudent. risk, we'll this maybe a to it that trading pretty the but And, why are conservative, kind make are is the of -- can little of over putting consider and investment again, don't day. maturity, does we’ve and security that I'm into a it's On it which do done every peculiarity understand reduces reduce portfolios in more

not And serve that. very, assume cautious are well managing trying they're could certainly punting be very and that just we Troy are And trading those the Daniel, of is you anything team, and and managing whole or for Rohrbaugh exposures. and every like and those to today. is Sippel Jason tightly -- they very our risks trading clients. fences We're that day and So think single

more so, could various start we reducing these RWA, if all that And we by wanted, yes, doing are things. And conservative. can, we you yes,

Glenn Schorr

Thanks. only, One and or have consumer been either deposits months quickie closed in into curious the some now bulk lockdown like drive-up the I'm if a weed. have of the United branches the your side. we’re and your on States you -- four we're grow watching of

So, this I'm change go might curious if you've out organic on on the your lessons efforts that growth as network, of someday? branch learned we thoughts come and your forward any

Jamie Dimon


are number taken went -- down And all like PPP. of stuff the deposits up something So, $XX checks that. deposit because people by the went Deposits that’s like course billion, up with reversed of got. that. the went up of -- payroll that already and Deposits revolvers

to sides of have But, you were at say both something, Jen? you So, that. to look going

Jennifer Piepszak

to any I I on branch was mean, I we're to learned mentioned quick add lot. we the course, going strategy around expansion. a But, to of haven't -- enrollment. deposit learning enough make our changes

market In fact, expansion. our opened we branch just in hundredth

year. another XX this probably open we’ll think We that. about excited really we're So,

be we'll XXX expansion. market halfway branches we in to So, the about that nearly talked

make to the And a our margin. -- big over have that we it'll any watching or time possible but so, quickly closed. sure we we're still not be that accelerating going helps the And benefit about to about that of want branches us behavior. de-densification changes customer because think at X,XXX are have we have something that consolidation, make we'll see -- learn it's And we do

really be ones the can they So, inform our strategy. that


Partners. Peabody from Portales next Our of is Charles question

Charles Peabody

for also page ratio for be which if programs next morning. give on of wonder starting a Two six, And temporary March? SLR one Good you I relief that would part ratio you ratio had the Yes. the CETX. capital. adjusted confined the questions, would be, as more on question the similar

Jamie Dimon

in There CETX. is no relief temporary

Jennifer Piepszak

it -- the even and over trying relief. CETX, to I'm many only There's a call it’s on not CETX, years. but in Well, phase

without temporary, the that is quarter that of this we're SLR. I on to next in don't why it managing temporary, is expire the as it exclusions. about very-focused And so, which point, year, necessarily is SLR like first due at think

Jamie Dimon

both. both. they’re manage them We And

is other. So, say XX like manage I wouldn't the different capital We liquidity something ratios. more than one

Charles Peabody

meeting And those? do overlay. today Jamie, on may understand, of be is that have to the as mortgage there If liquidity two or has other One are discussing COVID closed any FSOC to what test Do with stress and either with doors. thoughts the I market you topics. insights behind secondary they

Jamie Dimon

of going they obviously at I out, -- have to all and test, cases, we’re stuff COVID, stress COVID, because laid you refer reasonable perfectly don't. that going look a we people The stress like some would insights. test. we're that that run obviously kind could UW be The to to step new it

I mortgage is think a issue. different the markets

verified put securitization sure is And not risk-weighted market. securitization transfer your the doing because be market regulations Okay? And soundness. Safety to be. XX at of of should incentive very place of reason is X.X% of no if servicing of been second for more because or for the because and got risk rules on instead securitization else. kind consistent mortgage there's through. it's not and in mortgages, X.X%. It’s the and a the looking reduces X.X%, the origination you’d amount is they stuff. Normally, enormous balance puts cost the your and very sheet. banks we've is that of market one the make incomes, basically to to so The high, passed far you a more put costly obviously it it's it you’re is or because at believe XX% is is cost and safety that asset right high real more are than basically looked soundness somebody -- points, do is XX-year The -- which basis rate, that people's lot LTV, be And create important

mortgages, I are think that. The mortgages. more of -- non-agency even than should that change be it They expensive which change immediately. a So, will agency more they beneficiary lot should

down B and people should you have much a bit of you should come it lower little particularly down, you cost change better the end. I for a the will believe securitization and people So, at be mean, come this will phased a that, Reg market phased be once right in away. have and mortgage market, that A, to so are have that


is Our Martinez from UBS. next of question Saul

Saul Martinez

the I'm gaining them, things banks, it's define press’s banks in capture, PPP too lending, just a rate which, But, question, are side curious to and overdue. if working you little discussion those that like the about do just like long social overall you that public and just some I populist policies bit discussions stuff whether policy I to time have on directed justice, you to stress unlikely depiction I'm mainstream pretty I know and breaking all to or my are about having being wrong And that But, in you kind on up So, capital fair concerned part things broader of a banks just of testing. hard backdrop. broadly the policy more political And think alarmist our issues. inequality than big the whatever, are about like concerned anti-bank into see your of want polarized we're perspectives not a and problem. I environment, the banks in want stuff part get the generally planning more opinion, being that. your of at and be traction, and banks And pretty or political about as solution of or banks and of also however fit how and think worry overly I get this sort being are open not, in in of perspective or want country? depicted and is

Jamie Dimon

to do and try to black care do your right right people, advance try for the train course, serve we got try to the do very our we into single very the finance of work employees, customers, And you and to We every go day thing to company and when hard you we thing is lead to others. make this. reason, to take hard mistakes. of Then

thing, We understand that so, And lending important to and banks get I some most The do like through Irresponsible better the people do best clients. the out is And for we we lending crisis want try that remember, there. lending. and mortgage And our help and we responsible vibrant thing Americans. that serve good we can. involved healthy do. lending. America be be understand this to can policy, this angst of in we is But, to bank continue is bad would

So, that of hear very of It often, irresponsible. happened lead around. that. time we banks what outcomes. do more And should No, irresponsible will to last that's is stuff kind bad

to to do better in we listen we do better better try do it criticism -- very try should and we about right future. the what and when carefully and sometimes often there's or could to done have So, try legitimate or

Saul Martinez

that as Okay. a of I fees That's and that for question going question ask sized PPP be? on guidance. includes guess think you figures I NII where to Jen on broad gains narrow the that unforgiven loans. those of I or quantified presume could you for helpful. very am up as was, And magnitude your have that terms in

Jennifer Piepszak

been that won't which That intend from some to you PPP. is PPP, we've issues. we don't mean that on really clear have geography profit doesn't So,

recognized given some lives near you'll expenses these have have zero. the profit loans. amount of It over and are the be then this you'll immaterial fees and is quarter, So will revenue the

gross in And out, on Again, revenue So, won't line. in very scheme grand -- still be quarter. And that be expenses. things. the and the see even see it third we'll zero fourth looking of quarter, both numbers meaningful you'll and the will bottom this it's the probably more little of


of Our next question is Cassidy Gerard RBC. from

Gerard Cassidy

what being the that Can of within you wholesale sectors share you because corporate COVID-related is often earlier loans? of what touched Can through. we're second, with And talked the the of mentioned? you reclassify to that about? the on that you are portfolio in you some a about going most to you do the that How process group impacted highlight that look have you us where question through stressed reclassification go for us COVID

Jennifer Piepszak

Services. Merchant that it a on we issue reclassification, So, first in was geography have it mentioned to… didn't But,

Jamie Dimon

no was of loans. wholesale There reclassification

Jennifer Piepszak

they of oil And real retail. to around Yes. and impacted, would gas, terms see the are you that and in travel, and expect ones mean, the I then, most estate

would the expect So, you that sectors see. it's to

it's as for earlier, and in than note Although, quarter, them to in that of the important downgrades industry. we most a third second said the the less that I experienced impacted were

-- this we're broad-based. So, really is this being more much as seeing

Gerard Cassidy

C&I? And X, be numbers may Do you. missed And the might then any very forbearance real slide second, you so it more have in But, commercial commercial your corporate Thank on the the I on and Okay. is estate portfolios gave I consumer good a you in this, portfolio. or detail that on apologize. that loans forbearance? have

Jennifer Piepszak

So, you back which meaningful have go not what they is They're just just them, included had I'll typically We said, to see. we're what would would just not numbers. been? seeing we

Jamie Dimon

But they non-performing. end up in

Jennifer Piepszak

end in They up non-performing.

Jamie Dimon

wholesale have have don't We same the a consumer. in a category category you commercial, or in way


our And Usdin from Jefferies. is next of question Ken

Ken Usdin

morning. Good Thanks.

points on Just the you in and a long-term slides made question about recalibration. for capital opportunities

the SCB to do any other X.X risk, stand where First, secondly, the not GSIB balance shouldn't will And have that you points the dialogue mentioned? systemic I about some you with about on recalibration as banks guess, have Fed bank's then, think a sheet? your we impact

Jamie Dimon

do. no back couple doing calculation. Because there. shadow can we the obviously not think and system, at they a to to but the a go already out in in GSIB extensive forward it have or work growth why is stuff America of for look, or us coming supposed try recalibration. is plated, what's so the go recently economy going it goes taken to CCAR does up reason plans X.X% bunch a another to treasury thought for never to through adjusted cash that the reduce months, the unnecessary. looking fix little we We're bit. as the they lot should like of obviously were in there try adjust a going recalibrated growth and our they They way up which are for Because and we're should which to Feds of GSIB, number and already, needed X.X%, to banking have when wholly Fed they’re I've of there's opposed And things always things to gold I whole which have But,

political. that that my the and point. these And wrapped so they kind politicize should which anymore. peculiar numbers, hoping they go about they one right view People is do and not thought just they're I I'm calculations, them So, at get But just very up complicated right. do things in do of funny. But

Ken Usdin

And second Yes. the back just three. going slide is question to

percent to You seem supplement accounts on percent page the XX, bigger be this deferral. seems then, page. biggest. the the Auto a in to on And out balances of lay the on imply

you do you're seeing other deferring you. Just can Thank accounts classes? you and then think the there more in about talk a bit versus differences auto little why asset

Jennifer Piepszak

the slide actually I X. know don't to Okay. reconciling answer supplement to the

So, up team can with one. and on Jason you follow that

Ken Usdin

base just a do deferrals about comment Maybe credit you different versus you that trends? why means think you're what customer you on that then, auto others? in And -- think and forward do seeing for do anything

Jamie Dimon


Jennifer Piepszak

No, yes.


Our of Chris from Oppenheimer. is Kotowski next question

Chris Kotowski

an the quality presumably quarter just an to lot could around of loans? of continue I of I and we're the $X of all need to forward, in raising. secondly, such it so debt? portion then, raise has for that distressed extent good for kind of shows that quarter. what over And capital that. flat capital? a the the raise forward, and kind Dealogic as look One you kind or extraordinary debt trillion guess, to to Thank the of was do bank looking raise Good was areas, two-part second of and in these helped -- a therefore, that’s do I raised the quarter mean, And guess, that, at capital companies did looking morning. think I capital ongoing in at like your is, you. you going a And junior question spot needed that all this and see companies there's bank equity

Jamie Dimon

is raising. companies, there of up. I of and capital high-yield all, markets weaker the first too. put equity converts in opened it think -- I board. a you did lot saw companies, across People I strong mean, Converts,

think, it was wise. I

means a they sure make whatever lot their to needs through lot can think and get company of that. their for and capital pre-funded that I like people industry a crisis this said, the of stuff

the some of to be to spend. you've that. want it because in next. And that before, is so some prepared. think three make cash, would -- being don't go think was got of so capital to people people got be sit I and we’ve you're sheet of but of down, it of is we’ve heard it years being years still two a come lot raised -- not this a like opportunity it'll But, there's got not got cash, we’ve balance pre-funding It’s I you to capital's whatever So, pre-fund about, yourself go prepared for definitely raised comes to companies through this lot statements for guys

I think it's appropriate.

Chris Kotowski

That’s it for me. Okay. Thank you.

Jamie Dimon

predict And models, your by closer cut it future probably and they double one below that be no runs. half, normally exactly, point, we normalize in But else, to for will one be because in just quarter Banking, revenues we it the going even say if out. cut At can't it's next month than month normal Investment quarters trading to don't will for you in half. expect the and come or still it down what


Générale. of our is And Société question next from Andrew Lim

Andrew Lim

you've quarter provisioning big of wanted And really And in third just straightforward. But, meant more on versus see quite quarter? CECL of nature how wanted obviously, second questions. on clarity nature should then to provisions the more some much I they to I some assumptions. CECL your taking based level. fall think third that very thought you assumptions that made for the do Thanks quarter, are should not my a considerably the quite just provisioning. down about your change, provisions obviously if I conservative for the much normal

Jennifer Piepszak


We are but our that facing. So, it conservative we future to in best we we're moment, a I what our the of hope we would a best now, estimate. look this are bias estimate start conservative as there this by is right is where right now, is on certainly where while saying back

and our so, base are worse realized, assumptions again, the And case. reserve if reflects our something than

then third see realized, quarter, meaningful we to shouldn’t that's be in if the So, third quarter. that continues builds the if reserve -- or in

Andrew Lim

we've be seen I that similar it So, for example? XXXX, context, to mean, would

Jennifer Piepszak


for but growth have the You reserves for not prices.

Andrew Lim

July. that's strong we That’s environment, saw trading the Exactly. consistent you with what third bit some are then, seen And following on or quarter seeing of into pretty second June you seen obviously we've very we've say ? in normalized -- and sorry, CIB level Would a still into the the the quarter trading to XXXX, through clear.

Jamie Dimon

question. that said answered just I

But do You in better half. thing. only into also weeks it's have it's unbelievable don't said I We to a since know. should forward. we'll probabilistic. of that. we we couple it’s one fall assume assume And going trading point this know, going And don't reserving hopefully, don't these results we simply than

outcomes You reserves. probabilities of assumptions, and can put but the your actually change nothing up more in potential


no time. have at questions this We further

Jennifer Piepszak

Thank you.

Jamie Dimon

Thank you.


in for today's call. participating Thank you

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