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JPMorgan Chase & Co. is a leading financial services firm based in the United States with a global presence, offering a wide range of products and services across various segments . The company is organized into four major business segments, each catering to different client needs, including consumer banking, investment banking, commercial banking, and asset management . Through its diversified business model, JPMorgan Chase serves a broad spectrum of clients worldwide, leveraging its strong market positions to drive revenue growth and maintain a competitive edge in the financial services industry .
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Consumer & Community Banking (CCB) - Provides products and services to consumers and small businesses through bank branches, ATMs, digital platforms, and telephone banking, including Banking & Wealth Management, Home Lending, and Card Services & Auto .
- Banking & Wealth Management - Offers banking services and wealth management solutions to individual and small business clients .
- Home Lending - Provides mortgage and home equity lending services .
- Card Services & Auto - Offers credit card services and auto financing .
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Corporate & Investment Bank (CIB) - Offers investment banking, lending, payments, market-making, financing, custody, and securities products and services to corporate and institutional clients globally .
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Asset & Wealth Management (AWM) - Provides investment management solutions across equities, fixed income, alternatives, and money market funds to institutional and retail investors, along with retirement products, brokerage, custody, trusts, and estate services to high-net-worth clients .
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Commercial Banking (CB) - Delivers comprehensive financial solutions, including lending, payments, and investment banking services, primarily to middle-market clients, small and mid-sized companies, and commercial real estate clients .
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Daniel E. Pinto ExecutiveBoard | President and Chief Operating Officer | None mentioned | Daniel Pinto has been the President and COO since January 2022. He will relinquish these responsibilities on June 30, 2025, and retire at the end of 2026. | View Report → |
James Dimon ExecutiveBoard | Chairman of the Board and Chief Executive Officer | Member of the Board of Deans, Harvard Business School; Director, Catalyst; Member, Business Roundtable; Member, Business Council; Trustee, New York University School of Medicine | James Dimon has been the CEO since December 2005 and Chairman since December 2006. He joined JPMorgan Chase in 2004 after the merger with Bank One Corporation, where he was Chairman and CEO. | View Report → |
Jennifer A. Piepszak Executive | Chief Operating Officer | None mentioned | Jennifer Piepszak became the COO on January 14, 2025. She previously served as Co-CEO of the Commercial & Investment Bank and Co-CEO of Consumer & Community Banking. | View Report → |
Jeremy Barnum Executive | Chief Financial Officer | None mentioned | Jeremy Barnum has been the CFO since May 2021. He previously served as Head of Global Research for the Corporate & Investment Bank and CFO and Chief of Staff for CIB. | View Report → |
Lori A. Beer Executive | Chief Information Officer | None mentioned | Lori A. Beer has been the CIO since September 2017. Her previous roles within JPMorgan Chase are not detailed in the documents. | View Report → |
Marianne Lake Executive | CEO of Consumer & Community Banking | None mentioned | Marianne Lake has been the CEO of Consumer & Community Banking since January 2024. She has held various senior roles at JPMorgan Chase, including CFO from 2013 to 2019. | View Report → |
Mary Callahan Erdoes Executive | CEO of Asset & Wealth Management | None mentioned | Mary Callahan Erdoes has been the CEO of Asset & Wealth Management since September 2009. She has held senior-level positions at JPMorgan Chase for an extended period. | View Report → |
Robin Leopold Executive | Head of Human Resources | None mentioned | Robin Leopold has been the Head of Human Resources since January 2018. She previously served as the Head of HR for the Corporate & Investment Bank. | |
Stacey Friedman Executive | General Counsel | None mentioned | Stacey Friedman has been the General Counsel since January 2016. Her previous roles within JPMorgan Chase are not detailed in the documents. | |
Troy Rohrbaugh Executive | Co-CEO of the Commercial & Investment Bank | None mentioned | Troy Rohrbaugh became Co-CEO of the Commercial & Investment Bank on January 25, 2024. He previously served as Co-Head of Markets & Securities Services. | View Report → |
Alex Gorsky Board | Director | Board Member at Apple Inc. and IBM; Trustee at NewYork-Presbyterian Hospital | Alex Gorsky has been a Director since 2022. He is also involved with several other organizations. | |
Alicia Boler Davis Board | Director | CEO of Alto Pharmacy, LLC | Alicia Boler Davis has been a Director since March 20, 2023. She previously held senior roles at Amazon and General Motors. | |
Linda B. Bammann Board | Director and Chair of the Risk Committee | Board Member, Travis Mills Foundation; Senior Advisor, Brydon Education | Linda B. Bammann has been a Director since 2013 and serves as Chair of the Risk Committee. She has extensive experience in risk management. | |
Mark A. Weinberger Board | Director | Board Member at Johnson & Johnson, MetLife, Inc., Saudi Aramco; Trustee at Emory University, Case Western Reserve University | Mark A. Weinberger has been a Director since January 16, 2024. He is the former Global Chairman and CEO of Ernst & Young. | |
Mellody Hobson Board | Director | Co-CEO and President of Ariel Investments, LLC; Chair of Starbucks Corporation | Mellody Hobson has been a Director since 2018. She is also involved in various leadership roles outside JPMorgan Chase. | |
Phebe N. Novakovic Board | Director | Chairman and CEO of General Dynamics Corporation; Board Member at Cargill | Phebe N. Novakovic has been a Director since 2020. She has extensive experience in leadership roles at General Dynamics and other organizations. | |
Stephen B. Burke Board | Director | None mentioned | Stephen B. Burke is a Director and Retired Chairman and CEO of NBCUniversal, LLC. He has been a Director since 2013. | |
Todd A. Combs Board | Director | Chairman, President, and CEO of GEICO; Investment Officer at Berkshire Hathaway; Board Member at Precision Castparts Corp., Duracell Inc., Charter Brokerage LLC | Todd A. Combs has been a Director since 2016 and is involved in various roles at Berkshire Hathaway and its subsidiaries. | |
Virginia M. Rometty Board | Director | Board Member at Cargill; Member of Mitsubishi UFJ Financial Group Advisory Board | Virginia M. Rometty has been a Director since 2020. She is the retired Executive Chairman, President, and CEO of IBM. |
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Given the increasing competition from private credit firms and changes in market structure, how is JPMorgan planning to adjust its strategies to maintain its competitive edge in market-making and traditional lending, especially when non-bank entities are not constrained by the same regulations?
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With Banking & Wealth Management revenue declining by 11% year-on-year due to deposit margin compression and lower deposits, what specific actions is JPMorgan taking to mitigate these pressures and reverse the trend of decreasing deposits, which are down 8% year-on-year?
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Despite having at least $30 billion of excess capital, why is JPMorgan choosing to be patient in deploying this capital, and how does this decision align with your long-term growth and shareholder return objectives in a potentially turbulent market environment?
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Considering the uncertainty surrounding the final Basel III capital requirements and your stance that current requirements may already be more than needed, how will this impact your capital planning, lending practices, and overall competitiveness, especially if regulations push more activities outside the banking sector?
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Jamie, you've expressed significant interest in government policy and its impact on the economy; under what circumstances, if any, would you consider transitioning from your role at JPMorgan to a government position, and how do you manage this interest alongside your commitment to the company?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
First Republic Bank | 2023 | JPMorgan Chase acquired First Republic Bank on May 1, 2023 for $67.9 billion, obtaining $173 billion of loans, $30 billion of securities, and assuming $92 billion of deposits while entering FDIC loss-share agreements, with expected incremental net income and $2.0 billion in restructuring costs. |
China International Fund Management Co., Ltd. (CIFM) | 2023 | JPMorgan Chase received final regulatory approval on March 24, 2023, to acquire the remaining 51% interest in CIFM, making it a wholly-owned subsidiary and increasing goodwill in its AWM segment, thereby expanding its presence in the Chinese market. |
Aumni | 2023 | JPMorgan Chase entered into a definitive agreement on March 22, 2023 and completed the acquisition of Aumni in Q2 2023, resulting in an estimated goodwill increase in its Corporate & Investment Bank segment while enhancing its investment analytics software capabilities. |
Global Shares | 2022 | JPMorgan Chase acquired Global Shares, an Irish fintech providing cloud-based share plan software, with the deal announced in March 2022 and expected to close in the second half of 2022 as part of a broader $1 billion fintech investment strategy aimed at expanding its digital offerings. |
Recent press releases and 8-K filings for JPM.
- Drew Pettit sees AI as one of Citi’s top growth themes, with current valuations supported by its strong growth trajectory and believes the market has not fully priced in the opportunity.
- He recommends considering non-US AI plays to complement major US index names and capture additional structural growth.
- Broader market upside depends on stronger cyclical contributions—notably consumer spending—and Fed rate cuts to sustain a lasting bull market.
- Citi’s year-end fair value for the S&P 500 is 6,300, suggesting limited near-term upside and advising short-term caution.
- Stronger-than-expected jobs data all but eliminate odds of a July Fed cut, with futures pricing in a 95% chance of rates remaining unchanged on July 30 and Atlanta Fed President Bostic endorsing a wait-and-see stance centered on inflation.
- The XLK tech ETF is up 10% YTD as Wedbush’s Dan Ives forecasts an 8–10-year AI spending cycle, sees only 5% of U.S. enterprises engaged so far, and projects the Nasdaq could hit 22,000–30,000, underpinning his new Ives AI 30 ETF.
- Catalyst Funds’ David Miller backs Robinhood, citing a recent $1.9 million insider purchase, 60% revenue growth last year, over $900 million in revenue and $300 million in earnings last quarter, and the launch of tokenized stocks in Europe.
- Miller dislikes Bitcoin miner Mara Holdings due to its high mining costs that rise with Bitcoin prices, lack of free-power advantage, and premium valuation vs. peers, preferring direct Bitcoin exposure or a Bitcoin-treasury play like MicroStrategy.
- Released 2025 Dodd-Frank Act Stress Test (DFAST) outcomes for JPMorgan Chase & Co. and its bank subsidiary, attached as Exhibit 99 to the 8-K.
- Under the Supervisory Severely Adverse Scenario, JPMorganChase’s CET1 ratio is projected to fall from 15.7% at 4Q24 to a minimum of 13.7% in 1Q27.
- The Firm forecasts 9-quarter cumulative PPNR of $93.8 billion, credit losses of $79.3 billion, and net income before taxes of –$3.2 billion (1Q25–1Q27).
- Projected loan losses total $60.7 billion over the same period, with loss rates up to 19.4% for commercial & industrial loans.
- Bitcoin is up 15% in 2025, reaching all-time highs, while altcoins have underperformed, with the MarketVector Digital Asset 100 Small-Cap index losing over $300 billion of market value.
- Bitcoin’s dominance reflects its status as the most liquid, widely held, and tested cryptocurrency, with broader altcoin rallies typically occurring later in the cycle.
- Recent Bitcoin gains have been driven by ETF approvals, growing institutional adoption, and its macro- and store-of-value narratives.
- The expansion of stablecoins—including central bank digital currencies and private issuances—is redefining money and enhancing crypto settlement liquidity, indirectly supporting market prices.
- Strategist David Zervos expects a double-digit rally in equities during the second half of 2025, driven by anticipated Fed rate cuts and ongoing policy tailwinds.
- The S&P 500 could experience a 4% pullback to around 6,000 before resuming its uptrend, according to JPMorgan’s baseline scenario.
- Zervos projects 10-year Treasury yields may decline toward 4% by year-end, though with less downward momentum than seen in 1H 2025.
- He identifies financials as the leading sector for outperformance, citing deregulatory measures and increased deal flow as key catalysts.
- Policy issues have moved from acute shocks to a chronic driver of index performance, keeping markets range-bound even as tariffs settle around 15%.
- Recession risk is lower than in early April and sits just below potential growth, underpinning prospects for high single-digit earnings growth this year.
- Equities have recovered 100% of their sell-off and corporate credit 80%, limiting scope for broad market rallies.
- Targeted opportunities include Asia (Japan, India)—which have lagged—and US financials, boosted by a steeper yield curve and eased leverage rules.
- An average tariff rate of 15%, five times higher than initial levels, is largely priced in at the index level, though impacts vary by company supply chains and pricing power.
- JPMorgan Chase stock reached a new all-time high, reflecting strong market sentiment.
- Apollo Global favors fixed-income strategies ahead of anticipated rate cuts this year.
- Morgan Stanley is expected to deliver a strong quarter with positive guidance.
- Amphenol hit a new record high, with positions held since November 2020.
- U.S. regulators (Fed, FDIC, OCC) propose cutting the enhanced supplementary leverage ratio from 5% to 3.5–4.5% for the largest banks, including JPMorgan Chase, to boost liquidity in the $29 trillion U.S. Treasuries market.
- Subsidiary banks of major U.S. lenders would see their eSLR threshold lowered from 6% to 3.5–4.5%.
- The Federal Reserve will discuss the proposal on June 25, with further details to follow from the FDIC and OCC.
- Although focused on the overall ratio, regulators may seek public comment on excluding Treasuries from the eSLR calculation.
- JPMorgan applied for a JPMD trademark covering a wide range of digital-asset services including trading, issuance, payment processing, and decentralized clearing, indicating potential development of a new stablecoin platform.
- The bank’s existing blockchain assets, JPM Coin, processes about $1 billion in daily institutional transactions and Kinexys handles roughly $2 billion daily, underscoring significant blockchain infrastructure.
- The JPMD filing, accepted by the USPTO, is still in preliminary stages as it has not yet been assigned to an examiner.
- CEO Jamie Dimon has recently enabled clients to buy bitcoin through the bank and use bitcoin ETFs as loan collateral, reflecting a strategic shift toward digital-asset integration.
- JPMorgan highlighted significant technology investments of about $18B annually, noting specific AI projects delivering roughly $2B in benefits while treating some initiatives as table stakes.
- Management expressed credit caution amid potential stress from rising leverage and interest rates above 5%, suggesting that a downturn could reveal vulnerabilities in the credit cycle.
- The call also addressed a need for regulatory reform and reaffirmed a strong balance sheet with around $60B in excess capital, reinforcing commitments to dividends and strategic capital deployment.