UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported): October 13, 2020
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. employer identification no.) | ||||||||||||
| (Address of principal executive offices) | (Zip Code) | |||||||||||||
Registrant’s telephone number, including area code: (212 ) 270-6000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | ||||||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01 Regulation FD Disclosure
On October 13, 2020, JPMorgan Chase & Co. (“JPMorgan Chase” or the “Firm”) held an investor presentation to review 2020 third quarter earnings.
Exhibit 99 is a copy of slides furnished for, and posted on the Firm’s website in connection with, the presentation. The slides are being furnished pursuant to Item 7.01, and the information contained therein shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities under that Section. Furthermore, the information contained in Exhibit 99 shall not be deemed to be incorporated by reference into the filings of the Firm under the Securities Act of 1933.
This Current Report on Form 8-K (including the Exhibit hereto) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on 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, 2019, and Quarterly Report on Form 10-Q for the quarters ended March 31, 2020 and June 30, 2020, which have been filed with the Securities and Exchange Commission and are available on JPMorgan Chase’s website (https://jpmorganchaseco.gcs-web.com/financial-information/sec-filings) and on the Securities and Exchange Commission’s website (www.sec.gov). JPMorgan Chase does not undertake to update any forward-looking statements.
Item 9.01 Financial Statements and Exhibits
(d) Exhibit
| Exhibit No. | Description of Exhibit | |||||||
| 99 | ||||||||
| 101 | Pursuant to Rule 406 of Regulation S-T, the cover page is formatted in Inline XBRL (Inline eXtensible Business Reporting Language). | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101). | |||||||
2
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| JPMorgan Chase & Co. | ||
| (Registrant) | ||
| By: | /s/ Nicole Giles | ||||
| Nicole Giles | |||||
| Managing Director and Firmwide Controller | |||||
| (Principal Accounting Officer) | |||||
| Dated: | October 13, 2020 | ||||
3
3Q20 Financial Results October 13, 2020
3Q20 Financial highlights ROTCE1 CET1 capital ratios2 Net payout LTM3 19% Std. 13.0%; Adv. 13.8% 97% 3Q20 net income of $9.4B and EPS of $2.92 Managed revenue of $29.9B4,5 Expense of $16.9B5 and managed overhead ratio of 56%4 Balance sheet Loans6,7: average loans of $991B up 1% YoY and down 4% QoQ Deposits: average deposits of $2.0T up 30% YoY and 5% QoQ Basel III CET1 capital of $198B2 Standardized CET1 capital ratio of 13.0%2; Advanced CET1 capital ratio of 13.8%2 Capital returned to shareholders Common dividend of $2.8B or $0.90 per share No repurchases in 3Q20; extended suspension of repurchases at least through the end of 4Q208 Significant items ($mm, excluding EPS) Pretax Net income EPS Firmwide legal expense ($524) ($525) ($0.17) 1 See note 2 on slide 12 2 slide 12 3 4 See note 1 on slide 12 1 5 See note 10 on slide 12 6 7 See note 11 on slide 12 8 See note 8 on slide 12
3Q20 Financial results1 $B, except per share data $ O/(U) 3Q20 2Q20 3Q19 Net interest income $13.1 ($0.8) ($1.2) Noninterest revenue2 16.8 (3.0) 1.2 1,2 Managed revenue $B 3Q20 2Q20 3Q19 29.9 (3.9) (0.1) 2 Net charge-offs $1.2 $1.6 $1.4 Expense Reserve build/(release) (0.6) 8.9 0.1 16.9 (0.1) 0.5 Credit costsCredit costs $0.6 $10.5 $1.5 0.6 (9.9) (0.9) Reported net income3Q20 Tax rate $9.4 $4.8 $0.4 Effective rate: 19.0% Net income applicable to common stockholdersManaged rate: 24.2%1,6 $9.0 $4.8 $0.4 Reported EPS $2.92 $1.54 $0.24 ROE3 3Q20 ROE O/H ratio 15% 7% 15% CCB 29% 53% ROTCE3,4 CIB 21% 50% 19 9 18 1,3 CB 19% 42% AWM 32% 70% 56 50 55 Memo: Adjusted expense 5 $16.4 ($0.5) ($0.0) Memo: Adjusted overhead ratio 1,3,5 55% 50% 55% Note: Totals may not sum due to rounding 1 See note 1 on slide 12 2 See note 10 on slide 12 2 3 Actual numbers f or all periods, not ov er/(under) 4 See note 2 on slide 12 5 See note 3 on slide 12 6 Ref lects f ully taxable-
3Q20 Reserves Allowance for credit losses ($B)1 CECL adoption 1H20 3Q20 12/31/2019 impact Build/(release)6/30/2020 Build/(release) 9/30/2020 Consumer Card $5.7 $5.5 $6.7 $17.8 $0.0 $17.8 Home Lending 1.9 0.1 1.2 3.2 (0.3) 2.9 Other Consumer2 0.7 0.3 0.9 1.9 (0.1) 1.8 Total Consumer 8.3 5.9 8.8 22.9 (0.4) 22.5 Wholesale2 6.0 (1.6) 7.0 11.4 (0.3) 11.1 Securities N/A 0.0 0.0 0.0 0.1 0.1 Firmwide $14.3 $4.3 $15.7 $34.3 ($0.6) $33.8 U.S. unemployment rate3 U.S. real GDP cumulative change4 Base Case Outlook at: 4Q20 2Q21 4Q21 Base Case Outlook at: 4Q20 2Q21 4Q21 1Q20 6.6% 5.5% 4.6% 1Q20 (5.4%) (2.3%) 0.3% 2Q20 10.9% 9.0% 7.7% 2Q20 (6.2%) (4.0%) (3.0%) 3Q20 9.5% 8.5% 7.3% 3Q20 (5.4%) (3.7%) (2.4%) Note: Totals may not sum due to rounding 1 See note 5 on slide 12 2 -rated Business Banking and 3 Auto dealer portf olios that hav e been reclassif ied to the Wholesale portf olio 3 Quarterly av erage 4 Cumulativ e % change f rom 4Q19
Update on payment deferrals Consumer loans with payment deferral ($mm) 6/30/2020 9/30/2020 % of accounts Loan balance Loan balance % of who exited with payment with payment loan class payment deferral deferral deferral balance1 and are current2 Residential real estate (including third-party loans serviced)3 $54,532 $28,516 4.4% 91% Residential real estate (retained) 3 20,548 11,458 5.0 88 Auto and other4 3,357 457 0.6 95 Credit card 4,384 368 0.3 91 Total consumer $62,273 $29,341 3.4% 92% Note: Totals may not sum due to rounding 1 Represents the unpaid principal balance of loans with pay ment def erral, div ided by the total unpaid principal balance of the respectiv e loan classes loans 4 2 Includes accounts less than 30 day s past due 3 Includes residential real estate loans held in CCB, AWM and Corporate 4 Excludes risk-rated business banking and auto dealer loans held in CCB and auto operating lease assets that were still with pay ment def erral as of the reporting date
Fortress balance sheet $B, except per share data 3Q20 2Q20 3Q19 Risk-based capital metrics1 CET1 capital $198 $191 $188 Basel III Standardized CET1 capital ratio 13.0% 12.4% 12.3% Risk-weighted assets $1,517 $1,541 $1,528 Basel III Advanced CET1 capital ratio 13.8% 13.2% 13.1% Risk-weighted assets $1,431 $1,451 $1,436 2 Leverage-based capital metrics 3Q20 Firm SLR excluding Firm SLR temporary relief 2: 5.8% 7.0% 6.8% 6.3% Total leverage exposure $3,247 $3,228 $3,405 Liquidity sources3 HQLA and unencumbered marketable securities $1,330 $1,257 $849 Balance sheet metrics Total assets (EOP) $3,246 $3,214 4 $2,765 Tangible book value per share5 $63.93 $61.76 $60.48 1 Estimated f or the current period. See note 6 on slide 12 2 SLR includes temporary exclusions of U.S. Treasury securities and deposits at Federal Reserv e Banks 5 3 Estimated f or the current period. See note 7 on slide 12 4 Prior-period amounts hav e been rev ised to conf orm with the current presentation 5 See note 2 on slide 12
Consumer & Community Banking1 $mm Financial performance $ O/(U) Net income of $3.9B, down 9% YoY 3Q20 2Q20 3Q19 Revenue of $12.8B, down 9% YoY Revenue2 $12,755 $538 ($1,203) Consumer & Business Banking 5,557 450 (1,225) Expense of $6.8B, down 4% YoY, predominantly driven by lower Home Lending 1,714 27 249 marketing investments Card & Auto2 5,484 61 (227) 2 Credit costs of $794mm, down $517mm YoY Expense 6,770 144 (255) Credit costs 794 (5,034) (517) $300mm reserve release in Home Lending due to portfolio Net charge-offs (NCOs) 1,094 (184) (167) run-off vs. $50mm net reserve build for CCB in 3Q19 Change in allowance (300) (4,850) (350) Net charge-offs were down $167mm YoY, predominantly Net income $3,873 $4,049 ($372) driven by Card Key drivers/statistics ($B)3 Key drivers/statistics ($B) detail by business Equity $52.0 $52.0 $52.0 3Q20 2Q20 3Q19 ROE 29% (2)% 31% Consumer & Business Banking Overhead ratio 53 54 50 Business Banking average loans5 $44.4 $38.7 $24.2 Average loans4 $440.0 $443.4 $472.2 Business Banking loan originations6 1.4 23.0 1.6 Average deposits 887.1 832.0 693.9 Client investment assets (EOP) 376.1 356.1 337.9 Active mobile customers (mm) 40.1 39.0 36.5 Deposit margin 1.43% 1.52% 2.47% Debit & credit card sales volume $278.2 $237.6 $282.2 Home Lending Average loans4 $192.2 $199.5 $226.1 Average loans down 7% YoY Loan originations7 29.0 24.2 32.4 EOP total loans serviced 654.0 683.7 774.8 Average deposits up 28% YoY Net charge-off/(recovery) rate 0.02% (0.01)% (0.08)% Active mobile customers up 10% YoY Card & Auto Card average loans $140.4 $142.4 $158.2 Client investment assets up 11% YoY Auto average loans and leased assets 82.0 82.9 83.1 Auto loan and lease originations 11.4 7.7 9.1 Credit card sales volume down 8% YoY Card net charge-off rate 2.92% 3.33% 2.95% Credit Card net revenue rate2 10.96 11.02 10.40 Credit Card sales volume8 $178.1 $148.5 $193.6 1 See notes 1 and 9 on slide 12 2 See note 10 on slide 12 For additional f ootnotes see slide 13 6
Corporate & Investment Bank1 $mm Financial performance $ O/(U) Net income of $4.3B, up 52% YoY; revenue of $11.5B, up 21% 3Q20 2Q20 3Q19 Banking revenue Revenue $11,503 ($4,849) $1,981 Investment Banking revenue 2,087 (1,314) 216 IB revenue of $2.1B, up 12% YoY Wholesale Payments 1,289 (67) (72) IB fees, up 9%, reflecting higher equity and debt Lending 333 63 80 underwriting fees, partially offset by lower advisory fees Total Banking 3,709 (1,318) 224 Ranked #1 in Global IB fees for YTD 2020 Fixed Income Markets 4,597 (2,741) 1,040 Wholesale Payments revenue of $1.3B, down 5% YoY Equity Markets 1,999 (381) 482 Securities Services 1,029 (68) (5) Lending revenue was $333mm, up 32% YoY Credit Adjustments & Other 169 (341) 240 Markets & Securities Services revenue Total Markets & Securities Services 7,794 (3,531) 1,757 Expense 5,797 (967) 293 Markets revenue of $6.6B, up 30% YoY Credit costs (81) (2,068) (173) Fixed Income Markets revenue was $4.6B, up 29% YoY, Net income $4,304 ($1,160) $1,473 driven by strong performance across products, particularly in Commodities, Credit and Securitized Products Key drivers/statistics ($B)2 Equity Markets revenue of $2.0B, up 32% YoY, driven by strong performance across products Equity $80.0 $80.0 $80.0 ROE 21% 27% 13% Securities Services revenue of $1.0B, flat YoY Overhead ratio 50 41 58 Expense of $5.8B, up 5% YoY, predominantly driven by higher Comp/revenue 23 24 30 legal expense, partially offset by lower structural expense as well IB fees ($mm) $2,165 $2,847 $1,981 as lower volume- and revenue-related expense Average loans3 161.4 187.6 151.6 Average client deposits4 635.0 607.9 471.3 Merchant processing volume ($B)5 406.1 371.9 380.5 Assets under custody ($T) 28.6 27.4 25.7 ALL/EOP loans ex-conduits and trade6 3.15% 2.87%7 1.33% Net charge-off/(recovery) rate6 0.07 0.53 0.13 Average VaR ($mm)8 $90 $127 $38 1 See notes 1 and 9 on slide 12 For additional f ootnotes see slide 13 7
Commercial Banking1 $mm Financial performance $ O/(U) Net income of $1.1B, up 15% YoY 3Q20 2Q20 3Q19 Revenue of $2.3B, flat YoY Revenue $2,285 ($107) $11 Middle Market Banking 877 11 (48) Net interest income of $1.5B, down 5% YoY, driven by lower Corporate Client Banking 807 (52) 40 deposit margin, predominantly offset by higher deposit Commercial Real Estate Banking 576 10 29 balances and lending revenue Other 25 (76) (10) Gross IB revenue of $840mm, up 20% YoY, driven by higher Expense 966 67 26 debt and equity underwriting activity Credit costs (147) (2,578) (214) Net income $1,088 $1,779 $145 Expense of $966mm, up 3% YoY Credit costs net benefit of $147mm Key drivers/statistics ($B)2 Net charge-offs were $60mm Equity $22.0 $22.0 $22.0 Average loans of $218B, up 5% YoY ROE 19% (14)% 16% Overhead ratio 42 38 41 C&I6 up 8% YoY and down 12% QoQ; the QoQ decrease was Gross IB revenue ($mm) $840 $851 $700 driven by reduced revolving credit utilization 3 Average loans 218.1 233.5 208.2 CRE6 up 2% YoY and down 1% QoQ Average client deposits 248.3 237.0 172.7 Allowance for loan losses 4.5 4.7 4 2.8 Average deposits of $248B, up 44% YoY as client balances Nonaccrual loans 1.6 1.4 0.7 remain elevated Net charge-off/(recovery) rate5 0.11% 0.14% 0.09% ALL/loans5 2.08 2.12 4 1.32 1 See notes 1 and 9 on slide 12 For additional f ootnotes see slide 13 8
Asset & Wealth Management1 $mm Financial performance $ O/(U) Net income of $877mm, up 31% YoY 3Q20 2Q20 3Q19 Revenue of $3.7B, up 5% YoY Revenue $3,737 $127 $169 Asset Management 1,924 144 108 Higher deposit and loan balances, along with higher Wealth Management 1,813 (17) 61 management fees and brokerage activity, were largely offset Expense 2,623 117 1 by deposit margin compression Credit costs (51) (274) (95) Net income $877 $219 $209 Expense of $2.6B, flat YoY Credit costs net benefit of $51mm, driven by reserve releases Key drivers/statistics ($B)2 AUM of $2.6T and client assets of $3.5T, were up 16% and 15% Equity $10.5 $10.5 $10.5 respectively, driven by cumulative net inflows into liquidity and ROE 32% 24% 24% long-term products as well as higher market levels Pretax margin 31 24 25 Net inflows of $34B into long-term products and outflows of Assets under management ("AUM") $2,595 $2,511 $2,246 $33B from liquidity products in the quarter Client assets 3,512 3,370 3,061 Average loans 170.1 163.4 150.5 Average loans of $170B, up 13% YoY Average deposits 171.0 168.6 138.8 Average deposits of $171B, up 23% YoY 1 See note 1 on slide 12 2 Actual numbers f or all periods, not ov er/(under) 9
Corporate1 $mm Financial performance $ O/(U) Revenue 3Q20 2Q20 3Q19 Net revenue was a loss of $339mm, down $1.0B YoY, driven by Revenue ($339) $415 ($1,031) lower net interest income, largely on lower rates, including the Expense 719 572 438 Credit costs 96 92 96 impact of faster prepayments on mortgage-backed securities Net income/(loss) ($699) ($131) ($1,092) The current quarter included $466mm of net investment securities gains The prior year included ~$330mm of income related to loan sales in Home Lending Expense Expense of $719mm, up $438mm YoY, predominantly driven by an impairment on a legacy investment 1 See note 1 on slide 12 10
Outlook1 Firmwide Expect FY2020 net interest income to be ~$55B, market dependent Expect FY2020 adjusted expense of ~$66B 1 See notes 1 and 3 on slide 12 11
Notes Notes on non-GAAP financial measures 1. rat non- n of managed basis starts, in each case, with the reported U.S. GAAP results and includes certain reclassifications to present total net revenue for the Firm and each of the reportable business segments on a fully taxable- from investments that receive tax credits and tax-exempt securities is presented in the managed results on a basis comparable to taxable investments and securities. These financial measures allow management to assess the comparability of revenue arising from both taxable and tax-exempt sources. The corresponding income tax impact related to tax-exempt 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. For a re see page 7 of the Earnings Release Financial Supplement 2. ach non- assets (other than mortgage servicing rights), net of related deferred tax 9 -end divided by common shares at period-end. Book value per share was $79.08, $76.91 and $75.24 at September 30, 2020, June 30, 2020 and September 30, 2019, respectively. TCE, ROTCE and TBVPS are utilized by the Firm, as well as investor 3. Adjusted expense and adjusted overhead ratio are each non-GAAP financial measures. Adjusted expense excludes Firmwide legal expense of $524mm, $118mm and $10mm for the three months adjusted expense as a percentage of adjusted managed net revenue. Management believes this information helps investors understand the effect of these items on reported results and provi 4. -of- luding the impact of consolidated Firm-administered multi-seller conduits Additional notes 5. Effective January 1, 2020, the Firm adopted the Financial Instruments - Credit Losses ("CECL") accounting guidance. Refer to Note 1 Basis of Presentation on pages 98- Report on Form 10-Q for the quarterly period ended June 30, 2020 for further information 6. Reflects -19 pandemic, including the CECL capital transition provisions that became effective in the first quarter of 2020. For the periods ended September 30, 2020 and June 30, 2020, the impact of the CECL capital transition provisions resulted in an increase to CET1 capital of $6.4B and $6.5B, respectively. Refer to Regulatory Developments Relating to the COVID-19 Pandemic on pages 11-12 and Capital Risk Management on pages 49- -Q for the quarterly period ended June 30, 2020 for additional information. Refer to Capital Risk Management on pages 85 - 019 Form 10- metrics 7. High- Chase Bank, N.A. that are not transferable to non-bank affiliates. Unencumbered marketable securities, such as equity securitiesand fixed income debt securities, include HQLA-eligible securities which are included as part of the excess liquidity at JPMorgan Chase Bank, N.A. that are not transferable to non-bank affiliates. and the discount window at the Federal Reserve Bank. Refer to Liquidity Risk Management on pages 55 - eport on Form 10-Q for the quarterly period ended June 30, 2020 for additional information 8. On September 30, 2020, the Federal Reserve extended its requirement for large banks to suspend net share repurchases through the end of the fourth quarter of 2020. For further information, see page 10 of the Earnings Release Financial Supplement 9. In the first quarter of 2020, the Firm began reporting a Wholesale Payments business unit within CIB following a realignment of business comprises: Merchant Services, which was realigned from CCB to CIB Treasury Services and Trade Finance in CIB. Trade Finance was previously reported in Lending in CIB In connection with the alignment of Wholesale Payments, the assets, liabilities and headcount associated with the Merchant Se rvices business were realigned to CIB from CCB, and the revenue and expenses of the Merchant Services business is reported across CCB, CIB and CB based primarily on client relationships. Prior periods have been revised to reflect this realignment and revised allocation methodology 10. In the second quarter of 2020, the Firm reclassified certain spend-based credit card reward costs from marketing expense to be a reduction of card income, with no effect on net income. Prior-period amounts have been revised to conform with the current presentation 11. In the third quarter of 2020, the Firm reclassified certain fair value option elected lending-related positions from trading assets to loans. Prior-period amounts have been revised to conform with the current presentation 12
Notes Additional notes on slide 6 Consumer & Community Banking 3. Actual numbers for all periods, not over/(under) 4. See note 11 on slide 12 5. Includes the impact of loans originated under the PPP. For further information, see page 12 of the Earnings Release Financial Supplement 6. Included $396mm and $21.5B of origination volume under the PPP for the three months ended September 30, 2020 and June 30, 2020, respectively 7. Firmw ide mortgage origination volume w as $36.2B, $28.3B and $35.8B for the three months ended September 30, 2020, June 30, 2020 and September 30, 2019, respectively 8. Excludes Commercial Card Additional notes on slide 7 Corporate & Investment Bank 2. Actual numbers for all periods, not over/(under) 3. See note 11 on slide 12 4. Client deposits and other third-party liabilities pertain to the Wholesale Payments and Securities Services businesses 5. Represents total merchant processing volume across CIB, CCB and CB 6. Loans held-for-sale and loans at fair value w ere excluded when calculating the loan loss coverage ratio and net charge-off/(recovery) rate. ALL/EOP loans as reported w as 2.26%, 2.16% and 0.99% at September 30, 2020, June 30, 2020 and September 30, 2019, respectively. See note 4 on slide 12 7. Prior-period amounts have been revised to conform w ith the current presentation 8. Effective January 1, 2020, the Firm refined the scope of VaR on fair value option elected liabilities, and included these positions in other sensitivity-based measures. Additionally, effective July 1, 2020, the Firm refined the scope of VaR to exclude certain asset-backed fair value option elected loans, and included them in other sensitivity-based measures to more effectively measure the risk from these loans. In the absence of these refinements, the average VaR for each of the follow ing reported components w ould have been different by the follow ing amounts: CIB fixed income of $15mm and $(11)mm, CIB Trading VaR $11mm and $(11)mm and CIB VaR $11mm and $(8)mm for the three months ended September 30, 2020 and June 30, 2020, respectively Additional notes on slide 8 Commercial Banking 2. Actual numbers for all periods, not over/(under) 3. Includes the impact of loans originated under the PPP. For further information, see page 19 of the Earnings Release Financial Supplement 4. Prior-period amounts have been revised to conform w ith the current presentation 5. Loans held-for-sale and loans at fair value w ere excluded when calculating the net charge-off/(recovery) rate and loan loss coverage ratio 6. and do not align w ith regulatory definitions 13
Forward-looking statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of JPMorgan Chase & forth in the forward- materially from those described in the forward- Annual Report on Form 10-K for the year ended December 31, 2019 and Quarterly Reports on Form 10-Q for the quarterly periods ended June 30, 2020 and March 31, 2020, which have been filed with the Securities and - web.com/financial-information/sec- (www.sec.gov). JPMorgan Chase & Co. does not undertake to update any forward-looking statements. 14