JPMorgan Chase : Commercial & Investment Bank

Topics of discussion

Overview of the Commercial & Investment Bank (CIB)

Updates: Markets, Securities Services, Payments

Deep dive: Global Banking

Closing

1

CIB Overview

Markets

Securities Services

Payments

Global Banking

Closing

The Commercial & Investment Bank is well positioned to serve end-to-end wholesale client needs

Unparalleled wholesale client franchise

VC-backed	SMBs	Municipalities	Regional	Multinational	Global	Asset	Government
start-ups			banks	corporates	banks	managers	& Public sector

Full spectrum of capabilities to serve client needs

Private capital	Risk	Trading	Market	Data
management
	insights
funding			analytics	Lending
Custody
Liquidity					Capital
management					markets

Advisory Payments

Commercial & Investment Bank

				Enhanced client centricity
	Seamless client		Solutions for client		Offerings across		Top expertise
	experience		ecosystems		client lifecycle		delivered to all clients

2

CIB Overview	Markets	Securities Services	Payments	Global Banking	Closing

The Commercial & Investment Bank is organized around both products and clients

Heritage businesses

Commercial Banking

New business

Middle Market Banking

Corporate Client Banking Commercial Real Estate

Corporate & Investment Bank

Investment Banking

Lending

Payments

Markets

Securities Services

Products

Investment Banking

Lending

	Commercial &
	Investment
Payments	Bank

Markets

Securities Services

Client engagement

Global Banking

Commercial Global

Banking Corporate

Banking

Global Investment Banking

Sales and	Other
product-aligned
Research
Sales

3

CIB Overview

Markets

Securities Services

Payments

Global Banking

Closing

Our strategy is consistent, and we are better positioned to execute against it

COMPLETEGLOBAL

DIVERSIFIED

AT SCALE4

	Investment Banking	#1
	and Lending
	M&A, ECM, DCM, CRE	IB Fees1
	Payments	#1
	Treasury Services, Merchant	tied
	Services, Trade & Working Capital Firmwide TS2
	Markets	#1
	Equities and FICC Trading,
	Global Research	Franchise2
	Securities Services	#3
	Custody, Fund Services,
	Trading Services, Data Solutions	Franchise2

International

On-the-ground presence in

60+ countries

serving clients in

100+ markets

Domestic

Footprint in

85 of the top 100 MSAs

in the United States

Revenue trend

Down ≥5% YoY	Roughly flat YoY3	Up ≥5% YoY
IB + Lending
Payments
Markets
Sec. Svcs.
2019		2023

$900B+ Capital raised for clients

~$10T Payments average daily value processed5

~$2T Securities traded daily in Markets globally

$900B+ Notional settled daily in Securities Services

2023 Commercial & Investment Bank

$64B	$21B	$138B	15%	92k
Revenue	Adjusted net income6	Capital	Adjusted ROE6	Employees
For footnoted information, refer to slide 36

4

CIB Overview

Markets

Securities Services

Payments

Global Banking

Closing

Our market share remains strong, however competition has intensified across products and regions

Investment Banking1	Markets2	Securities Services2	Payments (Treasury Services2)
-20bps	Flat	+40bps	+330bps
	Flat	+10bps
+90bps			+90bps
	11.4%	10.6%
8.7%			9.3%

2019

2020

2021

2022

2023

2019

2020

2021

2022

2023

2019

2020

2021

2022

2023

2019

2020

2021

2022

2023

Overall market share3: 9.2%	9.9%
(2019)	(2023)

Americas	11.7%	12.6%	EMEA	9.0%	8.8%	APAC	5.2%	6.3%
+90bps	-20bps	+110bps
	2019	2023		2019	2023		2019	2023

For footnoted information, refer to slide 36

5

CIB Overview

Markets

Securities Services

Payments

Global Banking

Closing

Despite our leadership positions, there are several opportunities for growth

2023 GLOBAL LEADERSHIP POSITIONS COMPARED TO PEERS1,2

Product rankings (out of 25 industry products)

■ #1 ■ #2-3■ #4+

25

1

11

13

Peer 1

Peer 2

Peer 3

Peer 4

Peer 5

2023 PRODUCT LEADERSHIP POSITIONS ACROSS REGIONS1,2,3

Number of products ranked ■ #1 ■ #2-3 ■ #4+

Americas	2		2
9 2019		9 2023	Maintained #1
#1
14	14 position in 14 products

EMEA	3		3
#1	2019	12	2023	11	Maintained top 3
position in 21 products
9		10
(tied)

APAC		2		7		6
10				#1 in 4 additional
#3	2019			2023
	12		products since 2019
					11

For footnoted information, refer to slide 36

6

CIB Overview

Markets

Securities Services

Payments

Global Banking

Closing

Since 2019, revenue and net income have grown meaningfully but ROE is flat due to higher capital levels

• Revenue ($B) ◼ Adjusted net income ($B)1

$58.8

$48.7

$16.2

$20.4

$62.0

$26.6

$59.6

$19.2

$64.4

$20.9

2019-2023 CAGR

Revenue +7.2%

Adj. net income1

+6.5%

	2019	2020	2021	2022	2023
Capital ($B)	$102	$102	$107	$128	$138

Adjusted	15%	19%	24%	14%	15%
ROE (%)1

1. This presentation includes certain non-GAAP financial measures, which exclude the impact of legal expense. Refer to slide 35 for a reconciliation of reported results to these non-GAAP financial measures
2. Medium-termROE outlook excludes the impact of legal expense

Capital +7.8%

Medium-term ROE outlook2

16%

7

CIB Overview

Markets

Securities Services

Payments

Global Banking

Closing

Combined CIB expense outlook is in line with previously communicated guidance

CIB ADJUSTED EXPENSE ($B)1

Investments		Non-investments

		$0.5+/-	$0.2	$0.3	~$35
	$0.6
$33.3
					$4.7
$4.3
$29.0					~$30
2023	Technology	Revenue	Acquisitions	Other	2024O market
		producers &	(incl. FRC)		dependent
		volume-related

	2023	2024O
Total investment spend	$4.3B	$4.7B
Technology investments	$3.4B	$3.6B
Digital, Data and AI/ML	$0.4B	$0.4B
Revenue producers/adjacent	$0.4B	$0.5B
Acquisitions	$0.1B	$0.2B

1 This presentation includes certain non-GAAP financial measures, which exclude the impact of legal expense. Refer to slide 35 for a reconciliation of reported results to these non-GAAP financial measures

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