JPMorgan Chase & Co.

2026 adjusted expense expected at about $105 billion reflecting meaningful growth. Driven by branches, bankers, technology, AI, Apple Card integration, healthcare costs, and real estate catch-up. Dimon emphasized investments as organic growth opportunity.

Management warned price controls would dramatically reduce credit access, especially for subprime borrowers. Would be bad for consumers, the economy, and for JPM. Details and implementation unknown, happening unconventionally and very quickly.

First detailed NBFI disclosure using narrower definition of $160 billion focused on collateralized lending. Only one charge-off since 2018 related to fraud. Significant credit enhancement across structures.

NII ex-markets of about $95 billion maintained. Card loan growth of 6-7% expected. Modest firm-wide deposit growth. Total NII about $103 billion with markets NII increasing to about $8 billion from lower funding costs.