JPMorgan Chase & Co. · Q2 2026 call

Including (sic) [Excluding] the significant items noted on the page, the Firm delivered net income of $16.9 billion, EPS of $6.14 and an ROTCE of 23%. Excluding the significant items, revenue was up 15% year-on-year, predominantly driven by Markets revenue, higher asset management fees in AWM and CCB, higher Investment Banking revenue, and higher deposit and loan balances, partially offset by the impact of lower rates.

As you saw in our CCAR press release in June, the Board intends to increase the quarterly dividend to $1.65 per share effective in the third quarter.

The equities business delivered an exceptionally strong quarter, with revenue up 86% year-on-year, reflecting the highly dynamic market conditions. We saw strength across products and regions.

In terms of the full year 2026 outlook, we now expect NII ex. Markets to be about $96.5 billion and total NII to be approximately $105.5 billion as a function of Markets NII increasing to about $9 billion. And the new adjusted expense outlook is about $107.5 billion

Finally, we now expect Card net charge-off rate to be approximately 3.2%, reflecting better-than-expected consumer credit performance.

the Board made a decision to go ahead with making two Co-Presidents, which will be preparing them to do far more at the company and be prepared, hasn't changed the timetable or anything, and obviously, wish Marianne the best. As a result, she decided, when she knew about the plan, that she'd rather retire than stay here. So, that's it. No mystery.

I think clearly, there was some pull forward, and clearly, the large deals contributed meaningfully to this quarter's results. But at the same time, the pipeline is actually quite robust

revising up from $95 billion to $96.5 billion for the full year, and you see our first half actual, so you can infer the second half. And as Jamie always likes to say, what matters is the run rates and the exit. […] the biggest single factor is deposit balances, I would say, across both Wholesale and Consumer

when you have great returns and very good margins, which actually went up this quarter, not down, the notion that somehow you can forever increase your operating leverage is a crazy notion. We don't have that. I think it's part of the reason why banks failed if you go back 20 years ago.

you don't uniquely benefit from AI. The ultimate beneficiary of AI will be our customers. And in a competitive capitalist world, we all will use AI to do a better job for the customers, and we can't just say, oh, it's going to increase our margins and we're going to keep that. If that were true, our margins would be 80% today because of computerization over the last 20 years.

They should get rid of the double count in operating risk capital. They should get rid of the double count in market risk capital. We have $80 billion or more now of market risk capital, and the biggest quarterly loss we ever had was $1.4 billion. […] If they think we should hold more capital, they should ask us to hold 10% more, and I'd be happy to do that. But I'm not happy to have these numbers falsely done.

It's getting close to as good as it gets. We just don't know how long it's going to last.

I think there's almost 1,000 use cases today, though I would say that the really important ones are 50 – probably 50 across risk, fraud, marketing, hedging, prospecting, note-taking, idea generation, document reading. […] We are preparing to make sure we can retrain our people, and we have had discrete areas where we did reduce jobs by 30% or 40%. And most of those people were offered jobs elsewhere.

We do see some decent kind of CapEx and associated loan growth across the franchise, and at least on the surface, some of that does not appear to be AI-related. However, I would be a little reluctant to draw that conclusion too strongly just because the AI theme has started to proliferate in so many different parts of the economy

To give you the big numbers, I think CapEx is about $4 trillion a year, and AI went from $400 billion last year to $700 billion this year. People project, so do our people, it'll be like a little over $1 trillion next year, and maybe a little reduction in the non-AI CapEx.

spend is kind of fine, robust and across income segments. Seems like a bit of a tailwind there from tax refunds. Delinquencies are a little lower than we expected, and again, that's a better performance you see pretty much across the board by kind of FICO score. […] there's not like that much there in terms to support the K-shaped narrative.

We still think the number – use just approximately $40 billion, and I think we now think we could actually deploy that over time. The world's gotten bigger. It's gotten more complex. […] so the goal is to deploy our capital at a 17% return. That is the goal, which we think we can do over time.

I actually want to get rid of that number, money returned to shareholders. I just don't even like seeing it, because buying back stock is not returning money to shareholders. You're making an investment decision. You're not making a return money to shareholders decision.

we have a lot of competition, by the way. We had pointed out before, very good competition, not just not just Goldman Sachs, who's doing a great job, if you didn't read their numbers this morning, because I did. But you got Stripe and PayPal and Cash and Block and Chime and SoFi and Revolut, and they're good.

I think we talked about it as a very mild one, but it's across several spectrum, which is people – assumptions on revenue growth or add-back of expenses, more PIK, some weaker – and this is not across the board, by the way. It's more some players than others. […] when there's a credit cycle, and there will be a credit cycle, how will everybody perform. And I don't think it's going to be like a bell curve of performance.

the question of token expense, because that is something that we're spending a bunch of time on, as probably pretty much everyone in corporate America is. So, just for the avoidance of doubt, it is a trivial number for the first half of the year. We are forecasting some meaningful acceleration in that number for the second half of the year.

Sometimes people think about capital allocation almost as if it's a hedge fund where you're like giving a pot of people some capital and telling them to go use it. That's not the way it works. It's the opposite of that. In other words, we have demand from clients to support them in various ways.