JPMorgan Chase & Co. Q1 FY2026 earnings call

Jamie Dimon and Jeremy Barnum discussed Basel III endgame and GSIB reproposals, expressing concerns. Talked about business segments: CCB's consumer resilience, CIV's revenue growth from various businesses, AWM's net income and AUM growth. Also commented on AI cash tool, Basel III capital proposal, private credit, reserves, loan and deposit growth, consumer resilience, trading business, capital management

Net income was $16.5 billion with EPS of $5.94 and ROTC of 23%. Revenue was $15.5 billion, up 10% year-on-year. Expenses were $26.9 billion, up 14% year-on-year. Credit costs were $2.5 billion. The standardized CT1 ratio was 14.3%, down 30 basis points versus the prior quarter. The standardized RWA is up $60 billion. CCB reported net income of $5 billion, revenue of $19.6 billion up 7% year-on-year. CIV reported net income of $9 billion, revenue of $23.4 billion up 19% year-on-year. AWM reported net income of $1.8 billion, revenue of $6.4 billion up 11% year-on-year. Corporate reported net income of $699 million on revenue of $1.2 billion

Expect NII X markets to be about $95 billion. Now expect total NII to be approximately $103 billion. Adjusted expense outlook continues to be about $105 billion. Card net charge-off rate continues to be approximately 3.4%. Also mentioned views on Basel III rules and their potential impacts

Concerns about Basel III endgame and GSIB reproposals affecting RWA and capital. Cyber risk as a significant risk with AI adding complexity. Private credit risks including potential credit cycle impacts and underwriting issues. Geopolitical developments like in the Middle East affecting deal execution

Q: About AI cash tool and deposit competition; A: Early stages, focus on client needs.

Q: On Basel III RWA inflationary impacts; A: Need for targeted RWA clarifications.

Q: On markets NII outlook; A: Impact of rate changes on NII.

Q: On private credit and losses; A: Not systemic but credit cycle concerns.

Q: On reserves and loan/deposit growth; A: No change in weights, some allowance builds.

Q: On consumer resilience and trading; A: Consumer resilient, trading performance good.

Q: On private credit substitution and collateral; A: Disciplined credit underwriting, senior positions.

Q: On AI and cyber risk; A: Cyber risk a large concern, AI creates opportunities.

Q: On investment banking and capital management; A: Activity held up, capital allocation for client serving