JPMorgan Chase (JPM) Q2 2023 Earnings Call Transcript Summary

JPMorgan Chase (JPM) recently held its Q2 2023 earnings call, during which the company reported both positive and negative developments. Here are the key bullish and bearish points from the call:

Bullish Points:

1. Firm reported net income of $14.5 billion, EPS of $4.75 on revenue of 42.4 billion, and delivered an ROTCE of 25%.

2. CCB client investment assets were up 18% year on year.

3. Record long-term inflows in AWM.

4. Ranked No. 1 in IB fee wallet share.

5. First Republic integration on schedule with strong client retention and $6 billion of net deposit inflows since the acquisition.

6. Revenue of 38.4 billion was up 6.7 billion or 21% year on year.

7. Card outstandings were up 18% year on year.

8. Auto originations were up 12 billion, up 71% year on year.

9. AWM reported a net income of 1.1 billion, with pre-tax margin of 32%.

10. Record net long-term inflows were 61 billion in AWM.

Bearish Points:

1. Expenses of 20.2 billion were up 1.5 billion, or 8% year on year, primarily driven by higher compensation expense, including wage inflation and higher legal expense.

2. Home lending revenue was down 23% year on year.

3. Equity markets was down 20% against a very strong prior-year quarter.

4. Year-to-date announced M&A is down significantly, which will be a headwind.

5. Significant sources of uncertainty remain.

6. NII run rate expected to be substantially below current quarter's run rate in the future.

7. Competition for deposits.

8. Pending finalization of Basel III rules impacting capital.

9. Headwinds in M&A.

10. Lower announced activity and regulatory headwinds.

For more information about JPMorgan Chase's earnings call, you can read the relevant news: [JPMorgan Chase (JPM) Q2 2023 Earnings Call Transcript](https://www.fool.com/earnings/call-transcripts/2023/07/14/jpmorgan-chase-jpm-q2-2023-earnings-call-transcrip/)