Q: What is JPMorgan Chase (JPM) Q3 2024 Earnings Call Transcript Summary?
**JPMorgan Chase (JPM) Q3 2024 Earnings Call Summary**
**Bullish Points:**
1. The firm reported net income of $12.9 billion, EPS of $4.37, and revenue of $43.3 billion with an ROTCE of 19%.
2. JPMorgan ranked No. 1 in retail deposit share for the fourth straight year in CCB.
3. Both IB fees and markets revenue in CIB were notably up year on year, reflecting strength across the franchise.
4. Record quarterly revenues and record long-term flows were reported in AWM.
5. Revenue of $43.3 billion was up $2.6 billion or 6% year on year.
6. NIR ex-markets was up $1.8 billion or 17%, driven by higher asset management and investment banking fees.
7. The CET1 ratio ended the quarter at 15.3%, flat versus the prior quarter.
8. The CIB reported net income of $5.7 billion on revenue of $17 billion.
9. IB fees were up 31% year on year, with JPMorgan ranking No. 1 with a year-to-date wallet share of 9.1%.
10. Equities revenue was up 27%, reflecting strong performance across regions.
**Bearish Points:**
1. Expenses of $22.6 billion were up $808 million or 4% year on year.
2. Credit costs were $3.1 billion, reflecting net charge offs of $2.1 billion and a net reserve bill of $1 billion.
3. Net charge offs were up $590 million year on year, predominantly driven by card.
4. CCB revenue was down 3% year on year.
5. Banking and Wealth Management revenue was down 11% year on year, reflecting deposit margin compression and lower deposits.
6. Average deposits were down 8% year on year and 2% sequentially.
7. Auto originations were $10 billion, down 2%.
8. Credit costs in CCB were $2.8 billion, driven by card and reflected net charge offs of $1.9 billion, up $520 million year on year.
9. Average banking and payments loans were down 2% year on year and down 1% sequentially.
10. In the middle market and large corporate client segments, there is continued softness in both new loan demand and revolver utilization.
For more information about JPMorgan Chase's earnings call, you can read the relevant news: JPMorgan Chase (JPM) Q3 2024 Earnings Call Transcript
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