摩根大通CEO戴蒙：将允许客户购买比特币，但不会（接收）托管这种资产。 ...

摩根大通CEO戴蒙表示，区块链并不像想象的那么重要，不打算托管加密货币。 ...

摩根大通(JPM.N)CEO戴蒙：我们不打算托管加密货币。 ...

摩根大通(JPM.N)CEO戴蒙：区块链并不像你想象的那么重要。 ...

Core Viewpoint - JPMorgan Chase indicates that both businesses and consumers are demonstrating resilience amid economic uncertainty, projecting an increase in net interest income for the year [1]. Group 1: Financial Projections - JPMorgan's Chief Financial Officer, Jeremy Barnum, stated that net interest income could rise by $1 billion this year, although the full-year projection of $94.5 billion remains unchanged for now [2]. - The bank anticipates a net charge-off rate for credit card debt to be between 3.6% and 3.9% for 2026, consistent with the expected 3.6% rate for the current year [3]. Group 2: Consumer and Business Sentiment - Marianne Lake, CEO of consumer and community banking, noted that while consumers and small businesses are financially healthy, consumer confidence and small business sentiment have deteriorated [4]. - Recent data from the University of Michigan shows consumer sentiment has dropped to 50.2, down from 52.2 in April, marking one of the lowest levels recorded [5]. Group 3: Impact of Tariffs and Inflation - The evolving tariff environment and geopolitical tensions contribute to significant economic uncertainty, with inflation and fiscal deficits potentially limiting policy responses [3]. - Research indicates that 45% of consumer purchases are from imported goods, making the impact of tariffs particularly pronounced, with 60% of consumers expecting price increases and half of that group concerned about a recession [6][7].

摩根大通高管Troy Rohrbaugh在投资者日活动上讲话：预计二季度投资银行费用同比降幅将处于 10%-20%区间的中部。 ...

摩根大通商业与投资银行事业联席CEO Rohrbaugh：第二季度投行费用将下降15%左右。 ...

摩根大通首席财务官：未来五年，消费银行的员工人数可能会下降10%。 ...

Summary of Key Points from the Investor Day Conference Call Company Overview - The conference call is focused on a major financial institution, likely a bank, discussing its strategic framework and financial outlook for the upcoming years [1][2][3] Core Industry Insights - The banking industry is currently facing a volatile backdrop, with challenges stemming from geopolitical tensions, inflation, and fiscal deficits impacting economic outlooks [13] - The institution has a strong customer-centric approach, serving 84 million US customers and managing $4 trillion in assets under management (AUM) [9] - The bank has maintained a leading position in various sectors, including a 11.3% share of US retail deposits and being the number one in 22 of the top 125 markets [9] Financial Performance - The bank reported record revenues for 2024, even excluding gains from Visa B shares, with a consistent focus on generating long-term shareholder value [8] - The bank has achieved a tangible book value per share compound annual growth rate (CAGR) that is more than double that of its peers [12] - The bank expects net interest income (NII) to remain around $90 billion, with potential for slight improvement in 2025 [14][15] Expense Management - The adjusted expense for 2025 is projected to be about $95 billion, with a focus on maintaining discipline while investing for long-term growth [17] - The bank has seen a $26 billion increase in expenses over the last five years, but revenue has grown by $54 billion during the same period [20] - The impact of a weaker dollar may exert upward pressure on expenses, but the overall effect on pre-tax income is expected to be insignificant due to hedging strategies [18] Technology and AI Investments - The bank plans to spend approximately $18 billion on technology this year, with a focus on modernization and efficiency [22] - About 65% of the bank's applications now run on cloud infrastructure, up from 50% last year, contributing to significant engineering efficiencies [24] - The bank has been investing in AI for over a decade, with applications in risk management and operational efficiencies, particularly in customer service [26][27] Credit and Allowance Dynamics - Current credit results do not indicate significant deterioration, with charge-offs normalizing on the consumer side [30] - The bank has designed five economic scenarios to forecast near-term expected losses, with a weighted average peak unemployment rate of 5.8% factored into their allowance calculations [32][33] - The bank is prepared to build additional reserves if unemployment rates approach projected levels, with potential needs estimated at around $3 billion under certain scenarios [34] Regulatory Landscape - The bank advocates for a coherent and transparent regulatory framework that avoids duplication and allows for effective risk management [43][44] - The bank has excess capital above current requirements, which it views as earnings in store, and is considering its deployment strategy carefully [41] Growth Opportunities - The bank remains open to inorganic growth opportunities, including acquisitions, while being cautious based on past experiences [56][57] - The bank's consumer and community banking segment has seen consistent growth, with a focus on expanding its digital banking platform and wealth management services [76][77] Economic Outlook - The bank has outlined four potential economic scenarios ranging from a soft landing to a deep recession, with varying impacts on deposit balances and credit metrics [82] - Despite uncertainties, the bank expects to see modest growth in deposits and credit card balances, driven by strong customer acquisition [83][87] Conclusion - The bank is positioned for sustained future success through strategic investments in technology, a focus on customer relationships, and a commitment to navigating regulatory complexities while maximizing shareholder value [29][50]

摩根大通首席财务官：消费者信心和小企业信心已经恶化。 ...