JPMorganChase (JPM) investor relations material

Consumer health and trends

• Consumer financial health remains resilient, with stable deposit buffers and solid spending, though cash reserves have normalized and wage growth is not keeping pace with inflation for a growing minority.

• Demand for consumer finance products, including cards, auto, and mortgages, is strong and aligns with expectations, with card loan growth outpacing industry trends and auto demand healthy into 2026.

• Underwriting standards remain unchanged, and credit charge-offs are at the low end of the expected range, reflecting a benign credit environment.

Financial performance and targets

• Return on equity has exceeded 25% through-the-cycle targets for five years, aided by macro tailwinds, normalized deposit balances, and expanding margins.

• Margins are at the high end of expectations due to higher rates, but future growth may face pressure from balance growth and competition.

• Credit performance is currently strong, with charge-offs normalized and over-earning expected to revert in a credit cycle.

Market share and growth strategy

• Market share gains are a long-term goal, with a focus on sustainable growth across deposits, cards, youth, starters, affluent, and small business segments.

• Expansion is driven by new branch builds (about 40% of share gains) and investments in brand, products, and digital tools, with the majority of growth from the existing footprint.

• Card business is growing in premium and small business segments, with strong customer engagement and plans to refresh products and leverage partnerships like Apple.