JPMorganChase (JPM) The BancAnalysts Association of Boston Conference summary

Consumer health and credit trends

• Consumers remain resilient with stable cash buffers and low delinquency rates across all income segments, with no material deterioration observed into the fourth quarter.

• Spending trends have strengthened in discretionary categories like retail, travel, and dining, with confidence improving into Q3 and Q4.

• Early delinquencies and payroll disruptions remain steady, indicating continued consumer strength.

Credit card and auto portfolio performance

• Net charge-off guidance for the card portfolio was lowered from 3.6% to 3.3% for the year, driven by stronger early delinquency and recovery performance.

• Future charge-off guidance may trend slightly lower, depending on unemployment rates, with official forecasts forthcoming.

• Auto loan originations are strong, with improving credit performance and minimal exposure to subprime segments.

• Elevated charge-offs in 2022-2023 auto vintages are declining, and early delinquencies are as expected.

Deposit growth and market share strategy

• Deposit growth inflection is delayed due to later-than-expected rate cuts and personal savings rate trends, but underlying drivers remain strong.

• Customer and checking account growth is robust, with 10 million new accounts added over five years.

• Confidence remains high in achieving a 15% market share over the long term, driven by local market expansion and primary customer relationships.

• Branch expansion in underpenetrated markets is a significant tailwind, with notable gains in local deposit share.