Investor Relations Press Releases
New York
April 12, 2013
17% RETURN ON TANGIBLE COMMON EQUITY1
SUPPORTED CONSUMERS, BUSINESSES AND COMMUNITIES
PMorgan Chase & Co. (NYSE: JPM) today reported record net income of $6.5 billion for the first quarter of 2013, compared with net income of $4.9 billion in the first quarter of 2012. Earnings per share were a record $1.59, compared with $1.19 in the first quarter of 2012. Revenue1 for the quarter was $25.8 billion, compared with $26.8 billion in the prior year. The Firm's return on tangible common equity1 for the first quarter of 2013 was 17%, compared with 15% in the prior year.
As previously announced, the Board of Directors intends to increase the second-quarter common stock dividend to $0.38 per share3 from the current $0.30 per share, returning the dividend to its highest level. The Board has also authorized the Firm to repurchase $6 billion of common equity commencing with the second quarter of this year through the end of the first quarter of 2014. During the first quarter of 2013, the Firm repurchased $2.6 billion of common equity. The Federal Reserve asked the Firm to submit by the end of the third quarter an additional capital plan addressing the weaknesses it identified in the Firm's capital planning processes. The Firm is dramatically increasing the resources deployed and intends to fully address their requirements. Following their review, the Federal Reserve may require the Firm to modify its capital distributions.
Jamie Dimon, Chairman and Chief Executive Officer, commented on the financial results: "JPMorgan Chase had a very good start to the year. All our businesses had strong performance, and our client franchises did exceptionally well. The Corporate & Investment Bank was #1 in fees, global debt and equity, syndicated loans, and announced M&A. Those leadership positions reflect the volume of business we do with clients and it is a great result. Consumer & Community Banking deposits were up 10% compared with the prior year, client investment assets were up 15%, and mortgage loan originations were up 37%. Asset Management also had strong performance with loan balances up 27% compared with the prior year. Assets under supervision were up 8% to $2.2 trillion. This business achieved a record $31 billion of net long-term client flows for the first quarter."
Dimon continued: "We are seeing positive signs that the economy is healthy and getting stronger. Housing prices continued to improve and new home purchases are also starting to come back. We also saw strong performance in our credit card portfolio, with net charge-offs remaining near historic lows, another sign that consumers are healthier and more confident. As a result, we reduced the allowance for loan losses in Consumer & Community Banking in the first quarter by a total of $1.2 billion and are likely to see further releases. Credit conditions were also favorable across the wholesale loan portfolios."
Dimon added: "The exception is that loan growth across the industry has been softer this quarter, although year-on-year growth remained strong. Small businesses remain cautious about the recovery and fiscal uncertainty, and are not investing their capital. However, companies' balance sheets are much stronger than they were before the financial crisis and small businesses remain well positioned to invest in growth once they decide to. With approximately 2 million small business customers, Chase remains the nation's #1 Small Business Administration lender and we plan to serve more customers when loan demand comes back."
Commenting on the balance sheet, Dimon said: "We strengthened our fortress balance sheet, ending the first quarter with Basel I Tier 1 common capital of $143 billion and a resulting ratio1 of 10.2%; this includes the impact of the Basel 2.5 rules that became effective at the beginning of this year. We estimate that our Basel III Tier 1 common ratio1 was approximately 8.9%4 at the end of the first quarter, up from 8.7% in the fourth quarter."
Dimon continued: "We are pleased that our capital strength and earnings power will allow the Firm to return excess capital to our shareholders. We are also doing our part to support the economic recovery, providing credit1 and raising capital totaling $480 billion for our clients in the first quarter. As I said in my letter to shareholders distributed this week in the 2012 annual report, we have work to do to strengthen our controls and carry out our compliance mission. To do so, we have reprioritized our business agenda to focus on this critical effort - it is the top priority for our company. There is no room for compromise in meeting our obligations to comply with the new regulatory requirements and ensure that our systems, practices, controls, technology and, above all, culture meet the highest standards. And we will continue to work with our regulators on our common interest - to build and sustain a strong and safe financial system."
Dimon concluded: "We are very pleased with our first-quarter results, are proud of our accomplishments and remain optimistic about the future."
In the discussion below of the business segments and of JPMorgan Chase as a Firm, information is presented on a managed basis. For more information about managed basis, as well as other non-GAAP financial measures used by management to evaluate the performance of each line of business, see page 13. The following discussion compares the first quarters of 2013 and 2012 unless otherwise noted. Footnotes in the sections that follow are described on pages 13 and 14.
| Results for CCB ($ millions) | 1Q13 | 4Q12 | 1Q12 | 4Q12 | 1Q12 | ||
|---|---|---|---|---|---|---|---|
| $ O/(U) | O/(U) % | $ O/(U) | O/(U) % | ||||
| Net Revenue | $ 11,615 | $ 12,378 | $ 12,363 | $ (763) | (6)% | $ (748) | (6)% |
| Provision for Credit Losses | 549 | 1,091 | (642) | (542) | (50) | (93) | (14) |
| Noninterest Expenses | 6,790 | 7,966 | 7,038 | (1,176) | (15) | (248) | (4) |
| Net Income | $ 2,586 | $ 2.014 | $ 2,936 | $ 572 | 28% | $ (350) | (12)% |
Discussion of Results:
Net income was $2.6 billion, compared with $2.9 billion in the prior year.
Net revenue was $11.6 billion, a decrease of $748 million, or 6%, compared with the prior year. Net interest income was $7.2 billion, down $179 million, or 2%, driven by lower deposit margins and lower loan balances due to portfolio runoff, largely offset by higher deposit balances. Noninterest revenue was $4.4 billion, a decrease of $569 million, or 11%, driven by lower mortgage fees and related income.
The provision for credit losses was $549 million, compared with $642 million in the prior year and $1.1 billion in the prior quarter. The current-quarter provision reflected a $1.2 billion reduction in the allowance for loan losses and total net charge-offs of $1.7 billion. The prior-quarter provision reflected a $700 million reduction in the allowance for loan losses and total net charge-offs of $1.8 billion
Noninterest expense was $6.8 billion, a decrease of $248 million from the prior year. The prior year included approximately $200 million for foreclosure-related matters, including adjustments for the global settlement with federal and state agencies.
Key Metrics and Business Updates:
(All comparisons refer to the prior-year quarter except as noted; banking portal ranking is per compete.com, as of February 2013)
Consumer & Business Banking net income was $641 million, a decrease of $133 million, or 17%, compared with the prior year.
Net revenue was $4.2 billion, down 2% compared with the prior year. Net interest income was $2.6 billion, down 4% compared with the prior year, driven by the impact of lower deposit margins and fewer days in the period, largely offset by the impact of higher deposit balances. Noninterest revenue was $1.6 billion, an increase of 1%, driven by higher debit card revenue and investment sales revenue, largely offset by lower deposit-related fees.
The provision for credit losses and net charge-offs were both $61 million (1.32% net charge-off rate). In the prior year, the provision for credit losses and net charge-offs were both $96 million (2.19% net charge-off rate).
Noninterest expense was $3.0 billion, up 6% from the prior year, primarily driven by investments, including new branch builds, and a one-time cost related to a contract renegotiation.
Key Metrics and Business Updates:
(All comparisons refer to the prior-year quarter except as noted)
Mortgage Banking net income was $673 million, a decrease of $306 million, or 31%, compared with prior year.
Net revenue was $2.7 billion, a decrease of $671 million compared with the prior year. Net interest income was $1.2 billion, a decrease of $75 million. Noninterest revenue was $1.5 billion, a decrease of $596 million, driven by lower mortgage fees and related income.
The provision for credit losses was a benefit of $198 million2, compared with a benefit of $192 million in the prior year. The current quarter reflected a $650 million reduction in the allowance for loan losses.
Noninterest expense was $1.8 billion, a decrease of $337 million from the prior year, due to lower servicing expense.
Mortgage Production pretax income was $427 million, a decrease of $317 million from the prior year. Mortgage production-related revenue, excluding repurchase losses, was $1.2 billion, a decrease of $401 million, or 25%, from the prior year. These results reflected lower margins, partially offset by higher volumes. Production expense2 was $710 million, an increase of $137 million from the prior year, primarily reflecting higher volumes. Repurchase losses were $81 million, compared with losses of $302 million in the prior year and a benefit of $53 million in the prior quarter. The current quarter reflected a $100 million reduction in the repurchase liability and lower realized repurchase losses compared with prior year and prior quarter, primarily driven by a decline in outstanding repurchase demands.
Mortgage Servicing pretax loss was $101 million, compared with a pretax loss of $160 million in the prior year. Mortgage servicing revenue, including amortization, was $778 million, a decrease of $22 million, or 3%, from the prior year reflecting lower loan servicing revenue due to lower average third-party mortgage loans serviced. Mortgage servicing rights ("MSR") risk management was a loss of $142 million, compared with MSR risk management income of $191 million in the prior year, largely due to model assumption updates, primarily driven by an improvement in housing price appreciation assumptions. Servicing expense was $737 million, a decrease of $414 million from the prior year, which reflected the impact of approximately $200 million for foreclosure-related matters in the prior year and lower servicing headcount.
Key Metrics and Business Updates:
(All comparisons refer to the prior-year quarter except as noted)
Real Estate Portfolios pretax income was $784 million, compared with $854 million in the prior year. Net revenue was $945 million, a decrease of $136 million, or 13%, from the prior year. The decrease was driven by a decline in net interest income, resulting from lower loan balances due to portfolio runoff.
Net revenue was $837 million, a decrease of $108 million, or 11%, from the prior year. This decrease was largely due to lower net interest income resulting from lower loan balances due to portfolio runoff.
The provision for credit losses reflected a benefit of $202 million, compared with a benefit of $192 million in the prior year. The current-quarter provision reflected a $650 million reduction in the allowance for loan losses due to lower estimated losses reflecting improved delinquency trends, primarily in the home equity portfolio, including the impact of improved home prices. Net charge-offs totaled $448 million. Home equity net charge-offs were $333 million (2.04% net charge-off rate1), compared with $542 million (2.85% net charge-off rate1) in the prior year. Subprime mortgage net charge-offs were $67 million (3.34% net charge-off rate1), compared with $130 million (5.51% net charge-off rate1). Prime mortgage, including option ARMs, net charge-offs were $44 million (0.43% net charge-off rate1), compared with $131 million (1.21% net charge-off rate1).
Noninterest expense was $363 million, a decrease of $56 million compared with the prior year, primarily driven by lower foreclosed asset expense due to lower foreclosure inventory.
Key Metrics and Business Updates:
(All comparisons refer to the prior-year quarter except as noted. Average loans include PCI loans)
Card, Merchant Services & Auto net income was $1.3 billion, an increase of $89 million, or 8%, compared with the prior year, driven by lower noninterest expense.
Net revenue was $4.7 billion, flat compared with the prior year. Net interest income was $3.5 billion, flat compared with the prior year. The impact of lower average credit card loan balances was offset by lower revenue reversals associated with lower net charge-offs in credit card. Noninterest revenue was $1.3 billion, relatively flat compared with the prior year. The current quarter reflected higher net interchange and merchant servicing revenue; the prior year included a gain on an investment security.
The provision for credit losses was $686 million, compared with $738 million in the prior year and $1.3 billion in the prior quarter. The current-quarter provision reflected lower net charge-offs and a $500 million reduction in the allowance for loan losses due to lower estimated losses reflecting improved delinquency trends. The prior-year provision included a $750 million reduction in the allowance for loan losses. The Credit Card net charge-off rate1 was 3.55%, down from 4.37% in the prior year and up from 3.50% in the prior quarter; the 30+ day delinquency rate1 was 1.94%, down from 2.55% in the prior year and 2.10% in the prior quarter. The Auto net charge-off rate was 0.32%, up from 0.28% in the prior year and down from 0.36% in the prior quarter.
Noninterest expense was $1.9 billion, a decrease of $86 million, or 4% from the prior year, driven by an expense recorded in the prior year related to a non-core product.
Key Metrics and Business Updates:
(All comparisons refer to the prior-year quarter except as noted)
| Results for CIB ($ millions) | 1Q13 | 4Q12 | 1Q12 | 4Q12 | 1Q12 | ||
|---|---|---|---|---|---|---|---|
| $ O/(U) | O/(U) % | $ O/(U) | O/(U) % | ||||
| Net Revenue | $ 10,140 | $ 7,642 | $ 9,338 | $ 2,498 | 33% | $ 802 | 9% |
| Provision for Credit Losses | 11 | (445) | (3) | 456 | NM | 14 | NM |
| Noninterest Expenses | 6,111 | 4,996 | 6,211 | 1,115 | 22 | (100) | (2) |
| Net Income | $ 2,610 | $ 2,005 | $ 2,033 | $ 605 | 30% | $ 577 | 28% |
Discussion of Results:
Net income was $2.6 billion, up 28% compared with the prior year. These results reflected higher net revenue and lower noninterest expense. Net revenue was $10.1 billion, compared with $9.3 billion in the prior year. Net revenue included a $126 million gain from debit valuation adjustments ("DVA") on structured notes and derivative liabilities resulting from the widening of the Firm's credit spreads; the prior year included a loss from DVA of $907 million. Excluding the impact of DVA, net income was $2.5 billion1 and net revenue was $10.0 billion1, both down 2% from the prior year.
Banking revenue was $3.0 billion, compared with $2.6 billion in the prior year. Investment banking fees were $1.4 billion (up 4%), driven by higher debt underwriting fees totaling $905 million (up 11%), partially offset by lower advisory fees of $255 million (down 9%); equity underwriting fees were $273 million, flat compared with the prior year. Treasury Services revenue was $1.0 billion, flat compared with the prior year. Lending revenue was $498 million, compared with $222 million in the prior year, driven by net interest income on retained loans and fees on lending-related commitments, as well as gains on securities received from restructured loans.
Markets & Investor Services revenue was $7.2 billion, up 7% from the prior year. Fixed Income and Equity Markets combined revenue was $6.1 billion, down 5% from the prior year, reflecting solid client revenue, but lower rates product revenue compared with a particularly strong prior year. Securities Services revenue was $974 million, flat from the prior year. Credit Adjustments & Other revenue was $99 million, compared with a loss of $713 million in the prior year; both periods were driven by the impact of DVA.
The provision for credit losses was $11 million, compared with a benefit in the prior year of $3 million. The ratio of the allowance for loan losses to end-of-period loans retained was 1.11%, compared with 1.34% in the prior year. Excluding the impact of the consolidation of Firm-administered multi-seller conduits and trade finance loans, the ratio of the allowance for loan losses to end-of-period loans retained1 was 2.17%, compared with 2.93% in the prior year.
Noninterest expense was $6.1 billion, down 2% from the prior year, driven by lower compensation expense and lower non compensation expense related to efficiency initiatives, largely offset by higher litigation expense. The compensation ratio for the current quarter was 34%, excluding the impact of DVA1.
Key Metrics and Business Updates:
(All comparisons refer to the prior-year quarter except as noted, and all rankings are according to Dealogic)
| Results for CB ($ millions) | 1Q13 | 4Q12 | 1Q12 | 4Q12 | 1Q12 | ||
|---|---|---|---|---|---|---|---|
| $ O/(U) | O/(U) % | $ O/(U) | O/(U) % | ||||
| Net Revenue | $ 1,673 | $ 1,745 | $ 1,657 | $ (72) | (4)% | $ 16 | 1% |
| Provision for Credit Losses | 39 | (3) | 77 | 42 | NM | (38) | (49) |
| Noninterest Expenses | 644 | 599 | 598 | 45 | 8 | 46 | 8 |
| Net Income | $ 596 | $ 692 | $ 591 | $ (96) | (14)% | $ 5 | 1% |
Discussion of Results:
Net income was $596 million, flat compared with the prior year, reflecting a lower provision for credit losses and an increase in net revenue, predominantly offset by higher noninterest expense.
Net revenue was $1.7 billion, an increase of $16 million, essentially flat compared with the prior year. Net interest income was $1.1 billion, an increase of $38 million, or 3%, driven by growth in loan balances, partially offset by lower purchase discounts recognized on loan repayments and spread compression on loan products. Noninterest revenue was $535 million, down $22 million, or 4%, driven by lower community development investment-related revenue and lower lending-related fees.
Revenue from Middle Market Banking was $753 million, an increase of $22 million, or 3%, from the prior year. Revenue from Corporate Client Banking was $433 million, flat compared with the prior year. Revenue from Commercial Term Lending was $291 million, flat compared with the prior year. Revenue from Real Estate Banking was $112 million, an increase of $7 million, or 7%, from the prior year.
The provision for credit losses was $39 million, compared with $77 million in the prior year. Net recoveries were $7 million (0.02% net recovery rate), compared with net charge-offs of $12 million (0.04% net charge-off rate) in the prior year and net charge-offs of $50 million (0.16% net charge-off rate) in the prior quarter. The allowance for loan losses to period-end loans retained was 2.05%, down from 2.32% in the prior year and 2.06% in the prior quarter. Nonaccrual loans were $669 million, down $335 million, or 33%, from the prior year due to repayments, charge-offs and loan sales, and flat compared with the prior quarter.
Noninterest expense was $644 million, an increase of $46 million, or 8%, from the prior year, reflecting higher headcount-related2 expense and increased operating expense for Commercial Card.
Key Metrics and Business Updates:
(All comparisons refer to the prior-year quarter except as noted)
| Results for AM ($ millions) | 1Q13 | 4Q12 | 1Q12 | 4Q12 | 1Q12 | ||
|---|---|---|---|---|---|---|---|
| $ O/(U) | O/(U) % | $ O/(U) | O/(U) % | ||||
| Net Revenue | $ 2,653 | $ 2,753 | $ 2,370 | $ (100) | (4)% | $ 283 | 12% |
| Provision for Credit Losses | 21 | 19 | 19 | 2 | 11 | 2 | 11 |
| Noninterest Expenses | 1,876 | 1,943 | 1,729 | (67) | (3) | 147 | 9 |
| Net Income | $ 487 | $ 483 | $ 386 | $ 4 | 1% | $ 101 | 26% |
Discussion of Results:
Net income was $487 million, an increase of $101 million, or 26%, from the prior year. These results reflect higher net revenue, largely offset by higher noninterest expense.
Net revenue was $2.7 billion, an increase of $283 million, or 12%, from the prior year. Noninterest revenue was $2.1 billion, up $207 million, or 11%, from the prior year, due to net client inflows, higher performance fees and the effect of higher market levels. Net interest income was $559 million, up $76 million, or 16%, due to higher loan and deposit balances.
Revenue from Private Banking was $1.4 billion, up 13% from the prior year. Revenue from Retail was $618 million, up 16%. Revenue from Institutional was $589 million, up 6%.
Assets under supervision were a record $2.2 trillion, an increase of $158 billion, or 8%, from the prior year. Assets under management were a record $1.5 trillion, an increase of $101 billion, or 7%, due to net inflows to long-term products and the effect of higher market levels, partially offset by net outflows from liquidity products. Custody, brokerage, administration and deposit balances were $688 billion, up $57 billion, or 9%, due to the effect of higher market levels and custody and brokerage inflows.
The provision for credit losses was $21 million, compared with $19 million in the prior year.
Noninterest expense was $1.9 billion, an increase of $147 million, or 9%, from the prior year, primarily due to higher headcount-related2 expense and performance-based compensation.
Key Metrics and Business Updates:
(All comparisons refer to the prior-year quarter except as noted)
| Results for Corporate/Private Equity ($ millions) | 1Q13 | 4Q12 | 1Q12 | 4Q12 | 1Q12 | ||
|---|---|---|---|---|---|---|---|
| $ O/(U) | O/(U) % | $ O/(U) | O/(U) % | ||||
| Net Revenue | $ (233) | $ (140) | $ 1,029 | $ (93) | (66)% | $ (1,262) | NM |
| Provision for Credit Losses | (3) | (6) | (9) | 3 | 50 | 6 | 67% |
| Noninterest Expenses | 2 | 543 | 2,769 | (541) | (100) | (2,767) | (100)% |
| Net Income | $ 250 | $ 498 | $ (1,022) | $ (248) | (50)% | $ 1,272 | NM |
Discussion of Results:
Net income was $250 million, compared with a net loss of $1.0 billion in the prior year.
Private Equity reported a net loss of $182 million, compared with net income of $134 million in the prior year. Net revenue was a loss of $276 million, compared with net revenue of $254 million in the prior year, primarily due to higher net valuation losses on private investments.
Treasury and CIO reported net income of $24 million, compared with a net loss of $227 million in the prior year. Net revenue was $113 million, compared with a loss of $233 million in the prior year. Net revenue included net securities gains of $503 million from sales of available-for-sale investment securities during the current quarter. Net interest income was a loss of $472 million due to low interest rates and limited reinvestment opportunities.
Other Corporate reported net income of $408 million, compared with a net loss of $929 million in the prior year. The current quarter included an after-tax benefit of $227 million for tax adjustments. The prior-year noninterest expense included $2.5 billion of additional litigation reserves.
| Results for JPM ($ millions) | 1Q13 | 4Q12 | 1Q12 | 4Q12 | 1Q12 | ||
|---|---|---|---|---|---|---|---|
| $ O/(U) | O/(U) % | $ O/(U) | O/(U) % | ||||
| Net Revenue | $ 25,848 | $ 24,378 | $ 26,757 | $ 1,470 | 6% | $ (909) | (3)% |
| Provision for Credit Losses | 617 | 656 | 726 | (39) | (6) | (109) | (15) |
| Noninterest Expenses | 15,423 | 16,047 | 18,345 | (624) | (4) | (2,922) | (16) |
| Net Income | $ 6,529 | $ 5,692 | $ 4,924 | $ 837 | 15% | $ 1,605 | 33% |
(*)Presented on a managed basis. See note on page 13 for further explanation of managed basis. Net revenue on a U.S. GAAP basis totaled $25,122 million, $23,653 million, and $26,052 million for the first quarter of 2013, fourth quarter of 2012, and first quarter of 2012, respectively.
Discussion of Results:
Net income was $6.5 billion, up $1.6 billion, or 33%, from the prior year. The increase in earnings was driven by lower noninterest expense and lower provision for credit losses, partially offset by lower revenue.
Net revenue was $25.8 billion, down $909 million, or 3%, compared with the prior year. Noninterest revenue was $14.8 billion, down $167 million, compared with the prior year. The current-quarter revenue included a $126 million gain from DVA on certain structured notes and derivative liabilities resulting from the widening of the Firm's credit spreads. Net interest income was $11.1 billion, down $742 million, or 6%, compared with the prior year, reflecting the impact of low interest rates, as well as lower loan yields due to competitive pressures and portfolio run-off, lower investment securities yield, and limited reinvestment opportunities, partially offset by lower long-term debt costs, primarily due to a change in mix and lower deposit costs.
The provision for credit losses was $617 million, down $109 million, or 15%, from the prior year. The total consumer provision for credit losses was $545 million, down $92 million from the prior year. The current-quarter consumer provision included a $1.2 billion reduction in the allowance for loan losses reflecting improved delinquency trends and lower estimated losses in the mortgage and credit card portfolios. Consumer net charge-offs were $1.7 billion, compared with $2.4 billion in the prior year, resulting in net charge-off rates of 1.92% and 2.60%, respectively. The decrease in consumer net charge-offs was primarily due to improved delinquency trends. The wholesale provision for credit losses was $72 million, compared with $89 million in the prior year. Wholesale net charge-offs were $35 million, compared with $5 million in the prior year, resulting in net charge-off rates of 0.05% and 0.01%, respectively. The Firm's allowance for loan losses to end-of-period loans retained1 was 2.27%, compared with 3.11% in the prior year. The Firm's nonperforming assets totaled $11.6 billion at March 31, 2013, down from $11.7 billion in the prior quarter and down from $12.0 billion in the prior year.
Noninterest expense was $15.4 billion, down $2.9 billion, or 16%, compared with the prior year. The prior-year noninterest expense included $2.5 billion of additional litigation reserves.
Key Metrics and Business Updates:
(All comparisons refer to the prior-year quarter except as noted)
1. Notes on non-GAAP financial measures:
2. Additional notes on financial measures:
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.4 trillion and operations worldwide. The firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, asset management and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com
JPMorgan Chase & Co. will host a conference call today at 8:30 a.m. (Eastern Time) to present first-quarter financial results. The general public can access the call by dialing (866) 541-2724 or (877) 368-8360 in the U.S. and Canada, or (706) 634-7246 for international participants. Please dial in 10 minutes prior to the start of the call. The live audio webcast and presentation slides will be available on the Firm's website, www.jpmorganchase.com, under Investor Relations, Investor Presentations.
A replay of the conference call will be available beginning at approximately noon on April 12, 2013 through midnight, April 26, 2013 by telephone at (855) 859-2056 or (800) 585-8367 (U.S. and Canada) or (404) 537-3406 (international); use Conference ID# 10654788. The replay will also be available via webcast on www.jpmorganchase.com under Investor Relations, Investor Presentations. Additional detailed financial, statistical and business-related information is included in a financial supplement. The earnings release and the financial supplement are available at www.jpmorganchase.com.
This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of JPMorgan Chase & Co.'s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Factors that could cause JPMorgan Chase & Co.'s actual results to differ materially from those described in the forward-looking statements can be found in JPMorgan Chase & Co.'s Annual Report on Form 10-K for the year ended December 31, 2012, which has been filed with the Securities and Exchange Commission and is available on JPMorgan Chase & Co.'s website (http://investor.shareholder.com/jpmorganchase) and on the Securities and Exchange Commission's website (www.sec.gov). JPMorgan Chase & Co. does not undertake to update the forward-looking statements to reflect the impact of circumstances or events that may arise after the date of the forward-looking statements.
