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New York
October 11, 2013
THIRD-QUARTER 2013 NET INCOME OF $5.8 BILLION, OR $1.42 PER SHARE, EXCLUDING LITIGATION EXPENSE AND RESERVE RELEASES1
SUPPORTED CONSUMERS, BUSINESSES AND COMMUNITIES
New York, October 11, 2013 - JPMorgan Chase & Co. (NYSE: JPM) today reported net loss of $0.4 billion for the third quarter of 2013, compared with net income of $5.7 billion in the third quarter of 2012. Earnings per share were $(0.17), compared with $1.40 in the third quarter of 2012. Revenue1 for the quarter was $23.9 billion, compared with $25.9 billion in the prior year. The Firm's return on tangible common equity1 for the third quarter of 2013 was (2)%, compared with 16% in the prior year.
Third-quarter results included legal expense in Corporate of $9.2 billion ($7.2 billion after-tax), and a benefit from reserve releases of $1.6 billion ($992 million after-tax). Excluding these items, third-quarter net income would have been $5.8 billion, or $1.42 per share1.
Jamie Dimon, Chairman and Chief Executive Officer, commented on the Company's results: "While we had strong underlying performance across the businesses, unfortunately, the quarter was marred by large legal expense. We continuously evaluate our legal reserves, but in this highly charged and unpredictable environment, with escalating demands and penalties from multiple government agencies, we thought it was prudent to significantly strengthen them. While we expect our litigation costs should abate and normalize over time, they may continue to be volatile over the next several quarters."
Dimon continued: "The Board continues to seek a fair and reasonable settlement with the government on mortgage-related issues - and one that recognizes the extraordinary circumstances of the Bear Stearns and Washington Mutual transactions, which were undertaken at the request or encouragement of the U.S. Government."
Commenting on the business performance, Dimon continued: "We maintained our #1 ranking in Global Investment Banking fees and our unparalleled capital raising and advisory capabilities led to ground-breaking transactions and market share gains. Equity Markets revenue was up 20%, driven by broad-based strength across products. In Consumer Banking and Credit Card, our customer satisfaction scores continue to rise and our customer attrition remains low. For the second consecutive year, we led the nation in deposit growth - up 10% from the prior year - more than twice the industry average. Credit card sales volume was a record $107.0 billion, up 11%, and general purpose credit card sales volume growth has outperformed the industry for 22 consecutive quarters. Asset Management continued to have strong performance, with $19 billion of net long-term client flows, the 18th consecutive quarter of positive net long-term client flows. We are seeing continued positive trends in consumer and stability in wholesale - loss rates in mortgage are improving steadily as delinquencies continue to decline, and credit card delinquencies are at 20-year lows across the industry."
Dimon concluded: "We continue our intense focus on our legal, control, and regulatory agenda - we are simplifying our business and making unprecedented investments in controls, which will make our company better and stronger for the long-run. We are extremely gratified that, in light of the issues the Company is facing, our people continue to do an unwavering and excellent job in serving their clients and communities, which you see in the underlying performance of our businesses."
In the discussion below of the business segments and of JPMorgan Chase as a Firm, information is presented on a managed basis. For more information about managed basis, as well as other non-GAAP financial measures used by management to evaluate the performance of each line of business, see page 13. The following discussion compares the third quarters of 2013 and 2012 unless otherwise noted. Footnotes in the sections that follow are described on page 14.
| Results for CCB ($ millions) | 3Q13 | 2Q13 | 3Q12 | 2Q13 | 3Q12 | ||
|---|---|---|---|---|---|---|---|
| $ O/(U) | O/(U) % | $ O/(U) | O/(U) % | ||||
| Net Revenue | $ 11,082 | $ 12,015 | $ 12,720 | $ (933) | (8)% | $ (1,638) | (13)% |
| Provision for Credit Losses | (267) | (19) | 1,862 | (248) | NM | (2,129) | NM |
| Noninterest Expenses | 6,867 | 6,864 | 6,956 | 3 | - | (89) | (1) |
| Net Income | $ 2,702 | $ 3,089 | $ 2,355 | $ (387) | (13)% | $ 347 | (15)% |
Discussion of Results:
Net income was $2.7 billion, an increase of $347 million, or 15% compared with the prior year, due to lower provision for credit losses and noninterest expense, predominantly offset by lower net revenue.
Net revenue was $11.1 billion, a decrease of $1.6 billion, or 13%, compared with the prior year. Net interest income was $7.1 billion, down $174 million, or 2%, driven by lower deposit margins, spread compression in Credit Card and Auto and lower loan balances due to portfolio runoff, largely offset by higher deposit balances. Noninterest revenue was $4.0 billion, a decrease of $1.5 billion, or 27%, driven by lower mortgage fees and related income.
The provision for credit losses was a benefit of $267 million, compared with a provision for credit losses of $1.9 billion in the prior year and a benefit of $19 million in the prior quarter. The current-quarter provision reflected a $1.6 billion reduction in the allowance for loan losses and total net charge-offs of $1.3 billion. The prior-quarter provision reflected a $1.5 billion reduction in the allowance for loan losses and total net charge-offs of $1.5 billion. The prior-year provision reflected a $955 million reduction in the allowance for loan losses and total net charge-offs of $2.8 billion. Prior-year total net charge-offs included $880 million of incremental charge-offs reported in accordance with regulatory guidance on certain loans discharged under Chapter 7 bankruptcy.
Noninterest expense was $6.9 billion, a decrease of $89 million, or 1%, from the prior year, driven by lower mortgage servicing expense, partially offset by continued investments in Chase Private Client expansion, and costs related to the control agenda.
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 August 2013)
Consumer & Business Banking net income was $762 million, a decrease of $16 million, or 2%, compared with the prior year, due to higher noninterest expense, predominantly offset by higher net revenue.
Net revenue was $4.4 billion, up 2% compared with the prior year. Net interest income was $2.7 billion, up 1% compared with the prior year, driven by higher deposit balances, predominantly offset by lower deposit margins. Noninterest revenue was $1.7 billion, an increase of 5%, driven by higher investment revenue and debit card revenue.
The provision for credit losses was $104 million, compared with $107 million in the prior year and $74 million in the prior quarter. The net charge-off rate was 2.10%, down from 2.33% in the prior year and up from 1.58% in the prior quarter.
Noninterest expense was $3.1 billion, up 5% from the prior year, reflecting continued investments in Chase Private Client expansion, and costs related to the control agenda.
Key Metrics and Business Updates:
(All comparisons refer to the prior-year quarter except as noted)
Mortgage Banking net income was $705 million, an increase of $82 million, or 13%, compared with the prior year, driven by lower provision for credit losses and noninterest expense, predominantly offset by lower net revenue.
Net revenue was $2.0 billion, a decrease of $1.7 billion compared with the prior year. Net interest income was $1.1 billion, a decrease of $44 million, or 4%, driven by lower loan balances due to portfolio runoff. Noninterest revenue was $877 million, a decrease of $1.6 billion, driven by lower mortgage fees and related income.
The provision for credit losses was a benefit of $1.0 billion2, compared with a provision for credit losses of $524 million in the prior year. The current quarter reflected a $1.25 billion reduction in the allowance for loan losses due to lower estimated losses reflecting continued home price improvement and favorable delinquency trends. The prior year included a $900 million reduction in the allowance for loan losses. Net charge-offs were $206 million, compared with $1.4 billion in the prior year. Prior-year total net charge-offs included $825 million of incremental charge-offs reported in accordance with regulatory guidance on certain loans discharged under Chapter 7 bankruptcy.
Noninterest expense was $1.9 billion, a decrease of $223 million, or 11%, from the prior year, due to lower servicing expense.
Mortgage Production pretax income was $90 million, a decrease of $997 million from the prior year, reflecting lower volumes and lower margins, partially offset by lower repurchase losses. Mortgage production-related revenue, excluding repurchase losses, was $584 million, a decrease of $1.2 billion, or 67%, from the prior year, reflecting lower volumes from rising rates and lower revenue margins. Production expense2 was $669 million, a decrease of $9 million from the prior year. Repurchase losses for the current quarter reflected a benefit of $175 million, compared with losses of $13 million in the prior year and a benefit of $16 million in the prior quarter. The current quarter reflected a $300 million reduction in repurchase liability and lower realized repurchase losses, compared with a $218 million reduction in repurchase liability in the prior year and a $185 million reduction in repurchase liability in the prior quarter.
Mortgage Servicing pretax loss was $406 million, a decrease of $247 million from the prior year. Mortgage net servicing-related revenue was $632 million, a decrease of $122 million, or 16%, from the prior year, driven by lower revenue from an exited non-core product and lower gains on Government National Mortgage Association ("Ginnie Mae") buy outs. MSR risk management was a loss of $180 million, compared with income of $150 million in the prior year. Servicing expense was $858 million, a decrease of $205 million from the prior year, reflecting lower costs associated with the Independent Foreclosure Review and lower servicing headcount, partially offset by higher expense for foreclosure-related matters. The current quarter included approximately $200 million of expense related to refined estimates of servicing liabilities resulting from foreclosure delays.
Key Metrics and Business Updates:
(All comparisons refer to the prior-year quarter except as noted)
Real Estate Portfolios pretax income was $1.5 billion, up $1.4 billion from the prior year. Net revenue was $809 million, a decrease of $197 million, or 20%, from the prior year. The decrease was due to higher loan retention driving lower noninterest revenue and, 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 was a benefit of $1.0 billion, compared with a provision for credit losses of $520 million in the prior year. The current-quarter provision reflected a $1.25 billion reduction in the allowance for loan losses, $750 million from the purchased credit-impaired allowance and $500 million from the non credit-impaired allowance, due to lower estimated losses reflecting continued home price improvement and favorable delinquency trends. The prior year provision included a $900 million reduction in the allowance for loan losses. Net charge-offs were $204 million, compared with $1.4 billion in the prior year. Prior-year total net charge-offs included $825 million of incremental charge-offs reported in accordance with regulatory guidance on certain loans discharged under Chapter 7 bankruptcy. Home equity net charge-offs were $218 million (1.42% net charge-off rate1), compared with $1.1 billion (6.22% net charge-off rate1) in the prior year. Subprime mortgage net recoveries were $4 million (0.21% net recovery rate1), compared with net charge-offs of $152 million (6.89% net charge-off rate1). Prime mortgage, including option ARMs, net recoveries were $11 million (0.09% net recovery rate1), compared with net charge-offs of $143 million (1.37% net charge-off rate1).
Noninterest expense was $375 million, a decrease of $11 million, or 3%, compared with the prior year.
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 $1.2 billion, an increase of $281 million, or 29%, compared with the prior year, driven by lower provision for credit losses, partially offset by lower net revenue.
Net revenue was $4.6 billion, down $91 million, or 2%, compared with the prior year. Net interest income was $3.3 billion, down $149 million compared with the prior year, primarily driven by spread compression in Credit Card and Auto. Noninterest revenue was $1.3 billion, up $58 million compared with the prior year, primarily driven by higher net interchange income, auto lease income and merchant servicing revenue, largely offset by lower revenue from an exited non-core product.
The provision for credit losses was $673 million, compared with $1.2 billion in the prior year and $564 million in the prior quarter. The current-quarter provision reflected lower net charge-offs and a $351 million reduction in the allowance for loan losses due to lower estimated losses reflecting improved delinquency trends and restructured loan performance. The prior-year provision included a $55 million reduction in the allowance for loan losses. The Credit Card net charge-off rate1 was 2.86%, down from 3.57% in the prior year and 3.31% in the prior quarter; the 30+ day delinquency rate<1 was 1.68%, down from 2.15% in the prior year and 1.69% in the prior quarter. The Auto net charge-off rate was 0.35%, down from 0.74% in the prior year and up from 0.18% in the prior quarter.
Noninterest expense was $1.9 billion, flat from the prior year.
Key Metrics and Business Updates:
(All comparisons refer to the prior-year quarter except as noted)
| Results for CIB ($ millions) | 3Q13 | 2Q13 | 3Q12 | 2Q13 | 3Q12 | ||
|---|---|---|---|---|---|---|---|
| $ O/(U) | O/(U) % | $ O/(U) | O/(U) % | ||||
| Net Revenue | $ 8,189 | $ 9,876 | $ 8,360 | $ (1,687) | (17)% | $ (171) | (2)% |
| Provision for Credit Losses | (218) | (6) | (60) | (212) | NM | (158) | (263) |
| Noninterest Expenses | 4,999 | 5,742 | 5,350 | (743) | (13) | (351) | (7) |
| Net Income | $ 2,240 | $ 2,838 | $ 1,992 | $ (598) | (21)% | $ 248 | (12)% |
Discussion of Results:
Net income was $2.2 billion, up 12% compared with the prior year. These results primarily reflected lower noninterest expense and a higher benefit from the provision for credit losses, partially offset by lower net revenue. Net revenue was $8.2 billion, compared with $8.4 billion in the prior year. Net revenue included a $397 million loss from debit valuation adjustments ("DVA") on structured notes and derivative liabilities; the prior year included a loss from DVA of $211 million. Excluding the impact of DVA, net income was $2.5 billion1, up 17% from the prior year, and net revenue was $8.6 billion1, flat compared with the prior year.
Banking revenue was $2.9 billion, up 2% from the prior year. Investment banking fees were $1.5 billion, up 6% from the prior year, driven by higher equity underwriting fees of $333 million, up 42% from the prior year, and higher debt underwriting fees of $855 million, up 6% from the prior year, partially offset by lower advisory fees of $322 million, down 17% from the prior year. Treasury Services revenue was $1.1 billion, flat compared with the prior year. Lending revenue was $351 million, primarily reflecting net interest income on retained loans and fees on lending-related commitments.
Markets & Investor Services revenue was $5.3 billion, down 4% from the prior year. Fixed Income Markets revenue was $3.4 billion, down 8% compared with a strong prior year. The prior year included a modest loss from the synthetic credit portfolio. Equity Markets revenue was $1.2 billion, up 20% from the prior year, driven by broad-based strength across products and regions. Securities Services revenue was $1.0 billion, up 3% from the prior year. Credit Adjustments & Other revenue was a loss of $409 million, compared with a loss of $225 million in the prior year; both periods were predominantly driven by the impact of DVA.
The provision for credit losses was a benefit of $218 million, compared with a benefit of $60 million in the prior year. The ratio of the allowance for loan losses to period-end loans retained was 1.09%, compared with 1.35% 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 period-end loans retained1 was 2.01%, compared with 2.92% in the prior year.
Noninterest expense was $5.0 billion, down 7% from the prior year, primarily driven by lower compensation expense on lower reported revenue. The compensation ratio for the current quarter was 27%, excluding the impact of DVA1.
Key Metrics and Business Updates:
(All comparisons refer to the prior-year quarter except as noted, and all rankings are according to Dealogic)
| Results for CB ($ millions) | 3Q13 | 2Q13 | 3Q12 | 2Q13 | 3Q12 | ||
|---|---|---|---|---|---|---|---|
| $ O/(U) | O/(U) % | $ O/(U) | O/(U) % | ||||
| Net Revenue | $ 1,725 | $ 1,728 | $ 1,732 | $ (3) | - | $ (7) | - |
| Provision for Credit Losses | (41) | 44 | (16) | (85) | NM | (25) | (156) |
| Noninterest Expenses | 661 | 652 | 601 | 9 | 1 | 60 | 10 |
| Net Income | $ 665 | $ 621 | $ 690 | $ 44 | 7% | $ (25) | (4)% |
Discussion of Results:
Net income was $665 million, a decrease of $25 million, or 4%, compared with the prior year, reflecting an increase in noninterest expense and a decrease in net revenue, partially offset by a lower provision for credit losses.
Net revenue was $1.7 billion, flat compared with the prior year. Net interest income was $1.1 billion, flat compared with the prior year, reflecting spread compression on loan and liability products and lower purchase discounts recognized on loan repayments, predominantly offset by higher loan balances. Noninterest revenue was $588 million, flat compared with the prior year.
Revenue from Middle Market Banking was $745 million, flat compared with the prior year. Revenue from Corporate Client Banking was $459 million, flat compared with the prior year. Revenue from Commercial Term Lending was $311 million, an increase of $13 million, or 4%, compared with the prior year. Revenue from Real Estate Banking was $118 million, an increase of $12 million, or 11%, compared with the prior year.
The provision for credit losses was a benefit of $41 million, compared with a benefit of $16 million in the prior year. Net charge-offs were $16 million (0.05% net charge-off rate), compared with net recoveries of $18 million (0.06% net recovery rate) in the prior year and net charge-offs of $9 million (0.03% net charge-off rate) in the prior quarter. The allowance for loan losses to period-end loans retained was 1.99%, down from 2.15% in the prior year and down from 2.06% in the prior quarter. Nonaccrual loans were $566 million, down $310 million, or 35%, from the prior year, and up by $53 million, or 10%, from the prior quarter.
Noninterest expense was $661 million, up 10% compared with the prior year, reflecting higher product- and headcount-related2 expense.
Key Metrics and Business Updates:
(All comparisons refer to the prior-year quarter except as noted)
| Results for AM ($ millions) | 3Q13 | 2Q13 | 3Q12 | 2Q13 | 3Q12 | ||
|---|---|---|---|---|---|---|---|
| $ O/(U) | O/(U) % | $ O/(U) | O/(U) % | ||||
| Net Revenue | $ 2,763 | $ 2,725 | $ 2,459 | $ 38 | 1% | $ 304 | 12% |
| Provision for Credit Losses | - | 23 | 14 | (23) | NM | (14) | NM |
| Noninterest Expenses | 2,003 | 1,892 | 1,731 | 111 | 6 | 272 | 16 |
| Net Income | $ 476 | $ 500 | $ 4437 | $ (24) | (5)% | $ 33 | 7% |
Discussion of Results:
Net income was $476 million, an increase of $33 million, or 7%, from the prior year, reflecting higher net revenue, predominantly offset by higher noninterest expense.
Net revenue was $2.8 billion, an increase of $304 million, or 12%, from the prior year. Noninterest revenue was $2.2 billion, up $278 million, or 15%, from the prior year, due to net client inflows, the effect of higher market levels and higher placement fees. Net interest income was $578 million, up $26 million, or 5%, from the prior year, due to higher loan and deposit balances, partially offset by narrower loan and deposit spreads.
Revenue from Private Banking was $1.5 billion, up 9% compared with the prior year. Revenue from Retail was $722 million, up 36%. Revenue from Institutional was $553 million, down 2%.
Client assets were $2.2 trillion, an increase of $215 billion, or 11%, compared with the prior year. Assets under management were $1.5 trillion, an increase of $159 billion, or 12%, from the prior year, due to net inflows to long-term products and the effect of higher market levels. Custody, brokerage, administration and deposit balances were $706 billion, up $56 billion, or 9%, from the prior year, due to the effect of higher market levels and custody inflows.
The provision for credit losses was negligible, compared with $14 million in the prior year.
Noninterest expense was $2.0 billion, an increase of $272 million, or 16%, from the prior year, primarily due to higher headcount-related2 expense, higher performance-based compensation and costs related to the control agenda.
Key Metrics and Business Updates:
(All comparisons refer to the prior-year quarter except as noted)
| Results for Corporate/Private Equity ($ millions) | 3Q13 | 2Q13 | 3Q12 | 2Q13 | 3Q12 | ||
|---|---|---|---|---|---|---|---|
| $ O/(U) | O/(U) % | $ O/(U) | O/(U) % | ||||
| Net Revenue | $ 121 | $ (386) | $ 592 | $ 507 | NM | $ (471) | (80)% |
| Provision for Credit Losses | (17) | 5 | (11) | 22 | NM | (6) | (55)% |
| Noninterest Expenses | 9,096 | 716 | 733 | 8,380 | NM | 8,363 | NM |
| Net Income | $ (6,463) | $ (552) | $ 228 | $ (5,911) | NM | $ (6,691) | NM |
Discussion of Results:
Net income was a loss of $6.5 billion, compared with net income of $228 million in the prior year.
Private Equity reported net income of $242 million, compared with a net loss of $89 million in the prior year. Net revenue was $398 million, compared with a loss of $135 million in the prior year, primarily due to net valuation gains on private investments.
Treasury and CIO reported a net loss of $193 million, compared with net income of $369 million in the prior year. Net revenue was a loss of $232 million, compared with net revenue of $713 million in the prior year. The prior-year revenue reflected $888 million extinguishment gains related to the redemption of trust preferred securities. Current-quarter net interest income was a loss of $261 million due to low interest rates and limited reinvestment opportunities.
Other Corporate reported a net loss of $6.5 billion, compared with a net loss of $52 million in the prior year. The current quarter included approximately $9.2 billion of legal expense, including reserves for litigation and regulatory proceedings, compared with $684 million of expense for additional litigation reserves in the prior year.
| Results for JPM ($ millions) | 3Q13 | 2Q13 | 3Q12 | 2Q13 | 3Q12 | ||
|---|---|---|---|---|---|---|---|
| $ O/(U) | O/(U) % | $ O/(U) | O/(U) % | ||||
| Net Revenue | $ 23,880 | $ 25,958 | $ 25,863 | $ (2,078) | (8)% | $ (1,983) | (8)% |
| Provision for Credit Losses | (543) | 47 | 1,789 | (590) | NM | (2,332) | NM |
| Noninterest Expenses | 23,626 | 15,866 | 15,371 | 7,760 | 49 | 8,255 | 54 |
| Net Income | $ (380) | $ 6,496 | $ 5,708 | $ (6,876) | NM | $ (6,088) | NM |
(*)Presented on a managed basis. See notes on page 13 for further explanation of managed basis. Net revenue on a U.S. GAAP basis totaled $23,117 million, $25,211 million, and $25,146 million for the third quarter of 2013, second quarter of 2013, and third quarter of 2012, respectively.
Discussion of Results:
Net income was a loss of approximately $0.4 billion, down $6.1 billion from the prior year, due to higher noninterest expense and lower net revenue, partially offset by lower provision for credit losses.
Net revenue was $23.9 billion, down $2.0 billion, or 8%, compared with the prior year. Noninterest revenue was $12.9 billion, down $1.8 billion, or 12%, compared with the prior year. The current-quarter revenue included a $397 million loss from DVA on certain structured notes and derivative liabilities. Net interest income was $11.0 billion, down $220 million, or 2%, compared with the prior year, reflecting the impact of lower loan yields due to competitive pressures and replacement of higher yielding loans with lower yielding loans, partially offset by higher investment securities yield and lower net interest expense on long-term debt.
The provision for credit losses was a benefit of $543 million, compared with a provision for credit losses of $1.8 billion in the prior year. The total consumer provision for credit losses was a benefit of $273 million, compared with an expense of $1.9 billion in the prior year. The current-quarter provision reflected a $1.6 billion reduction in the allowance for loan losses due to favorable delinquency trends and lower estimated losses in the mortgage and credit card portfolios. Consumer net charge-offs were $1.3 billion, compared with $2.8 billion in the prior year, resulting in net charge-off rates of 1.47% and 3.10%, respectively. The prior-year total net charge-offs included $880 million of incremental charge-offs reported in accordance with regulatory guidance on certain loans discharged under Chapter 7 bankruptcy. The wholesale provision for credit losses was a benefit of $270 million, compared with a benefit of $63 million in the prior year. Wholesale net charge-offs were $26 million, compared with net recoveries of $34 million in the prior year, resulting in a net charge-off rate of 0.03% and a net recovery rate of 0.05%, respectively. The Firm's allowance for loan losses to period-end loans retained1 was 1.89%, compared with 2.61% in the prior year. The Firm's nonperforming assets totaled $10.2 billion, down from the prior-quarter and prior-year levels of $10.9 billion and $12.5 billion, respectively.
Noninterest expense was $23.6 billion, up $8.3 billion, or 54%, compared with the prior year, driven by higher litigation reserves. The current quarter included approximately $9.3 billion of legal expense, including reserves for litigation and regulatory proceedings, compared with $790 million of expense for additional litigation reserves in the prior year.
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 $2.5 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 third-quarter financial results. The general public can access the call by dialing (866) 541-2724 or (866) 786-8836 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 October 11, 2013 through midnight, October 25, 2013 by telephone at (855) 859-2056 or (800) 585-8367 (U.S. and Canada) or (404) 537-3406 (international); use Conference ID# 32195553. 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 and Quarterly Report on Form 10-Q for the quarters ended March 31, 2013, and June 30, 2013, which have been filed with the Securities and Exchange Commission and are 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.
