JPMorgan Chase Barclays 24th Annual Global Financial Services Conference

It's a great question. Well, first of all, thank you again for having me. It's great to be with all of you. It's an exciting time at J.P. Morgan. I know I speak for Troy when I say he and I are both really thrilled and honored to be in this capacity as co-presidents. We had a very high-functioning partnership as co-heads of CIB. Mobility is a fantastic thing when you lift somebody up and move them around the company. We're already doing things together, consumer and wholesale, that we otherwise, for whatever reason, couldn't get around to doing. There's a lot of combustion and value unlock that's happening. It's exciting that that's happening, and his learning curve is straight up, and it's going to be fun to work together in this new capacity. The other thing I'd say is there is no big vacuum that Jamie's leaving.

Jamie Dimon is not stepping back. He's, if anything, and I think this is good news, as active as ever, as client-facing as ever. He's out in the markets all the time. The company is big. We're scaling rapidly. We have big plans, big ambitions. There's a lot for Troy and I to do to give him leverage to round us out as executives. I would say that's the case for not just the two of us, for a broader base of senior people across J.P. Morgan as we have a sort of a dynamic talent strategy to develop and make sure we have a stewardship plan for everybody who is a potential leader of the company. I have a fantastic leadership team around me running the CIB. It would be risky to suggest that I don't run the CIB.

These teams are fairly autonomous, connected, but very autonomous, strong operating CEOs for every component part of the CIB. For the firm overall, we have a high-functioning operating committee. We share responsibility and accountability, and we've always had that, and we run the company as a true partnership. It's not as dramatic of a change for Troy or for me.

This is a J.P. Morgan thing. Start on time, end on time.

Not much is going to change. If you recall, Troy and I did not divide roles and responsibilities. Some co-heads sort of major and minor, and he is the markets guy, I am the banking and payments guy. We both made it a point of trying to run the entire franchise front to back across markets, banking, payments, security services, the whole business. So for the teams that reported to us, nothing really changes for them. For me, I have to make some subtle adjustments because going from two to one, obviously, you have a little less leverage. But that, I think, is just a little bit of turning the dials around time with clients, adjusting for the time I am spending in a capacity as a president. But it gets back to the point I made earlier.

We have a very strong, high-functioning operating committee for the CIB, and they are running the business on a day-to-day basis. My job is to harvest the combustion across the composite of teams across the CIB.

Yeah. Just real quickly to extend on the point around scale. It gets to the point of the components of CIB are as big as some of the banks that you have seen here at the conference. That is why we have very strong operating CEOs running these businesses. You are right. We have a broad-based client franchise. It is all the best institutional investors around the world, governments, corporates from early-stage, seed-stage startups, all the way up to the largest multinationals. It gives us an amazing lens into the global economy, tremendous data about the functioning and credit behavior and performance of these companies and institutions. You would honestly not know that we are at war. Oil is above $100, for 10 years higher than it has been since 2007. We have a hawkish Fed, hawkish central banks in Europe.

Our clients are seeing through the market volatility and the fog of uncertainty, and they have been incredibly resilient. I am sort of having a déjà vu. I think I said the same thing on stage last year. It really is, I think, a statement of the diversity and strength of the U.S. economy. I think the U.S. is a bright spot, is one of the more relatively stable and strong parts of the global economy right now. We do not really see anything flashing red and very little flashing yellow. Anything that is flashing yellow would sort of fall in the category of companies that are in the center of the bullseye for disruption for AI, or anything exposed to the low end of the U.S. consumer demographic.

You are already starting to see corporates that have a product exposure, revenue exposure to the very low-end income demographics start to see some weakness, but nothing systemic that is concerning us at the moment. Conditions are quite benign. Middle market credit is good. Management and board confidence is strong. Deal activity is quite robust. A lot of it ties to the strength, the resiliency of the U.S. consumer, the diversity of the U.S. economy, and there are some other big secular forces at work. The AI super cycle, tremendous amount of capital spending underway that is driving a lot of economic activity. There is a supply chain repositioning that is associated with a lot of the global trade uncertainty, maybe going back to COVID, and then certainly it was following on Liberation Day. We still have trade uncertainty with our nearest neighbor in Canada.

Our clients are moving their supply chains, and a lot of that is coming back to the U.S. It is creating a manufacturing renaissance. You have money in motion in private capital. Finally, there is a lot of transaction activity in private capital. The huge infrastructure spending requirements outside of AI, electrification of the U.S., and you have remilitarization. So lots of money moving into defense tech, defense manufacturing. These are big, powerful drivers that I think are sort of underpinning a lot of the market volatility and uncertainty. So far so good. There is not much that is really that cautionary at this point. But for those of us who have done this long enough, if you do not feel it, you will feel it quickly. They sort of feel like something is too good, right?