Investor Day 2023
Markets
Our Markets franchise is well-positioned to outperform on a relative basis
INDUSTRY WALLET PER COALITION1 ($B)
Industry wallet is expected to soften, but
remain elevated vs. pre-pandemic levels
MARKET SHARE FOR TOP 5 PLAYERS 1 (%)
2023F ROE2 (%)
Marginal returns are expected to deliver
above the cost of capital
NOT TO SCALE
We continue to benefit from wallet consolidation
among the largest Markets players
163
212
(~4%)
2017-19 Avg.
2020-22 Avg.
2023F
40.4%
~370bps
44.1%
Marginal ROE
32.0%
Peers 2-5
29.3%
JPM
11.1%
12.1%
2017-2019 Avg.
2020-2022 Avg.
Fully-loaded ROE
Cost of capital
1 Source: Coalition Greenwich Competitor Analytics. Peer ranks are for the respective year. For additional information, see notes 1 and 3 on slide 43
2 Fully-loaded ROE includes allocation of all income (ex-legal) and capital items across the businesses, with legal held in management; Marginal ROE is a way of evaluating the marginal impact of a business if it were to be removed from the overall LOB, assuming that some of the
allocated costs/ capital that are allocated to the LOB would not be reduced, but be redirected to other LOBS
JPMORGAN CHASE & CO.
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