J.P.Morgan Results Presentation Deck
Our 2024 expense outlook is ~$90B
ADJUSTED EXPENSE¹ ($B)
Corp.
AWM
CB
CIB
CCB
$85.7
FDIC SA²
$2
$13
$5
$28
$35
2023
-$86
JPMORGAN CHASE & CO.
$21.43
Q1 Q2 Q3 Q4
4Q23 annualized
(ex. FDIC SA)
-$90
$2
$14
$6
$29
$38
2024
Note: Totals may not sum due to rounding
1 See note 5 on slide 13
2 2023 FDIC special assessment
3 Represents a non-GAAP financial measure calculated as 4Q23 Adjusted expense of $24.3B less the FDIC special assessment ("SA") of $2.9B
2024 DRIVERS
Business-growth-driven hiring,
primarily in front office
Increase in technology spend
associated with investments and
higher business volumes, net of
efficiencies
Continued investments in the business
Marketing
Bankers, Advisors & Branches
Higher market-dependent volume- and
revenue-related expense
• Annualization of First Republic, with
significantly lower 2024 exit run rate
Residual inflationary pressures
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