JPM Q2 '26

Moments, ranked

1. 108:30 ETprepared▲ +0.22%

   “Including the significant items noted on the page, the firm delivered net income of $16.9 billion, EPS of $6.14, and an ROTC of 23%.”

   Management, 9.5x volume, adj. next 5 min: +0.54% raw vs +0.32% sector

   Already in the release, +9.8% vs consensus, abnormal minute at the statement

   medium confidence

2. 209:02 ETQ&A▲ +0.18%

   “I'm sure that the consensus was for meaningful negative operating leverage in this year's numbers, however defined.”

3. 309:23 ETQ&A +0.00%

   “We've actually done much better in Germany than we thought we were gonna do.”

4. 408:56 ETQ&A -0.01%

   “I don't understand why you would want that as a policy outcome, because it's disproportionately damaging the ability of banks to serve Main Street.”

1. +0.22%0:00OperatorGood morning, ladies and gentlemen. Welcome to JPMorgan Chase's second quarter, 2026 earnings call. This call is being recorded. Your line will be muted for the duration of the call. We will now go live to the presentation. Information concerning forward-looking statements and non-GAAP financial measures included in this presentation can be found in JPMorgan Chase's earnings press release, an investor presentation posted on the investor relations website. Please stand by. At this time, I would like to turn the call over to JPMorgan Chase's Chairman and CEO, Jamie Dimon, and Chief Financial Officer, Jeremy Barnum. Mr. Barnum, please go ahead.
2. +0.22%0:37ManagementThanks, Amanda, and good morning, everyone. Including the significant items noted on the page, the firm delivered net income of $16.9 billion, EPS of $6.14, and an ROTC of 23%. Including the significant items, revenue was up 15% year-on-year, predominantly driven by markets revenue, higher asset management fees in AWM and CCB, higher investment banking revenue, and higher deposit and loan balances, partially offset by the impact of lower rates. Expenses of $27.3 billion were up 15% year-on-year, largely driven by volume and revenue-related expense, as well as growth in front office hiring and labor
3. -0.18%1:22Managementinflation. And credit costs were $2.5 billion, with net charge-offs of $2.4 billion and a net reserve build of $149 million. And in terms of the balance sheet, we ended the quarter with a standardized CT1 ratio of 14.1%, down 20 basis points versus the prior quarter, as net income was more than offset by higher RWA and capital distributions. This quarter's standardized RWA increase of approximately $103 billion is largely driven by increases in financing across our markets business, as well as growth and traditional lending. As you saw in our CECAR press release in June, the board intends to increase the quarterly dividend to $1.65 per share, effective in the third quarter.
4. +0.30%2:06ManagementNow moving to our businesses. CCB reported net income of $5.3 billion. Revenue of $20.3 billion was up 8% year-on-year, predominantly driven by higher CARD and II, largely on higher revolving balances, as well as higher operating lease income and auto and asset management fees and wealth management. A few points to highlight. Consumers and small businesses continue to show resilience despite elevated gas prices and inflation, with higher tax refunds and a solid labor market contributing to strong spend growth. In banking and wealth management, average deposits were up 3% year-on-year and 2% quarter-on-quarter, driven by strong net new checking account growth of over
5. +0.30%2:50Management500,000 accounts this quarter. Client investment assets were up 21% year-on-year, driven by market performance along with strong flows. In CARD services, we refreshed the SAFIRE Preferred CARD in June, following the successful refresh of several other products over the last 12 months. Next, the CIB reported net income of $9.7 billion. Revenue of $24.9 billion was up 27% year-on-year, driven by strong performance across the businesses. IV fees were up 30% year-on-year, reflecting double-digit growth across all products, with particularly strong performance in equity underwriting. While this quarter's performance was supported by both some large ECM deals
6. +0.44%3:34Managementand the acceleration of the closure of some M&A transactions, the pipeline remains quite robust, and the current activity levels seem to be encouraging more activity. As a result, while conversion will obviously be dependent on market conditions, we expect activity levels to remain healthy. In markets, fixed income was up 6% year-on-year, with solid performance in credit, currencies in emerging markets, and rates, partially offset by lower revenue and commodities. The equities business delivered an exceptionally strong quarter, with revenue up 86% year-on-year, reflecting the highly dynamic market conditions. We saw strength across products and regions.
7. +0.34%4:15ManagementFlows were strong, and trading was favorable in both derivatives and cash, and Prime benefited from higher client activity and balances. Turning to asset and wealth management, AWM reported net income of $2 billion, with pre-tax margin of 38%. Revenue of $6.9 billion was up 19% year-on-year, driven by growth and management fees on higher average market levels and strong net inflows, as well as investment valuation gains, higher loan balances, and higher brokerage activity. Long-term net inflows were $50 billion, with continued strength across fixed income and equity. A U-M of $5.1 trillion was up 18% year-on-year, and client assets of
8. +0.34%4:58Management$7.7 trillion were up 19% year-on-year, driven by higher market levels and continued net inflows. And report turning to the outlook, corporate reported net income of $4.2 billion, and revenue of $6 billion, which includes the significant items noted in the present. In terms of the full year 2026 outlook, we now expect NIIX markets to be about $96.5 billion, and total NII to be approximately $105.5 billion, as a function of markets NII increasing to about $9 billion. And the new adjusted expense outlook is about $107.5 billion, with the
9. +0.23%5:38Managementincrease primarily due to higher volume and revenue-related expenses, driven by the activity levels and associated revenue of performance. Finally, we now expect card net charge-off rate to be approximately 3.2%, reflecting better-than-expected consumer credit performance. With that, we're now happy to take your questions, so let's open the line for Q&A.
10. +0.34%6:03OperatorThank you. For participants dialed in on the analyst side of today's conference call, if you would like to ask a question, please press star 1 to be entered into the queue. We kindly request that you ask one question and only one related follow-up. If you would like to ask an additional question, please press star 1 to be re-entered into the queue. For our first question, we will go to the line of Ken Houston with Autonomous Research. Your line is open.
11. +0.34%6:30AnalystThanks. Hi, good morning. Jamie, I was just wondering if you could start by just evaluating on the recent management changes in elevation of Doug and Troy to co-presidents and just anything we should be thinking about in terms of the ongoing development of the leadership team and anything it may mean in terms of your tenure as a CEO from the board's perspective. Thanks.
12. +0.34%6:53ManagementNo, it's exactly I think we try to be totally clear in the press release, which is that Mary Ann is an exceptional individual, a human being, as a leader, and is obviously an executive. But, you know, the board made a decision to go ahead with making two co-presidents, you know, which will be preparing them to do far more at the company to be prepared. Hasn't changed the timetable or anything and obviously wish Mary Ann the best. As a result, she decided she, when she knew about the plans, that she'd rather retire than stay here. So that's it. No mystery.
13. +0.11%7:30AnalystOK, very good. And then just on the Jeremy, on your follow-up to the strength that you're seeing and across investment banking and markets, just, you know, I know it depends on conversion opportunities and just the environment, but this is clearly, you know, far higher level of activity than anyone would have expected. How do you judge the sustainability and how do you judge just, you know, how risk on are we, you know, across the various businesses? Thanks.
14. +0.11%7:58ManagementYeah, good question, Ken. So I would actually bifurcate that a little bit between investment banking and markets in the sense that by historical standards, investment banking fees were fine, but they weren't at super peak level. So they had some room to come up a little bit. And one of the things we looked at is like, OK, how much like cannibalization of the future pipeline might have happened through the acceleration order and or to what extent would this quarter's results like particularly elevated as a result of some of the large, high profile IPOs and other capital raising in particular. And I think, you know, clearly there was some pull forward and clearly, you know, the large deals converted meaningfully to this quarter of results.
15. -0.00%8:41ManagementBut at the same time, the pipeline is actually quite robust. And to some degree, it feels a little bit I mean, guessing here, obviously, but it feels a little bit as if, you know, the high profile nature of the activity this quarter and just a generally robust environment is itself getting more activity. So, you know, I obviously don't want to get into like guiding you. And in any case, we're just guessing. But, you know, that's maybe just a little bit of context about how we're thinking about the tradeoff between, you know, the robustness of the pipeline and the fact that there was some pull forward and some kind of exceptional events this quarter on the market side. You know, I would probably separate between fixed income and equities.
16. +0.15%9:24ManagementI mean, all the normal caveats like we don't know anything can happen. And clearly markets revenues in general have been quite high. Although, as we point out, a particular set of things, imagine that being the we'll see what happens. But in the end, you know, we're just trying to serve the clients and manage the risk.
17. +0.01%10:07ManagementI guess you did say something about our we and not to be pedantic, but I think the question that the we matters, right? So the market is clearly takers of some complicated dynamic. Does that conclude your question? Also, thank you.
18. +0.01%10:48OperatorThank you. Our next question comes from Chris McGrady with KBW. Your line is open.
19. +0.01%10:54AnalystGood morning. Thanks for the question. On deposits, what stuck out was slide four to me, the growth in CCB in the quarter. Interested in kind of the progression towards that 15 percent retail market share that you've talked about in the past, you know, and really how higher for longer may may impact the pace of market share gains over over time. Thanks.
20. -0.15%11:15ManagementSure. So let me just do near term deposits for the company quickly. So and let me actually start with wholesale. So wholesale deposit growth was quite strong this quarter, actually, and has been for the first half of the year. You know, if you recall, last year was particularly strong. I think this year we were expecting it to be sort of fine, but slightly less strong. And so far, the first half of the year has outperformed our expectations. You know, obviously, a lot of that is the strength of the franchise and winning deals and taking share. But some of it is also the kind of lending environment, particularly the sort of that BFI space and a lot of the data center stuff. Like, however you look at it, you have a little bit of the dynamic
21. -0.15%11:58Managementof loans creating deposits, and that's going to disproportionately show up in wholesale. So that's probably a little bit of a tail end for wholesale on consumer. You know, we talked about, you know, expecting low single digit growth this year, and that expectation is still in effect. It's unchanged, which is good because I think there were some different moving pieces there and, you know, they could have played out differently in some sense. But if you look at what those pieces were, it was fundamentally the balance between ongoing, very robust net new checking account growth and, you know, the question of yield seeking flows and the impact that that was having or not having on average balances per account.
22. -0.06%12:41ManagementAnd, you know, you saw obviously very strong net and checking account this quarter. And, you know, in light of the fact that the rate environment is a little bit more hawkish, the yield seeking flows are still a factor and probably a little bit of a risk. How does that all feed into the 50s? We feel great about the franchise and we feel great change to that. We think about that as a kind of natural long even
23. -0.12%13:22Managementbank relationships, branch expansion, deepening. I want that and we...
24. -0.12%13:40AnalystThat's great. And for my follow up, bigger picture question on the expenses, really the returns that you're getting from the branch build out the investments, the higher the bankers. Ultimately, I guess the question is, where are we in the investment cycle? And really, how does it play into the operating leverage outlook over the medium term? Thanks.
25. -0.12%14:00ManagementI would just say it's a complete continuation we've been doing for years. You shouldn't really expect any change. Yeah, I mean, that's what I was going to say, too. I mean, obviously, there are other expense dynamics this quarter, which maybe I'll save for another question. But in the end, you know, we're investing, we're always going to invest. It's been working and obviously the returns so far speak for themselves. And I think the thing that we've been saying for a long time is that the power of this franchise is such that we are able to aggressively invest for the future for the sake of generating future returns and to solidify the competitive position of the franchise while still delivering exceptional current returns. And I think that would be true if we were delivering, you know,
26. -0.17%14:44Management15, 16, 17 percent of returns, obviously, when we're delivering these types of returns, you know, it's really is firing on all cylinders.
27. -0.17%14:57OperatorThank you. Our next question comes from John McDonald with Truist Securities. Your line is open.
28. +0.19%15:03AnalystThank you. Morning, Jeremy. I was wondering if you could talk a little bit about the drivers of the upward revision to the X markets and I.I. Perhaps the cadence to in third quarter, fourth quarter, as we think about the exit rate heading into next year.
29. +0.19%15:18ManagementYeah, sure, John. So, yeah, revising up from ninety five to ninety six and a half for the full year. And you see our first half actual so you can infer the second half. And as Jamie always likes to say, what matters is, you know, the run rates and the exit. And if you sort of do that math, it does suggest a higher exit run rate, which, you know, in the central case, assuming the yield curve plays out as the Ford's currently forecast and the deposit and other drivers are in line with their current expectations. That's what we would expect just mechanically in terms of the drivers of the of the upward revision. The biggest single factor is deposit balances, I would say,
30. +0.19%15:59Managementacross both wholesale and consumer, both sort of the overall quantum of it, but also like makes shift inside of that in favor of slightly higher margin overall. And then, you know, rates are like a little bit higher than when we previously guided both in the short end and in the back end. And as you know, we've got sensitivity to both. And probably our actual sensitivity is a little bit more than the EAR suggests right now because of the outperformance of the consumer beta as well as the model. And that difference is probably disproportionately in the front end. So when you assemble all that together, you have, you know, a little bit of the of the increase.
31. +0.32%16:41ManagementOK. And then just to finish up on the NIA, the the markets
32. +0.32%16:49Analystand I is guided a bit higher, even though the outlook for rates is is also a little bit higher. So I guess what are some of the drivers there as a balance sheet mix and some other factors?
33. +0.03%17:00ManagementYeah, it's a great it's a great question, John. So, yeah, you correctly allude to the fact that we've said previously that the market's numbers actually liability sensitive all else equal. Also, obviously, in the context of what we always say, which is that in general, changes in the markets and I, especially when they are driven by rates, are almost always fully offset in the bottom line.
34. +0.03%17:21ManagementSo that stuff drives the number like to just indulge myself for 30 seconds.
35. +0.10%18:02ManagementThere's also another interesting part of the way. And the consequence of that is to get into the sea to markets and I. And so it's sort of a rare exception to the rule that changes
36. +0.10%18:38Managementin markets and I are offset in the bottom market, right pocket at the level. OK, that's helpful. Thank you.
37. -0.08%19:01OperatorThank you. Our next question comes from Erica Nijarian with UBS. Your line is open.
38. -0.08%19:06AnalystHi, good morning. I just had one question. I do want to revisit the succession line of questioning because it is so critical for a lot of your your current investor base. And so, Jamie, I guess maybe re asking the question different way. You know, what characteristics are you in the board looking for in terms of, you know, the new leader of JP Morgan? You know, what do you think makes an exceptional CEO in the future as you pass the baton on? And additionally, you know, I think that some of your investors may have read the announcement, particularly Marion's departure, a sort of an extension of your tenure.
39. -0.08%19:50AnalystAnd I'm wondering if we should, you know, think about your remaining tenure is more fixed or if, you know, investors are still thinking about a more rolling type of retirement date and a long longer stay as executive chair.
40. -0.15%20:06ManagementSo the question to that is, though, the timing is essentially the same, obviously, completely up to the board, but it hasn't changed. It's just a natural change that we have to go to about how we go about this. And but the look, you know, that question is obviously critical. But I've always said it's you want to be good at management. You want to be good at people. You want to be analytical. You want to be detailed. You want to be a culture care. You want to be curious. You want to have art. You want to have grit. You want to have soul. You want to work ethic. You want to be able to travel. You want to be able to walk in operating centers and do a CEOs and prime ministers. It's all of that. I mean, I could give you a long list of stuff, but it's all of that. At the end of the day, we're blessed with a lot of people who are great culture
41. -0.15%20:49Managementcarriers across a broad spectrum. No one has all those things in the perfect way. And some of the things you learn is the most thing you get better at. And you know, when you see it, we have two exceptional co-presidents, we have other people at the company who are great culture carriers, but, you know, that's what you want. And you want it across the whole company, not weighted to investment banking or trading or or just big CEOs, but also weighted to the fact that we've got 300000 employees around the world. And in our branch, we have 50000 top notch people. Our operating centers are called 150000 people. And you have to be flexible of mind to deal with this new growing complex world. And and we have teams of people.
42. -0.10%21:31ManagementAnd as you know, I think it's important, you know, we pointed out that, you know, we're blessed to have Jim Peepsack as the chief operating officer and Mary Erdos continue to run Astrum Wealth Management. So it's a great team of people, which I am wholly confident I was hit by a truck, which is not my preference. We would be fine.
43. -0.10%21:50AnalystAnd just to just wanted to unpack, sorry, I am going to ask a follow up question. What do you mean by no change in timing?
44. -0.10%21:57ManagementExactly. We said last time. To whatever I said last time is that time tells essentially the same. You was plus or minus or obviously is totally up to the board. Not up to me. OK, thank you.
45. +0.05%22:18OperatorThank you. Our next question comes from Jim Mitchell with Seaport Global Securities. Your line is open.
46. +0.05%22:25AnalystOK, good morning. Just Jeremy, maybe a follow up on the expense question and operating leverage question earlier. Understand completely longer term, no bank can generate perpetual operating leverage. But if we look at year to date results, it's been a strong revenue environment. But I think operating leverage on an adjusted basis was was negative. You alluded to some expense one off potentially no question you're investing heavily and should be. So I get all that. But just when I think about the benefits of AI and technology generally, is there a time over the intermediate term where you think expense growth could slow a little and operating leverage kind of becomes more likely in a period of time over the next few years?
47. +0.08%23:08ManagementI'm just going to answer that by saying when you have great returns and very good margins, which actually went up this quarter, not down, you know, the notion that somehow you can forever increase your operating leverage is a crazy notion. We don't have that. I think it's part of the reason why banks failed. If you go back 20 years ago, we're never going to have that point of view. And AI will have its gives and takes. So we know we can't project. I do think you might actually see a slowdown in growth, you know, maybe in a slowdown in twenty seven or twenty eight. But the teams are looking at all of our opportunities. And we pointed out over and over again, we have an opportunity to spend more money in marketing with the positive ROI. We're going to do it. We're not going to have false gods.
48. +0.08%23:52ManagementWe have to pray that we can't do something really smart. I've also pointed out over and continuously, some expenses, if you counted them as investments, that they have very good returns, but their expense in the short run. And so, you know, and you know, AI still remains to be seen because the other thing I think about AI, which is a little bit different than everybody else is you don't uniquely benefit from AI. The ultimate beneficiary of AI will be our customers. And in a competitive capitalist world, you know, we always say I do a better job for the customers and we can't just say, oh, it's going to increase our margins, we're going to keep that. If that were true, our margins would be 80 percent today because of computerization over the last 20 years.
49. +0.21%24:32AnalystYeah, well, all fair. Appreciate it. And then just maybe a quick one on regulation. Is there any update on the thoughts on potential for adjustments to the regulatory proposals? Since I know you and your peers have been particularly vocal around the GSIB surcharge and some elements of Basel 3. Just curious if there's been any developments there.
50. +0.21%24:52ManagementThere are four obvious changes they should make. And I think it's unfair when I hear them say, you know, they should do the numbers the right way. And you guys should demand it. Do the numbers the right way. And they think they want to be more conservative. They should add conservatism. They should not do the numbers in a false way to make the number higher. And I just think that's intellectual clarity and honesty and stuff like that. They should get rid of the double count in operating risk capital. They should get rid of the double count in market risk capital. We have $80 billion or more now in market risk capital. And the biggest quarterly loss we ever had was $1.4 billion. You know, even the C-card market loss, I think is like 14 or 15 billion. And so they should adjust the GSIB
51. +0.09%25:36Managementthe way they're supposed to going back to 2015. And they should change the way they're doing short-term wholesale funding to be fair to everybody. Those are the things they should do. The numbers should be the number. If they think we should hold more capital, they should ask us to hold 10% more. And I'd be happy to do that. But I'm not happy to have these numbers falsely done. Yeah, and I just briefly add on short-term wholesale funding. I think there's an important point there in terms of the competitive dynamics that we were really quite explicit about in our comment letter, which I would encourage everyone to read. Because it's a nuanced thing, but I think if you go through it, it makes the point very clearly. And what they've wound up doing with this change to short-term wholesale funding
52. -0.01%26:16Managementis essentially increase the burden on banks like us and Bank of America that have both markets and banking businesses, as well as traditional consumer businesses disproportionately relative to our former investment bank competitors, but a different business mix. And I guess conceivably, someone could want that as a policy outcome. I don't understand why you would want that as a policy outcome, because it's disproportionately damaging the ability of banks to serve Main Street. But if that's what someone wants, they should say it. And if that's not what they want, then they shouldn't let it happen by accident as a result of a seemingly very technical thing,
53. +0.36%27:01Managementlike removing RWA from the denominator of the short-term wholesale funding contribution to the G-sub score. I mean, this is a little bit what Jamie talks about when I do the numbers right and speak. Absolutely. I appreciate the thoughts.
54. +0.36%27:22OperatorThank you. Our next question comes from Matt O'Connor with Deutsche Bank. Your line is open.
55. +0.36%27:28AnalystGood morning. It seems like everything is firing on most or all cylinders trading, that's a banking, lending, credit. Is this as good as it gets or, and I know you've kind of flagged some of the risks out there, but is there also an argument you made that were earlier cycle given AI and what seems likely to be a big increase in global defense spending, global supply change management, as you put all that together,
56. +0.36%27:56Managementwhat are your thoughts? It's getting close to as good as it gets. We just don't know how long it's gonna last.
57. +0.36%28:05AnalystOkay. And then, you know, the rate expectations continue to move all over the place out there and you show that you're kind of well positioned for higher rates, meaning make more money, but is there a tipping point where the deposit behavior changes, you know, both from a volume perspective and then betas, which you alluded to earlier, have been better than expected so far, you know, if we go up a certain amount, do you think there could be a meaningful change in that?
58. +0.36%28:32ManagementYeah, that's a good question actually, Matt. And I think, you know, short answer is like, we don't really know. And if you'd asked me that question a couple years ago, I would have said that that, you're essentially asking a question about the convexity of the rate paid dynamic, especially for consumer deposits, the negative convexity to be specific. And you know, if you'd asked me that at the beginning of this rate cycle, I would have said that we would be experiencing that effect right now, and we're not. But, you know, just from a common sense perspective, like you have to believe that at some point that kicks in. So when we do our stress testing, and when we think about not just like, you know, a slightly more elevated inflation environment and a slightly more aggressive response from the Fed,
59. +0.18%29:17Managementbut something that's like meaningfully different, that's a true stress test with an actual change in regime, one of the things that we look at in stress is like, okay, at what point do you have that kind of like acceleration and rate paid? That's one of the reasons why we're naive about our current EAR, even recognizing that locally, the empirical EAR is probably actually dynamics,
60. +0.18%29:51Managementyou could be true if you- I do assume some of that. It's something that we think about, it's in the models, it's question is, you know, the dynamics and- Okay, that's helpful, thank you.
61. +0.30%30:29OperatorThank you, our next question comes from Mike Mayo with Wells Fargo, your line is open.
62. +0.30%30:34AnalystHi, in response to the earlier question, you were asked about operating negative as negative and you gave the reasons for that, but is operating negative the way you look at things? I mean, when you grow revenues 15% core year over year, percentage wise, it's negative, but dollar wise, I think it's positive when I look at slide two, and I don't know why- It's really positive. I'm not gonna create the narrative for you, but you know, even if you take out those numbers-
63. +0.65%31:02ManagementNo, it definitely was positive. But can I just point out another thing, it was positive, but when revenues go up 10%, you know, like our, if your margin overall is 25%, when revenues go up 10%, the marginal return on that, since that ain't all the overhead, is gonna be a lot more than 25%. Yeah, I agree. People kind of forget that. Exactly. But not to get rapid increase in revenue drives a big increase in operating leverage. Yeah, so I agree with what Jamie just said, and maybe just since we've had a couple questions about this, and obviously we did revise up this year's expense guidance by two and a half billion, which is not a trivial number, so maybe I can piece all this together
64. +0.65%31:47Managementto add a little clarity here. So first of all, if you remember the guidance that we gave in fourth quarter last year for the full year for the company, and if you made some kind of like reasonable assumptions of what type of markets environment and NIR, X markets for the rest of the company at the time, you know, and you built out your models or whatever, I don't remember exactly what you had, Mike, but you know, I'm sure that the consensus was for meaningful negative operating leverage in this year's numbers, however defined. And that's why, you know, at company update, you know, I gave the long speech about sort of what Jamie always says about why operating leverage in the long term for the cycle is not a thing.
65. +0.18%32:30ManagementNow for a company like us anyway, producing the types of returns that we're producing. Now, and the root cause of that was essentially that, you know, as Jamie just said, like there's a fixed expense base and there's a variable expense base, the variable expense base is disproportionately associated with the kind of find, and we were in a moment where coming out of the back of the rate hiking cycle and relatively modest and in the meantime, we had inflation and investments and the usual stuff driving the expense base.
66. -0.15%33:13ManagementSo that sort of was the operating leverage picture for the year. To Jamie's point, this year, patients by six and a half billion dollars, first half of the year, the additional expenses associated with that marginal operating leverage point. And then, so therefore of the two and a half that we increased guidance, one and a half to send happy consequence of the exceptionally strong performance. And then, yeah, we've implicitly added a billion
67. -0.15%33:58Managementfor the second half of the year. And there are some nuances. I wouldn't draw too many conclusions from that in terms of our expectations about the revenue environment because there are some other factors and there's some timing or whatever. But at a high level, you know, that gives you the picture of the second half of the year will be what it'll be. And I think when you look at returns, overhead ratio, any metric that, you know, your updated models are kind of show for the performance principally through the lines of like returns, which is why I understand there's a little bit of national wealth management, a little bit of that credit card. How about markets complex?
68. +0.06%34:41AnalystYour marginal margin based on the numbers you just gave is 77% on that. And so why is that as good as it gets? Are you referring to the revenue environment maybe as good as it gets, Jamie? Or are you just being conservative or what?
69. +0.06%34:56ManagementNo, I just think we're in a very healthy, active, exuberant market with very high prices and very high volumes. We benefit from that. We just don't know how long it will continue. Could it get a lot better than this? It can get better, but you know, how much better, I don't know.
70. -0.06%35:11AnalystAnd then the second question does relate to the management changes and Troy taking over the consumer bank. And, you know, we don't know Troy as well as we did Mary Ann. And you have a lot more information internally, but to oversimplify and exaggerate, we have a FX trader now selling mortgage, credit cards, and deposits. And I'm being simplistic for a reason, but what gives you confidence that Troy's the right person to run the consumer business when he doesn't have that experience in the past?
71. -0.06%35:47ManagementYeah, you know, Mike, it's a great question. First of all, like I mentioned how you evaluate people, if they're analytics, is the brain power, is their EQ, is their heart, their soul, their culture carrier, can they walk into operating? So as he's exhibited that in markets, in investment banking, you know, they remember even the IB as extensive operations function and back office function, technology function, where he's exhibited great expertise. We're completely comfortable with that. I do think it's very important that people have experience across the company. And I've seen investment banks, big banks taken over by someone only from the investment bank, who only cares about the investment bank. You know, believe me, the rest of the franchise can suffer, you need respect for the rest of the franchise.
72. -0.22%36:31ManagementSo I think it's great for him, it's great for the company. He's already excited, he's always been to branches and out and about, and you know, he'll take it hopefully upward, onward and upward. And Mike, just a minor correction, Troy, with no offense intended to my old good friends who are foreign exchange spot traders, but Troy was actually an options trader, which is also where I started. So I think you would want me to correct the record on that.
73. -0.22%36:58AnalystAll right, thank you.
74. -0.28%37:02OperatorThank you. Our next question comes from Sal Martinez with HSBC. Your line is open.
75. -0.28%37:09AnalystHi, good morning. Thanks for taking my question. I have a broader question on AI. And is there an argument that we're vastly underestimating the potential benefits to efficiency and its impacts on how companies can run their businesses? I know Block is a really different animal than you are on a lot of levels, but they argued when they cut, you know, 40% of their workforce that, given the advancement in AI tools, if they look at their organizational structure with a blank sheet of paper, they can be much leaner and not sacrifice on product velocity and commercial outcomes. And I guess I'm asking you if you think there could be a parallel with banks
76. -0.28%37:53Analystwhere you can't operate with a different structure, be much more agile, be more efficient over time. I know it's a sensitive topic, but I'm curious how you think about these questions and how you're positioning yourself for this world.
77. -0.02%38:08ManagementSo it's not a sensitive topic at all. We are gonna use AI to do a better job for clients. That's our job. We fully expect it'll have huge efficiency in certain parts of the company. And we analyze it all the time. I think we've mentioned in the past, we spend quite a bit of money on it. We have a lot of MPVs that we know we have. The whole company's working on this at this point. And there are, I think there's almost a thousand use cases today, though, I would say that the really important ones are 50 by 50 across risk, fraud, marketing, hedging, prospecting, note-taking, idea generation, document reading. And it's kind of just starting. So we do expect that. I think you have to put in the back of your mind
78. -0.02%38:50Managementthat there are areas where we may just accelerate what we do that we wanna get done anyway. Think of certain applications and customer facing things and stuff like that. We are preparing to make sure we can retrain our people. And we have had discrete areas where we did reduce jobs by 30% or 40%. And most of those people offer jobs elsewhere. So we do expect that. I also think that over time, remember, this will be offered to smaller competitors too through Fiserv and FIS and other FinTech companies. And over time, we've been doing this nonstop for 25 years with just large computers and mainframes and APIs and various tools and tricks we use
79. -0.00%39:35Managementhave always been trying to create more efficient stuff like this. This will be faster. This will be dramatic. The whole company's involved in it. We have our offsite in July. You can imagine this is a big topic everywhere. From front office to mid office to back office to marketing to risk to you name the subject and more to come, but we're kind of in the midst of this mini revolution and we'll report to you. But I do also wanna point out, maybe you could be ahead of other people, kind of, but what always happens is the benefit accrues to the customer not to, the JP Morgan in this case. Because other people are doing the same thing and presumably leads to lower costs and lower error rates and a bunch of things. You can't just say, well, your ROE's gonna go
80. -0.20%40:19Managementto 50% and stay there. You know, if we had a 50% ROE and going to 10% a year, we'd probably have, in 50 or 60 years, you'd probably be 100% of the GDP of the United States of America.
81. -0.20%40:30AnalystYeah, yeah, okay, thank you for that. And follow up on equities, and I think Jeremy, you said, and if I recall correctly, that the particular set of things that happen this quarter are difficult to see repeated. Can you just maybe elaborate on what was most exceptional this quarter? I think some of your peers have talked about Asia, prime brokerage there, and I think you mentioned derivatives and cash being strong, but is there any areas or products or geographies that were particularly noteworthy in terms of the strength this quarter that may be difficult to sustain going forward?
82. -0.13%41:16ManagementYeah, I mean, there's really not a lot like behind my comment. It's essentially what you would get from asking any of the Marshall AI models this question and the two-year-old, two stages old version of the model. In other words, it's all the obvious stuff that's been heavily reported. Like we had some major IPOs, we had some major index rebalancing, we had some very complicated dynamics in the Korean equity market. There's been a lot of activity in Asia. The overall environment has been dynamic and interesting across a whole variety of dimensions. The clients have been extremely active. So it's like all, it's all the headlines basically that have driven the market.
83. +0.35%42:00ManagementAnd of course that could obviously repeat, but I do probable.
84. +0.35%42:33OperatorOur next question comes from Abraham Punoala with Bank of America. Your line is open.
85. +0.35%42:39AnalystHey, good morning. I guess maybe a lot of discussion on the strong Wall Street backdrop. Maybe Jeremy, just talk about the Main Street part of the US economy. There is a sense that there's a fragility when you look at housing, real estate, rates potentially could go higher. Give us a sense around what you're seeing from on the consumer side, the ability to sort of pull forward and resiliency if rates go up. And are you seeing any broadening in CapEx beyond AI or is it very AI centric in terms of what you're seeing on even commercial lending activity? Thanks.
86. +0.34%43:23ManagementOkay, let me do these in reverse order actually because I'll just address your AI CapEx question quickly. We do see some decent kind of CapEx and associated loan growth across the franchise. At least on the surface, some of that does not appear to be AI related. However, I was a little reluctant to draw that conclusion too strongly just because the AI theme has started to proliferate in so many different parts of the economy. It's like the comments about data centers wind up creating a lot of demand for like plumbers and electricians. So you wind up seeing it in sort of slightly non-obvious places.
87. +0.20%44:07ManagementAnd so any given bit of loan growth or CapEx that you see that doesn't superficially look like it's AI related might still be, but on the other hand, it might not. So- It could be the big numbers. I think CapEx is about four trillion a year and AI went from 400 billion last year to 700 billion this year. People project, which so do our people, it'll be like a little over a trillion next year. And maybe a little reduction in the non-AI CapEx, but that's hard to figure out because it's the same people, some of the same people doing the same. Yeah, and I was talking to our economist the other day about like the CapEx impact of Chips Act and some of that's kind of rolled off and it's getting replaced by more direct AI stuff. So it's a little bit hard to untangle the whole thing. Going to the consumer for a second.
88. +0.20%44:51ManagementSo a few things I guess I've kind of already covered. But so number one, spend is kind of fine, robust and across income segments. Seems like a bit of a tailwind there from tax refunds. Delinquencies are a little over than we expected. And again, that's a better performance. You see pretty much across the board by kind of FICO score. There's some of that economic heterogeneity data came out from the Fed recently, which also I think doesn't give a lot of support to the K-shape narrative essentially. So again, we think about this, we worry about this, we look at it, but from our perspective,
89. +0.39%45:35Managementthrough all the various dimensions, there's not like that much there in terms to support the K-shape narrative. Now to your point about fragility and rates and housing and stuff like that, it is of course, we are in a slightly higher than normal inflationary environment. I think Marianne had made some comments at some point about a cohort of consumers who are experiencing negative real wage growth and that potentially creating some distress for those folks. Now some of that statistically is kind of always gonna be true in any moment in time in any cohort, but that's probably a watch area. And I think generally obviously it's been a long expansion that's gone on for a long time. I think the economy is surprised on the upside
90. +0.38%46:19Managementand consumer strength is surprised on the upside and that inevitably makes everyone worry about fragility and about the thing that could change it. But as I always say, when it comes to consumer credit performance, it's just above the labor market. And so, you're not gonna hear anything from me that's new or differentiated about the labor market. Like we all see the same numbers and it's been surprisingly resilient. So for now, that's the narrative.
91. +0.38%46:46AnalystGot it. And I guess just a follow up, on the capital front, you have excess capital, strong ROEs, but I guess the question would be why buy back stock here at three times tangible book when things are so good, bad things could happen. Why not just have some even more excess capital for a rainy day if things go south? Just talk to us in terms of how you're thinking about buybacks at these levels. And I know Jamie's talked about potential M&A at some point, maybe asset management, fintechs, but yeah, would love to revisit that. Thanks.
92. +0.09%47:19ManagementYeah, so before I answer that, I want to tell you I always enjoy reading your weekend notes. They're insightful and sometimes quite funny. So thank you for that. Thank you. No, look, you're absolutely correct. I mean, we've always said we want to buy back less stock as the price goes up and more stock as the price goes down. We had a lot of excess capital. And so we were struggling with that if you can talk about two years ago. We still think the number, usually just approximately 40 billion. And I think we now think we actually deployed it over time. The world's gotten bigger, it's gotten more complex. I just got back to the tour of Europe, our security resilience initiative, the hyperscalers, the needs are just big. And it's not just AI. You think about global infrastructure, the remilitarization of the world,
93. -0.08%48:04Managementthe restructuring of trade, of trade is taking place, the enormous need of governments. You know, you have global deficits are almost four and a half or 5%, which is a very big number competing for the same capital. So we do think it was deployed and that has consequences. And we're not going to tell the market we're going to do, but we agree with you generally. And if we think we can deploy it, it's very different than buying back stock. I've also never thought that buying, I actually want to get rid of that number, money returned to shareholders. I just don't even like seeing it because, you know, buying back stock is not returning money to shareholders. You're making an investment decision. You're not making a return money to shareholders decision. I actually do one out of all our reports.
94. -0.08%48:47ManagementAnd so you can see changes taking place, we're just not going to tell you what they are. And I made a mistake last time mentioning $20 billion. We could obviously do far more than that or nothing at all. But I was trying to point out is, we have huge opportunities for organic growth in every single business we're in. Organic growth is hard, it's technology, it's people, it's systems, it's branches, it's bankers, it's hiring, it's training, it's recruiting. You know, but I was surprised to find out in parts of Europe that, well, we doubled our share in certain areas. They think that we could do a lot more there and country by country, including countries that, you know, we say aren't doing particularly well. And I think that's true here. We have our branch in the United States, we've got a credit card business,
95. -0.05%49:32Managementwe've got the app arsenal, the Apple business at one point, which we have pretty high hopes for if we come up with better products and better services. And so, yeah, so the goal is to deploy our capital at a 17% return. That is the goal, and which we think we can do over time. We should always be looking at inorganic. What we don't want to do is look at inorganic as a sign of weakness over organic, and which I think companies do sometimes. They bullshit about M&A when they should be focusing on why they're not doing particularly well in an area or something like that. And we have a lot of competition, by the way, and we have pointed out before, very good competition. Not just Goldman Sachs who's doing a great job, if you didn't read their numbers this morning, because I did, but you know, you've got Stripe and PayPal
96. -0.13%50:16Managementand Cash and Block and Chime and SoFi and Revolu and they're good. And we have to make certain investments to keep up with them or to hopefully do a better job than some of them. And so we're doing all of that, but it always, you should always be looking at things that could be good for your company inorganically. And so, and we've done a bunch of deals this year, as you know, most were goods, a couple weren't particularly good. And we're gonna be looking, and we're open-minded. It wasn't any particular thing or any particular place. It might be adjacencies, it might be data related, it might be a whole bunch of errors. We have a bunch of skunk wars going on. You know, we hope Chase UK, that we continue to build that in a way that becomes a great European digital bank over time.
97. -0.19%51:01ManagementIt could take a lot of time and effort to do that. So, but you raise a good point.
98. -0.19%51:06AnalystThank you and glad to hear you're reading. My parents will be proud. Thanks, Jimmy.
99. -0.19%51:10ManagementYeah, I do, of course.
100. -0.19%51:15OperatorThank you. Next question comes from Glenn Shore with Evercore. Your line is open.
101. -0.19%51:21ManagementHello, thank you. Just two quick follow-ups. One, and last couple of times you talked publicly, you had a couple of comments on the SmartCash tool that you're working on. I know you said it's nascent and early, but sometimes technology moves fast. So, curious status of the tool, when you might roll it out into who, and maybe a little more on your comments on. You're gonna have to pay more for money over time. Just curious. Yeah, so it just kind of relates to the thing that Jeremy was talking about before about the velocity of money and how it's gonna move in a new world. So we are kind of prepared for that. So this is still a test case. You know, banks, people are in different position. And if you actually look at accounts, and these don't relate to every account,
102. -0.19%52:05Managementthey relate to a narrow segment of accounts and where you're competing for their investment business and their deposit business. So what you're gonna see is certain tests coming out, and then you'll find out about what we can do, what we can't do, and we're gonna learn a lot by doing some of that. And we think it could be good for customers and good for us. We're not just finding ways to waste money. Okay, so still this year thing, I take it? Yes, you'll see something this year. Okay, cool. One other follow-up on, you just touched briefly on it. I'm just curious of how you'd state your European consumer banking aspirations. You mentioned opportunities. You do plenty of business there,
103. -0.19%52:50Managementbut you mentioned opportunities each country by country. But maybe you could just sum it up in aggregate of what are you trying to be as a consumer bank across the major markets in Europe? Yeah, so we didn't, when we were talking about just bricks and mortar, we weren't gonna try to compete, because we couldn't with local banks, their brands, their capabilities. And unlike the United States, over there we'd have to add all the overhead in different languages, in different regulatory regimes, et cetera. And we have no real reason to win digital may have changed that. So we started Chase UK, I forgot like four or five years ago, it was a complete startup. And we made a little bit of fits and starts, but we have, I think almost three million or two and a half million customers in the UK.
104. +0.00%53:34ManagementWe've opened up in Berlin. We've actually done much better in Germany than we thought we were gonna do. So it's not quite properly yet. So we gotta look at there, you have a platform, the platform costs money, as you can distribute across more and more clients in more and more countries. You can get to the point where you're break even, and then hopefully profitable. And so we've added the investment products in the UK. You can assume we're gonna try to add them elsewhere, and probably credit card. And hopefully, the dream would be, instead of be a pan-European successful digital bank, building off of J.P. Morgan Chase's strengths. We are a private bank. We do have a upscale, a huge business here. We've got a lot of clients to go across border.
105. -0.26%54:18ManagementWe've got a lot of training capability and underlying capability and research capability. So, but it's still adjusting over time. We always call this like, this is not in quit, it's not a brand new thing, but it's developing over time. We have high hopes for it. And we, you know, the management team is doing great. We tell them, you know, constantly come in and tell us what you wanna do, what you wanna do differently, what we've learned. And we're kind of patient, kind of. All right, thanks Jamie.
106. -0.26%54:52OperatorThank you. Our next question comes from Gerard Cassidy with RBC. Your line is open.
107. -0.26%54:58AnalystThank you. Jamie and Jeremy, you guys have talked about, you've seen some excesses in underwriting and credit late last year, I think it was Jamie. Jeremy, you talked about risk on in the capital markets. What are you guys seeing in credit underwriting from your competitors? Is it getting crazier or no? It's still pretty good. And what's the outlook there, please?
108. -0.47%55:22ManagementI mean, crazy is a strong word, but, you know, I spent some time looking into this issue like a week ago. And, you know, we did hear some example. I mean, I don't know, for whatever reason, I think the data center underwriting space is one that resonates with me as a kind of bellwether for what people are doing. And, you know, we passed on some deals that, you know, obviously, because when you look at the data center stuff, the key question is like, what happens with power supply? What happens with tenants? What happens with, you know, it's a well-discussed thing. And we have a pretty precise framework to govern what we're willing to do and what we're not willing to do in that space across those types of risks. And we saw some deals come through where,
109. -0.37%56:06Managementyou know, we were just like, yeah, we're not doing that. So, you know, it's normal, I guess. It's competitive and people are eager to be involved. And, you know, in some cases, there's ironically some element of like relationship lending that's happening through the data center space when it's kind of a startup entity that's building the data center. So that's part of the story a little bit too. But I don't think we're screaming from the rooftops that, you know, underwriting is underwriting center to center collapse. But I think you see normal pressures and we're navigating those in the way that we do, which is, you know, we do flex in some moments for particularly important clients
110. -0.37%56:46Managementin situations where we feel like it's the right and a kind of appropriately skeptical view of- A huge deterioration, very mild one, but it's across, you know, people, assumptions on revenue growth or add back of expenses, more pick, weaker, some weaker, and this is not across the board, it's more some players than others, you know, some weaker governance, some people taking more rollover up
111. +0.68%57:29Managementto how much interest, but it is across that spectrum you've seen, trying to make it weigh your credit cycle, how will everybody perform? And I don't think it's gonna be like a bell curve of performance, by the way, in the great financial crisis.
112. +0.68%58:00AnalystI totally agree with you, Jamie, on that. I don't wanna sound Pollyannaish, but on a question regarding the regulatory outlook, obviously we've got Basel III end game, hopefully we've been codified maybe by the end of the year, I know you guys have put out your remarks on it, and next year, hopefully we get tailoring. Could you envision a period where, and again, I don't wanna sound Pollyannaish, but a period where the regulators are just set, where you go, because the last 20 years has been constant change with the regulators affecting the banking industry. Could we enter a period where we have a stability in the regulatory environment,
113. +1.38%58:43Analystwhich could enhance valuations possibly for bank stocks?
114. +1.38%58:47ManagementWell, go ahead, I know. I would break the question down into two parts, like could we envision stability and impact on valuations? On the question of stability, I mean, I don't think it's Pollyannaish to say that regulatory stability is a desirable thing, and I actually think it's a relatively non-partisan idea. Like, I think it's understandable and correct that there would have been a big reaction to the crisis and then maybe a reaction to the reaction, and that the sort of amplitude of those oscillations might be decreasing, and we get to a place where we've got it about right, and frankly, we get to a point
115. +1.98%59:29Managementwhere banks are primarily focused not on complying with regulatory constraints of various types, which should probably in general operate as backstops, but rather thinking about what their own standards are and what their own risk appetite is, and have that be kind of the true north of any given set of decisions. And I think we're getting closer to that state, which will be good. Whether achieving that state would be particularly supportive of bank stock valuations, I'll leave that question to you, but at least I think for banks like us, I'm not convinced that's a major drag right now, to be honest, or that it has been. I would just add this one,
116. +2.64%60:13Managementbut legislative litigate Supreme Court decision that makes it less likely that we would have flip-flopping, which is a president can remove a lot of people more easily, but I'm hoping, I mean, what really should happen now is when they write legislation, they could be more clear about their intent and what they want, and what they could have written is that we want this independent, or you can only replace so many, or we don't want flip-flopping regulations. But I really like the fact that Mickey Bowman and Kevin Warsh are taking a step back and looking at the broad range of changes, which have been extensive over 20 years, and never-ending, and often with no ultimate intent or intended consequence of what they want in the system and outside the system makes it safer,
117. +2.64%60:57Managementbut I actually believe we can make the system much safer, much safer, and that should be the real goal, not just adding layer upon layer bureaucratic reporting. Some of the regulators said that from now on, they're gonna focus on safety and soundness. Well, if they do that, we would have no MRAs, because none of them related to our safety and soundness. They related to other issues, and I think if you related to safety and soundness, Silicon Valley Bank and First Republic wouldn't have happened simply upon, they were taking too much interest rate risk, which was disclosed, that one thing. And so I just think the goal should be to take a step back, look at these things in the open light, be very honest about what worked and what didn't work, like resolution did not work.
118. +2.11%61:42ManagementResolution recovery does not work. People should look at the discount window differently. And anyway, if those things are done, I think we'd have a safer banking system where we don't have to be breathless every time a bank fails. Thank you, my thoughts exactly. Thank you, Jim. You guys, the other guys who know so much about this, they should be making some of these recommendations to the regulators. It's in all of our interest to assist and be better. Not any one of us, all of us. Agreed. Thank you, Jamie, and thank you, Jeremy. Thanks, George.
119. +1.24%62:17OperatorThank you. For our final question, we will go to the line of Manan Gasalia from Morgan Stanley. Your line is open.
120. +1.24%62:25AnalystHey, good morning. Jeremy, as we think about the various expense buckets you called out at the start of the year, the volume related expenses, bankers, tech, marketing, I know majority of the increase in the expense guide is coming in the revenue related line, but are you also bringing up some of the other categories, maybe pulling forward any tech or marketing spend given the environment?
121. +1.24%62:50ManagementYeah, there's some of that stuff going on, so I'm trying to sort of keep it simple and disproportionately focus on the big driver, which is obviously volume and revenue related expense, but as is always the case, there are some ups and downs, which some of which relates to things like our marketing strategy, which I probably don't particularly want to disclose, but I think one topic which is not financially meaningful this year, but which I think is interesting and may become in the future, is the question of token expense, because that is something that we're spending a bunch of time on, I think, as probably pretty much everyone in corporate America is, so just for the avoidance of doubt,
122. +0.50%63:34Managementit is a trivial number for the first half of the year. We are forecasting some meaningful acceleration in that number for the second half of the year, but still nonetheless, the full year contribution of that is still trivial, and obviously we had budgeted some of that, so it's not in any way a meaningful driver of the current outlook or the revision of the outlook, but obviously when you listen to the Frontier Labs talk, they talk about the exponential and the acceleration
123. +0.39%64:01Managementof usage, which is obviously driving their. Important question for us, and I think the good news is that we've done a lot of really high quality thinking on this and a lot of the infrastructure quite used one sort of topical example, and no offense intended to those of you
124. +0.39%64:45Managementwho tend to write slightly long reports, but as you can imagine, sometimes people like to summarize those reports, and as you know, the tools are quite good at doing that, and you really don't need the latest cutting edge, incredibly expensive model. The idea is use the right model for the right purpose, be smart about capacity, or we're gonna have a lot more efficiency, or both, or we're gonna have better revenue outcomes, or we're gonna compete more effectively,
125. +0.29%65:25Managementand we just need to be.
126. +0.29%65:33AnalystGot it, very helpful. And then maybe just on CIB and the increased capital allocation there, I guess how nimble do you expect to be there? Do you think we're at peak allocation here? Are there any internal limits that you might be rubbing up against, or is there room to keep allocating more balance sheets to the business if the environment remains where it is?
127. +0.74%66:00ManagementDefinitely not gonna get into discussions with you about internal limit management. I guess it was on the press calls, and maybe you didn't hear this, but I did get a question about this, and I think the right, and I think you said this correctly, but I just wanna throw on the side of being precise here. Sometimes people think about capital allocation almost as if it's a hedge fund where you're giving a pot of people some capital and telling them to go use it. That's not the way it works. It's the opposite of that. In other words, we have demand from clients to support them in various ways, and to be clear, we also have some, what you might describe as passive effects, like obviously when volatility is higher, market risk capital goes up passively,
128. +0.74%66:42Managementand simply the appreciation of global equity markets increases the RWA associated with things like the prime business. So you've got active and passive effects, but the active effects are us responding to client needs, and obviously we've got a ton of access as a company, and as Jamie said, our primary goal is to deploy that organically. So when our CIV clients want us to serve them, and we can do that in ways that make sense for us from our risk appetite and from a returns perspective, we've got plenty of capital to do that, and so sometimes there are other financial resource constraints. I talked a little bit at Company Update, if you recall, about the system,
129. +0.38%67:26Managementand the fact that the system is currently quite flush with capital, but at the margin, efficacy, especially in light of balance sheet, you really need to reduce bank demand for reserves to adjustment to liquidity regulations. The status haven't changed. It was possible some of these things changed because people self-select and pick up. Got it, thank you. Thank you very much. We have no.
130. +0.52%68:11ManagementThank you. We have no further.
131. +0.52%68:15OperatorThank you all for participating in today's conference. You may disconnect at this time, and have a great rest of your day.