Investor Day

Please welcome to the stage Mary Callahan Erdoes.

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Good morning, everybody. For those of you who I don't know, I'm Mary, I'm CEO of the Asset and Wealth Management business. Welcome to the last Investor Day in this building. We are super excited, thanks to the work of David Arena, and his amazing team, that next year we will be across the street in the first all-electric tower in New York City. So we are really looking forward to that. I always enjoy going through Asset and Wealth Management because for all of you, I think it's really like a microcosm of the whole company in many ways...

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With the highest returns.

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...and the highest returns. Thank you, Jamie. But in so many ways, it's just the center of so many things. We are every day investing in the companies that are taken public by the investment bank. We're helping the CFOs of those companies to invest their liquidity in J.D.'s money market fund business. We're helping the CEOs, including our board members and the like, to think about how they're running their companies and what we can do on their personal balance sheets, taking their 10b5-1 programs, sending them through Troy's trading desks, executing those, or we're taking all the great things in the commercial bank and the leads that they have, and just helping them with simple banking, and figuring that out and actually through Jen's beautiful, Jen Roberts, that is over here on the side, those beautiful branches, that last picture up there, which Marianne didn't mention, are all these new beautiful branches that they have developed.

There are 2,000 private banking clients that walk into those branches every day. So it's a pretty amazing thing for all of us, and we're really looking forward to going through all of this. One thing I just point out, one of you in the room nicely pointed out that asset management is really worth focusing on, because in fact, it can give you a 4 to 6 times multiple lift, and that is if you do it right. Why is that? Because it's a recurring revenue business that's very capital light. And so that is exactly what we have here today. The problem is, it's been very hard for many of our competitors to do that inside of a bank, but our story is very different. So let's take a look here. We are first and foremost a fiduciary. We are the fiduciary arm of the business. We now have over $6 trillion in assets that are entrusted with us from the sovereign wealth funds of the world to the first-time savers that we talked about in the Wealth Management spectrum, when they walk into a branch and they think about investing in the stock market or the bond market.

We are a reliable growth business and so no matter what we do, our North Star is generating alpha. That is all we do all day long. We obsess about every single basis point. And when you see these numbers of these 80% of our mutual funds beating peers over a 10-year time period, 10-year track records don't get made overnight, and every single moment of every single day is focused on that. But to keep that growth going, that third bullet there under investing for growth is the most important for us. We have to keep innovating, and we're going to talk about that through this presentation. There are seven areas that we think will make the difference for the future, and that's what will make up 2025's investment spend, which Jeremy referred to at the beginning. That will be our largest investment spend ever in the history of Asset and Wealth Management. So it's important to focus on.

Why can we have the largest investment spend in our history, because the results speak for themselves here at the bottom. You can see just over the past two years, we've had $1 trillion in new clients giving assets to us, and we have a very healthy 34% margin and a 34% ROE, and that allows us to reinvest back in the business.

And so let's look at those four pillars that Marianne touched on. They are the same four pillars for us. We are complete. We have always been the best private banking business in the world, and arguably, we are now the most sought after active manager in the world. There are more assets flowing to us than anyone else in this space.

We are global. It's not just 150 countries that we help clients in. It is also the on-the-ground research, which is more important today than ever. When you think about the portfolio managers that we have sitting on the ground in Shanghai, they're the ones driving how we think about auto stocks in the US or European retail stocks. And so that becomes very important, particularly in the environment that we live in.

And we're very diversified. You know that we're firing on all cylinders in each region, in each sector, in each channel. But like we heard from Marianne, this is very much like her business, a recurring revenue business. Actually, 73% of our revenues come from recurring revenues. That means we're making money for shareholders 365 days a year.

And we are at scale. In fact, in Asset and Wealth Management, size is not our goal. That is not our primary driver. Our driver is to be the best. If, in fact, you are trying to be the best and you grow, that's the best equation you can have. Now at that very bottom on the far right side, we do have three $1 trillion franchises, that I'm going to walk through.

It's also very important to note this little banner on the bottom, that's how it all happens. It's about talent management, and Robin Leopold, who's right here, who runs the greatest HR department around, along with Nelli Childs, who's our Asset and Wealth Management business, they're the ones that help us to retain 95% of our top talent. That is not an easy thing to do in today's competitive environment, and we do that.

So let's look at the metrics. Each year I show you this page, and these are really our KPIs. This is what makes up what we think are the growth drivers of what's going to happen in the future. And I really want you to think about it as two different businesses. On the left is the asset management business that's run by George Gatch, and on the right is the global private banking business.

On the left we are ranked number five as an overall asset manager, but the number that I focus on is the second one, which is the active management number. We are now number three. And we are closing the gap to number one because of our flows. If you look at these numbers of where we've doubled our assets, it's really come from the work, Andrea Lisher is right here up front. She's runs the North America team across both the retail, funds business there, and the institutional business along with Keith Cahill, who I saw standing right there in the very back. So that is super exciting. And in fact, that number on the bottom, AM client-facing, the 842, that makes us one of the largest sales forces in the industry.

On the right is the business that's run by Dave Frame, the US Private Bank, as well as Adam Tejpaul, who runs our International Private Bank. And those numbers are really quite tremendous. AUS has tripled in the U.S., and international pretty close. If you just look at that clients with $100 million plus, those are the centi-millionaires, that's up 2.6 times over this time period. But really importantly, the number that's most impressive on this page is the one that Marianne touched on, and that is Chase Wealth Management Assets up 3.2 times. Kristin Lemkau, who is over here on the side, along with the great work that she does with her team, Eric Tepper and company, have driven that number to something we never would have imagined.

And that is a question that was actually asked by one of you in the pre-Investor Day questions that you put out in your notes, which was, tell me, how does this actually work, how does the Asset and Wealth Management investments work in the Chase branch, and this is a really important question. It is all run by this man right here, Martin Marron, who runs what we call Wealth Management Solutions. We think it is really important that no matter where you come into this institution, you get the best advice. We don't want anyone to get a different level of (sic) best thinking because of your level of wealth. We want everyone to benefit from JPMorgan's 200 years of investing. And that's why Carla Hassan, who I saw here, who runs our global marketing, came up with that little picture on the right, which is now in every one of these branches that we are doing for these wealth centers that Stevie Baron runs, and it said very simply, bank with Chase and invest with J.P. Morgan.

And in fact that is the equation that is making all of this work. And if you look at the bottom here, you see that, while all of these numbers have been very strong, in the past five years there's been a real inflection in these CAGRs in terms of what we've done in AUS, revenue and pre-tax. And that's what we're going to talk about. And so there are many more opportunities for growth.

The only thing I would just want to say on this page is, this is about the industry. These bars are all about industry growth, and all of them are growing quite nicely. But in every single case, JPMorgan is growing faster than the industry in both revenue. You can see the 16 times for us versus the 10 times in the industry, 12 times for us versus the 6 times in the industry. That was assets and revenue in the middle. And if we just keep doing this, we will continue to gain share. This is a highly fragmented business that we are in, in the Asset and Wealth Management.

And so you can see over on the right, this is really our path to $10 trillion. I think, if we continue to invest the way that we have been, I don't see any reason, if our investment performance holds up, that we wouldn't be able to get those. But we're going to have to do some continuous investments. And that's what I'm I walk you through here on this page. This is our expense walk, just like everybody else's. Five years ago, when we invested, our investment dollars were $1 billion, that was very large for us. Last year, that was $2.3 billion. And this year, like I said, will be our highest ever at $2.7 billion. And that's going to be very exciting. And thanks to Ben Hesse and his team, and also Julie Harris, who runs global operations for everyone around the world who's standing in the back of the room.

She drills into our business every day. Create and build something once and use it many. Get rid of all these extra expenses where people are trying to do that in different areas. And so they are maniacally focused on getting rid of all of this waste so that we can reinvest, and that's even as we continue to grow volumes and efficiencies, we are able to plow back all of those dollars into here. And as we think about the seven investments that are on the right hand side, we are also completely obsessed about every single measurement of an ROI to make sure that it is the next best marginal dollar of your money to be able to put back in this business. And so that's what Ben and his team relentlessly do. And on these next seven pages, I'm going to hit on those seven areas. So let's look.

The first and foremost important investment we make every single morning of every single day is investing and active management. So that's the heart of what we do. We generate alpha and we are not distracted by being in the commoditized, lower yielding passive strategies. We can buy that beta, but we focus on the alpha. And thank God we have, because today's market environment is telling us that you're best off not being tethered to backward looking benchmarks. And in fact, that's why so many assets are actually flooding to us. And I'm very proud to say that now we have these $3 trillion operations, and actually all of them are sitting here. So Paul Quinsee's active equity management is right here, the fixed income, and of course, the money market fund business.

And if you look at what we are, we are not number one in AUM, but we are number one in flows. And for shareholders, that's the most exciting thing with tremendous upside here. How does it happen? There are three main ingredients. The first and foremost is on the bottom left, research. We believe that career analysts are treasured athletes, not want to be portfolio managers. That is a very important cultural difference of how we run this place. We have 500 career research analysts, we spend $500 million a year in annual spend, and that's one of the largest on Wall Street for the asset management business. We cover 5,000 companies, we have 11,000 company meetings every year. That's two every hour of every single 24-hour day, and most of them are held in our Shanghai office covering all of these new and exciting companies that are developing in other places in the world.

One of the points about being a career research analyst, Rob Bowman, who is our tech analyst, who Jensen Huang actually said, was the first person to get it back about 10 years ago, he said, working at JPMorgan, our relationships with CEOs and CFOs are very different from the competition, especially in technology, where Lori Beer and her whole team start to use the products and technology, that gives us a front line client view of the companies that we're investing in. That's priceless for us. And so in that research alpha, combined with what I call risk alpha, that's where Gregg Gunselman and Ashley Bacon run the independent risk management of this team, and give us those insights into asset management, and then, service alpha over on the right. Service alpha is what I call packaging the research. Many of you know Michael Cembalest, who runs the Eye on the Market piece, Guide to the Markets is something that Dr. David Kelly had created. Actually, it's in most use when markets are quite volatile. And in fact, just year-to-date, we've had 1.8 million of our slides be used (sic) [visits] by independent FAs. Those are FAs at some of your companies that you work for as well as independent RIAs around the world. So it's very impressive.

And then, the last is just events. It is not a small thing for us. Judy Miller, who's here, runs our Global Events team, and along with Alison Weiskopf, for Asset and Wealth Management. We run events every single day around the world. Those are our added benefit for our clients to come in, and really be trained on the things that we think about asset and wealth management.

But in addition to this alpha, we have to package it. And that's one of the most exciting growth areas now today, which is in these active ETFs. There's a significant, significant growth area. It's not to say that the mutual funds business won't grow – that first chart there is the next five years of mutual fund growth looking at about 6%. But the active ETF business is where you're going to get this explosive growth, and J.P. Morgan is a top 5 active manager, both with net new flows for mutual funds and in ETFs.

And I think that's really important. One is not cannibalizing the other, which is a worry that the street has. And that's really because Jed, who's right here in the front, you pushed very hard when you said, we are not going to run this separately. We're going to have the same PMs run a mutual fund and an ETF. It's going to be embedded in what we do. And with that, we are growing quite fast. You can see the numbers on the left. We are number two in AUM, in the active ETF space, but our flows are number one and clients will end up closing that gap for us quite quickly.

If you look at the bottom, this is just the extent of the reach here. Actually, you can see Travis Spence in the middle of all those pictures, it's a little bit like, Where's Waldo? He's Head of our Global ETF business, but he's in Toronto, in London, and very importantly, in Shanghai. You can see we have three of the five largest active ETFs in the world. But I think, more importantly, 24 that are over $1 billion, and most of these are very young, less than three-years-old. So you should expect those to have a really explosive growth, probably growing at about 5 times that in the coming years.

Alternatives, equally important for us run by Anton and Jed, who are here in this front table. This is going to define the next decade of the asset management business, I believe. And I don't think it's because alts will be off on the side, it's because alts will be part of everything we do in the traditional space.

Across our competitors, you see this very often. You see traditional players trying to buy alternative managers, and then, they find a way to deal with the cultural differences of the two. You also see traditional manager – sorry, alternative managers trying to grow the traditional sales forces, breaking into those RIA coverage models, which as I said, Andrea and her team have been doing for years.

We do both of those, and we do them very well. And so it's really for us to take the legacy of what we've been doing – in the real estate business, we've actually brought back Chad Tredway, who had been here in the Commercial Bank for many years, in the real estate side from Soros, where he had gone. He has turned this business around. Just in the past year, we are number one in investment performance against all our peers and we are number one in flows.

So very exciting to reboot that business. We have 30-year track record coming very soon in the Alternative Solutions business, with Ashmi and Steve. We have dominance in the infrastructure space growing quite quickly with everything that Paul Ryan and Matt LeBlanc are doing. And then, at the bottom, we have a lot of the new areas. Patrick McGoldrick with Steve Squinto and others are giving us great opportunities to invest in the growth private equity business.

But I think the most important is the middle. And that's what we talked about. It's very hard to create these distribution areas. We have four of them. Together, the four are the killer for being able to get out there in the space. In the institutional side, obviously, we've been there for years, covering 60% of the world's largest clients. In the private bank, we already put $2 billion to work every single month. In alternatives – in RIA space I mentioned, we cover 70% of them already. But look at this bottom one Chase, you see a little bar, you can't see anything in the alts. They are so hungry for alternatives. And with these evergreen strategies, you see the green in the evergreen. That's really the retail side that's going to grow. That is just ripe to be able to offer to those clients. And we're really excited about that.

And I have no doubt the horsepower of all of this coming together will help us to move in those league tables on the bottom and everything that KK and Jed and Anton do every day is going to help us.

The fourth area is probably the most exciting from the M&A that we did. We got the question – Jeremy got the question about M&A. This has been our best performing one. Just back in 2022, we got into the equity share plan business by buying Global Shares and Vince La Padula and Dan are standing right back there, they now run this really exciting part of what we do. And we've actually never gone from zero to fourth place that fast in anything. And it's really important to see the clients that we have onboarded here.

In fact, in the last two years, the number of clients we've onboarded has been larger than all of our - than our largest two competitors - combined. But, in many ways, I mentioned Robin and her HR team, we onboarded workplace for JPMorgan employees, and that was no small feat. You can imagine what we put them through.

And when we did it, actually, all of the technology we plowed into it has led us to have so many more clients on the outside want to now be part of it, we have had twice the number of RFPs year-to-date that we've had in the last year and many more than years before. But the real growth is going to come from that right side.

This whole equation is to give us leads in the business, to give leads to the commercial bank, leads to the investment bank, and very importantly, leads to the whole wealth management continuum of clients. And in fact, when you look at all the cap tables in the world, 42% of them are in the innovation economy. That's something that Doug worked really hard to create post the SVB and FRC changes that occurred in the environment, and took John China and Melissa Smith and really had them lean into this. And I think that that's where we're going to get some pretty explosive growth here.

But we're going to need more people to do it. And so the talent is the fifth out of the seven areas that we invest in; very, very important as we continue to grow this. We have now 9,600 advisors when you take the whole wealth management equation of Kristin's world and Dave and others in the wealth management space. But the real cracking of the code is the middle. You can hire these people, or you can grow these people. And in fact, now, half of our new advisors come from growing them from within.

And if you look at that right hand side, you say, how is that possible that you made that productivity go up? And it is a combination of – one thing I'm going to show you here, which is training and the next thing I'm going to talk about in two slides, which is our technology investing and what AI is doing for this. That productivity up 3.4 times is got to be industry-leading. I don't know how other people measure it.

Jeremy Geller, who's sitting in the front row, said, you can't just train them with outsourced training, okay? We need more training and we got to do it ourselves. And in fact, we take some of the best frontline advisors, and we say, you're going to go train them. You're going to dedicate your time to do it. This picture on the bottom is crazy. Okay. This is Nelle Miller's team, her investors, and the Minnesota team and the California team. They went over and volunteered their time to land in Hong Kong to teach Harshika's new – although those are new hires in Asia. They spent a week in Hong Kong, giving their time to be able to do that. And that's priceless.

And so today, we now have these 25-year-olds that are coming online that are just as productive as our 30- to 35-year-old mid-career hires. And I think this is really great both for them, but also for our shareholders. It's a formula that's now repeatable, scalable, and it works globally. And you can see that in these lines. The lines are getting thicker. There's more of them and then they're getting steeper. And I think that after the early years of the J-curve, the payoff is happening much faster, something that we measure on a daily basis.

And so, two more areas that are involved in technology, but this one is really important. These were two others of our acquisitions that we did. So Ted Dimig and Jed and Ben actually came and made the case that if you are going to get this flywheel going of personalization at scale, you need some fintechs. A lot of you debate whether fintechs can work inside of a bank. And in fact, 55ip and OpenInvest have done just that.

This whole equation, we had 1 million accounts just a couple of years ago. We're now at 2 million and we're on our way to explosive growth. 55ip, just one of those engines right there, brought in $25 billion in assets last year. And that takes that whole flywheel to about $380 billion, making us in the top three.

But like many of these acquisitions, we spent a lot of time future-proofing it and JPMorgan-izing it. And thank God, we did, because what's happened over these past couple of months in terms of volume explosion wouldn't have happened had we not fortified it. We were averaging about 14 million trades a day. We got to April, we're at 28 million trades on an average day. Three of the four highest trading days we've ever had were in the month of April.

And in fact, across all of our trading that we do in asset and wealth management, that same is true that we have been fortifying and using actually AI on our trading desks for the past eight years. And so now we're up to roughly $260 billion that we trade every day across asset and wealth management. But as we headed into the month of April, that went up to $500 billion a day, with no stress on the system. So we're ready for more. And that's exactly where tech and AI take us, which is the last of the seven areas that we invest in.

You can see that we have gone from removing the no-joy work, everything that we talked about in Jeremy's opening to actually taking this into development, taking it into anticipatory help, and all of the work that Teresa and Lori are doing on the tech side is fantastic. Our Head of Tech, Mike Urciuoli, he said we have immersed ourselves in an AI-first mindset across all that we do. And AI is not just a tool, it's reimagining workflows and it's changing the loading capacities for thousands of people on the frontline and in the back.

And Smart Monitor is probably one of the ones that will resonate with you almost. It's the one that is used for our analyst and our portfolio managers. Honestly, I was totally wrong. I thought that you would be the last people to use this stuff, because you think I'm too smart for AI and I have to do it my way. It saves so much time. It takes millions of all of the call reports, the Q’s, the K’s, the stock moves on any given day. It spits it out in the ratio that you like versus the ratio that you like. And you think about how that lifts you. It also follows the stocks that are not within your universe that you might not have put into your portfolio and keeps an eye on those on any given day. And so it's really taking things that take days and weeks and turning them into seconds. It's super powerful.

But the one that's caught the most attention is Connect Coach. And this is the one that's been lifting those advisors and the productivity. Okay. Connect Coach basically anticipates next best action, but very personalized to any particular situation. So you take April. Stocks are gapping down on one day and they're going in the opposite direction in the next day. And what's happening? The best advisors we have are already knowing exactly what to do. It's intuitive to them. They know how to think about something that's down low, maybe you swap it out for tax purposes, et cetera. But actually, Connect Coach is saying, hang on a second, these stocks, 48 of them just hit an all-time high. And here, here are the clients that haven't donated to their local alma mater this year and a lot of them need some help this year.

So please push this button here and it'll tee up DAF for you, and how to do that donation. These stocks have hit an all-time low the very – the day before. And what do you do? You want to capture the moment where it's in the low. You want to call the J.P. Morgan board members. You want to say J.P. Morgan stock just hit this low. Think about quickly putting it in a (sic) GRAT DAF, because we know you're going to hold it, and that future appreciation will go to the next generation.

All of that stuff is automated. You walk away from a morning meeting. Michael Barakos has just covered International European Equities, and you say to yourself, who doesn't have European stocks? It's already up on your desktop. It shows you – who doesn't have it, it shows you the fund fact sheets and it gives you a sample e-mail or talking points to call clients.

So all of those things are super, super important. And that has only been with 4,600 private banking advisors. And Saturday, we launched it to Kristin Lemkau's 7,600 CWM employees, and now we will be at about 17,000 by the end of the year.

On the right-hand side is a case that was written about Lori and Teresa's work, but also, about how Ashley Bacon has wrapped this in risk management and Mike Urciuoli and his team, I see Vrinda (02:19:43) in the back. Some of the investors went, some of the – the whole team went up to teach the case. It is now a required curriculum final case for your first year. We went up and saw it. I'm actually on the Harvard's AI Board up there, and they said, it was just one of the most exciting things. And the reason that they made it the final case for first years to be taught is because they just think what we're doing is so different.

There's a quote on the bottom, and it was basically said in almost every one of the 10 sections that we were teaching, it says we've looked at AI across many different industries and J.P. Morgan's playing an entirely different game. And so that takes us to a game. These are games. I just wanted to take a minute to talk about sports as just a way to crystallize the way this whole firm comes together. And I think there's no better way to do it than in the sports business.

Sports used to be an individual investment. So 60% of the major sports team owners around are private banking clients. We've been helping them for many, many years, but as it's grown in size, we've had to help them to think about how do you handle that size? How do you lend into that size? Both for monetizing the investments you have, so your family members can get some money, as well as getting new clients who can be able to afford these new teams.

And so Brian Kantarian and Omar created now what is the largest lending business on the private banking space. Actually, 10 of the last 15 major sports transaction that have happened in the world have been financed by J.P. Morgan. So that's really exciting.

We then moved into institutional buyers saying, well, this is a really exciting asset class, maybe I should be investing in it. But it's hard for the US leagues to allow some of this sovereign wealth funds. To be able to that, J.P. Morgan advised on the very first sovereign wealth fund entering into one of the big four leagues, I'm actually getting off-stage, and going over to the Middle East to see that client right after this.

That combined with the fact we've already been investing in these private equity firms that are launching these sports funds and we give access to our clients to have this, we then realize that the whole institutional world needs institutionalization. And so the stadiums became a very big deal. Many you know much about having to increase fan base participation across a much nicer stadium and the service et cetera. And so what we did was we took the investment bank's municipal finance expertise and the commercial bank's real estate expertise and took a guy named Zach Effron, who's our Zach Effron, not Hollywood Zac Efron, and he oversees now what has become the largest practice. In fact, 65% of the major financing developments have come through that team.

You pull all of that together and you say, how do you how do you make the magic? You make the magic, because actually these sports teams are being valued based on media. J.P. Morgan's Investment Bank has had the number one media practice forever. We are now into the media sports practice. And, in fact, we landed and finished the largest completion of a controlled sports franchise ever in the history, which will hopefully change the face of the way sports are being dealt with.

And just importantly, that whole flywheel of people, they don't sit there and count the beans of, like, who gets credit for what. I just talked to you about everything across all of the different lines of business. We do not tolerate that here at J.P. Morgan. We do not have side accounting groups that think about where those revenues get counted for. We are trying to win for the client, and in fact, that's what we're doing every single day.

So, in conclusion, we have a business that is incredibly durable. It doesn't matter to us on any given day what is working and what is not. We don't need every single asset class and we don't need every single revenue driver to be working really well to have asset and wealth management work really well. It's a periodic table just like asset allocation. And so that's what's taking us through.

And in fact, on the bottom, as Jeremy pointed out at the beginning, clients continue to vote with their feet in the asset and wealth management business. That $1 trillion over the last two years is the equivalent of a top 25 asset management firm in and of its own right. And you can see over on the far side, we've expanded that list of who we can compare ourselves to across our competitors to include alternative managers and the like, and J.P. Morgan is proudly number two overall.

Which takes me to this final and exciting slide presented to you by Ben Hesse. He is so incredibly proud of this. Why? Because asset management firms are viewed on flows and banks are viewed on ROE, and we think we've created the equation that hits both. And so you see on the left, we were sort of mediocre on both of those sides just five years ago, and our PTI back then was about $3 billion. We have doubled it. The size of the bubble is $7 billion. We're the only asset management firm to have doubled PTI of our publicly traded peers.

And in fact, we are now really proud of where we stand on that chart, which concludes me to say we are going to continue to reiterate our through-the-cycle medium-term targets. A lot of you ask, why do you have these really high numbers, and then, these targets that you keep beating every year? And the reason is, I don't want anyone on the management team to have anything else in their head except for growth for you as the shareholders, I don't want them to be constrained by raising higher targets. And with that, we are going to continue to do this.

The last point I want to make is when we went through our own red teaming, that's what we do across all of the different lines of business. Here is we're getting ready for you. This is a very important day for all of us. We talk to each other about what is the storyline and how do you think about it. And Matt Kane sat through our last final red teaming, and he said, just look at this business, he said, you take the benefits of the diversification that you already have, you take these new capabilities that I'm hearing about 55ip, customized portfolios, active ETFs, you take the leads you've got from workplace, you take the new hires that you're ramping up and you take the AI innovation, and you will just continue to unleash the power that this business keeps delivering to our shareholders. And so we're going to do just that, Matt.

And with that, thank you. I'll turn it over to the Investment Bank.

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Please welcome to the stage, Doug Petno.

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Good morning, everyone. On behalf of the entire team and CIB, thank you so much for joining us today. Troy and I are honored to lead this incredible franchise and we're delighted to have you here.

Today, I'm going to speak to the newly formed Commercial & Investment Bank and our strategic priorities. Troy will update you on our efforts across security services, markets, and Global Banking and Max and Umar will provide a deeper dive into our payments solutions and their strategy for innovation and growth. Troy and I will then come back up and give you an outlook for CIB second quarter and we'd be happy to answer any questions that you may have.

So let's jump right in. So as a reminder, last year, we combined our two operating businesses, Commercial Banking and Corporate and Investment Banking, to form the new Commercial & Investment Bank. Our clients are growing, scaling, and expanding globally at an accelerated pace, all while our competitive landscape continues to evolve.

The new CIB is designed to best serve our clients, creating a single wholesale operating entity, four business units tightly knit with a very clear strategy to be our client's most important financial partner. In Global Banking, we've aligned our leading Investment Banking, Global Corporate Banking and Commercial Banking businesses to enhance our go-to-market approach and seamlessly serve our clients throughout their lifecycle. The result is a franchise with incredible global reach, scale and capability, and we're winning.

Our Investment Bank is a clear market leader in M&A, DCM and ECM, ranking number one in all three last year. Our Global Corporate Bank serves over 5,000 of the largest companies globally, with about one-third of our clients headquartered outside of the United States. And in Commercial Banking, we are the number one bank, serving the middle market, and we've been number one in multifamily lending over the last decade.

Working hand-in-hand with Global Banking is our Payments franchise, which serves clients in over 160 countries and over 120 currencies. We process over $10 trillion and nearly 60 million transactions in Payments every day.

Our Markets business is a complete counterparty to clients, meeting their needs across a range of asset classes and through the entire trade lifecycle – from research, pre-trade analytics, from trading and financing, all the way to post-trade support. We cover nearly 90% of institutional investors and we're number one in market share in every region. And finally, in security services, we are a leading custody and fund services provider with a blue-chip client franchise and industry-leading margins.

So looking forward, we're completely focused on the enormous potential we have in front of us and equally aware of the range of threats, including competitors across all of our businesses and in all of our markets. And so what is it that sets us apart? And this will look familiar. As you have heard from all of our partners today, we have real moats around our franchise. We are complete with a comprehensive offering and leadership positions in all of our businesses.

That said, we're not standing still and we're making strategic investments in our platform, capabilities and footprint. We have incredible global reach, while we serve our clients locally. We do this across 60 countries and in 74 of the top 75 MSAs in the United States, benefiting from a rich legacy around the world, with almost 80 years in Tokyo, over 200 years in London, and over 225 years right here in New York City. And we're deeply embedded in these communities, with strong local knowledge, expertise and connectivity.

We are diversified with $70 billion of total revenues across client size, industry, geography and business. Our diversified business model provides for more enduring, repeatable revenues and financial performance through this cycle. And this gives us stamina, especially in volatile markets, which lets us make sustained investments in the long term.

As a part of JPMorgan Chase, we operate with tremendous scale, with our iconic brand, exceptional client franchise, expansive footprint and market-leading capabilities, all setting the foundation for our continued growth and success.

On the right-hand side of the slide, you'll see just a few statistics that mention the absolute scale of our businesses. This gives us real efficiency and operating leverage. And if you look just within our markets business, there's several powerful examples. For instance, as our overall trading volumes have nearly tripled since 2019, we've seen significant reductions in our cost per trade. In rates, it's come down 42%; in cash equities, it's come down 23%. But perhaps, the biggest differentiator for us is our exceptional team and strong culture.

Our client-focus mindset and commitment to excellence is a common language across our business. So while we're quite proud of our franchise, we take nothing for granted against both the opportunities and challenges we've set out a deliberate, strategic agenda, focused on capturing the full potential of our now combined businesses, investing to extend our competitive advantages, and empowering what is the best team by any measure.

With whitespace across CIB, we are executing multiple growth initiatives, focused on expanding and deepening our client franchise. As we constantly face powerful new competitors, emerging technologies and evolving client expectations, we're innovating to extend our competitive advantages. Our opportunity to self-disrupt spreads across every single client journey in CIB – from how we onboard clients and conduct KYC to how clients trade with us and to how we deliver credit. And we've seen real improvements in our critical processes.

In KYC, for instance, we've seen a 40% reduction in unit cost since 2022 due to AI and technology enhancements. With our digital platforms, we're working to drive simpler, more efficient, more intuitive digital-first experiences. And you'll hear more from Max and Umar and our work to optimize our digital channels.

We have incredibly rich data assets and we've made steady progress in building a truly data-driven business. CIB has over 175 AI use cases in production. And with so much potential, this work is quite exciting as we're leveraging our data at scale to provide our teams with predictive analytics and unique insights, optimize our operations, and protect both our clients and our firm with better risk decisioning and portfolio management.

We're also continuing to invest in our teams and we're expanding to support important growth and strategic initiatives with targeted hiring across the franchise.

In Global Banking, we've added nearly 600 senior bankers in the last two years. And we aren't just adding talent, we're delivering training, insights and technology to empower, and enable our teams, focused on serving our clients in a highly differentiated manner. Importantly, maintaining fortress principles is a core tenet of our strategy. We benefit from a strong risk and control culture, rigorous client selection, and a through-the-cycle mindset. As such, complex markets play to our strengths as we continuously prepare for a range of economic scenarios.

Altogether, this consistent long-term strategy has underpinned CIB's strong financial and operating performance. As you can see on the slide, CIB has delivered substantial organic growth and we've done so through a rage of market environments. In 2024, we generated total revenues of $70 billion, net income of $25 billion, and return on equity of 18%. Over the last five years, we've seen steady growth in revenues and our earnings have grown at a compounded annual growth rate of 9%.

Importantly, these results are diversified, and they benefit from our market leadership positions and the stickiness and repeatability of our Treasury services, lending and security services revenues. We consistently maintain risk discipline and efficiently deploy our capital to serve our clients through the cycle. And so looking forward, we would expect a return on equity of 16% over the medium term. But, obviously, this could be impacted by potential headwinds that Jeremy walked through earlier today.

The strong results I just highlighted were driven by the sustained investments we've made over the past decade or longer. And CIB's overhead ratio of 50% in 2024 is one of the best amongst our key peers, even while we've made significant investments in our franchise. This year, we expect our total expenses to increase 7%, in line with the guidance we gave at year end. Our volume and revenue-related expenses should increase year-over-year in line with our continued growth and momentum we see across the business. And the biggest percentage increase in our expenses relates to the investments we are making in technology and a range of strategic initiatives. These investments will defend our franchise and best position us to capture the many opportunities ahead.

For this year, we expect total investments to increase 8% from $4.3 billion to $4.7 billion. Most of the spend is across two main categories. First is technology where we're investing $3.7 billion, targeting $2.5 billion to our products, platforms, and then experiences. We also continue to make the necessary long-term investments into modernizing our infrastructure. This includes investments for cybersecurity, resiliency and executing our cloud strategy.

The other major focus is funding the strategic expansion of our banking and sales teams. Troy will cover this in detail, but we have an outstanding track record of organic growth tied to deliberately putting more JPMorgan bankers in front of more clients and more prospects.

And before I hand the mic to Troy, let me end by saying that we're only beginning to see the full potential of our interconnected businesses. Our coverage and product teams are even more closely aligned, segmented and focused, delivering deep industry and market expertise. We're solutions-driven, serving our clients at every step in their journey from startup to large multinational. And we are one face to sizable market ecosystems like private capital and the innovation economy. And with each of our businesses performing exceptionally well, what is exciting is we operate in large and growing addressable markets and there are substantial opportunities to build on our momentum.

And with that, let me now pass it over to Troy to tell you more.

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Welcome to the stage, Troy Rohrbaugh.

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Thank you, Doug; and good morning, everyone. We believe the power of our combined CIB franchise is incredibly unique. We are now even better positioned to deliver comprehensive solutions to our clients and capture large and growing opportunities. So now I'll walk through our lines of business and cover their performance and key priorities.

Starting with security services, where we have made immense progress. This is a business with a concentrated wallet across the largest institutional investors, and that trend has been accelerating. Our strategy has always been focused on partnering with long-term clients who are benefiting from these consolidation trends, and therefore, need and value our full offering as they become even more global and complex.

We operate in 100 markets. And as a result, our client base is well-diversified across geographies, with over 60% of our revenue generated outside the US. From security services to markets, we offer front-to-back solutions. 80% of our clients are also markets clients, including our top 200. We have over $35 trillion in assets under custody and generated over $5 billion in revenue in 2024, marking our fifth straight year of record revenue, driven by steady fee growth as well as the stable and growing deposit base.

Since 2019, we've improved our share by 50 basis points and are in the top three with 10.7% share. While it's important for us to close the gap to number one, we are focused on doing so profitably. We continue to drive efficiency at scale across our complete product set. As you can see on the right, in trading services, we've increased our balances by 80% and reduced unit costs by 72%. And in ETFs, we've increased assets under custody by over 300%.

Importantly, we've continued to deliver the best-in-class operating margin of 32%, which is the outcome of years of investing in our platforms and thoughtfully partnering and growing with our clients. This space continues to evolve, including factors like competition and price compression, clients investing in more complex markets and strategies and the increasing need for data and analytics.

As our clients navigate a changing landscape, they rely on us as their long-term partner. Our technology and scale are critical to being an end game winner in this business. Not to mention the data in our Fusion platform, which opens up incredible potential for AI to further drive value for our clients and better enable productivity.

Moving on to markets. We are proud to be the top franchise. In any market environment, we are committed to being a complete and global counterparty with strong risk management and the ability to allocate capital dynamically. Our intense client-centric focus allows us to meet our clients' needs through the trade lifecycle.

Our number one ranked research organization delivers best-in-class content and insights to client, with over 90,000 active users on our JPMorgan Markets portal. In trading, we ranked top two in 11 of the 13 sub-products. And financing is a significant and expanding portion of our revenue in both FICC and equities, growing by 75% since 2019. And here, we have the top market share among our peer group at 17%. Supporting all of this is our resilient infrastructure and digital platforms, enabling us to handle massive spikes in volume like we saw last month. For example, we executed $340 billion of FX notional in one single day.

Turning to financial performance, we generated a record $30 billion of revenue last year, maintaining our number one rank, even as the significant wallet continues to attract competition from both banks and non-banks. In the middle of the slide is our product market share. In equities, our multiyear investment strategy has led to growth across all three key areas: cash, [ph] prime (02:44:48) and derivatives.

In FICC, we have been the leading franchise for over a decade. However, our market share is lower relative to pre-COVID, due to a change in the wallet mix, plus certain areas of underperformance such as rates, which we are addressing. Perhaps, even more important is our client market share on the right, which is the cornerstone of our franchise. Similar to securities services, we are focused on growing alongside our largest institutional clients where we've seen the consolidation of the wallet there as well over the past few years.

Here we have the leading market share, increasing by 230 basis points since 2019. As we discussed last year, we continue to see opportunities to deepen relationships with corporates, which we are well-positioned to do through our combined organization. For example, our TSFX revenues from international corporate clients have grown by over 40% in the last two years.

So while the market environment remains uncertain, we operate from a position of strength, which should allow us to capitalize on a potentially larger wallet, while still investing in our clients' products, technology and innovation. We also continue to deploy capital in a disciplined way, pursuing opportunities dynamically across key products and client segments.

Okay. So now turning to Global Banking, where, as Doug said, we are fully integrated yet intentionally segmented to serve our clients at every stage of their lifecycle. With our comprehensive set of solutions across payments, lending, advisory and capital markets, all delivered with excellence, we are creating client-for-life relationships. The breadth and expertise of our model is what truly sets us apart. Including fit-for-purpose solutions delivered to our 80,000 clients, global scale with local presence in 220 cities and nearly 4,000 senior bankers with deep industry knowledge, serving as trusted advisers to our clients. And the interconnectedness across our businesses allows us to deliver a unified client experience.

The power of Global Banking is demonstrated in our financial results, with strong growth in revenue delivered in close collaboration with our payments team. Max and Umar will tell you more about that in a minute.

For the past 15 years, we've been number one in global investment banking fees. And last year, for the first time, we took a full sweep of number one across M&A, DCM and ECM. However, the race at the top is tight, which is why we continue to focus diligently product-by-product, subsector-by-subsector. And we remain incredibly disciplined in our loan growth, while still growing our deposits through the cycle.

We're in a challenging environment with potential downward pressures on investment banking wallet, acute competition, and the increasing war for talent. But we will continue to expand our client franchise through our targeted growth initiatives. For example, we are using our data to better target 60,000 middle market prospects to become their primary bank.

In investment banking, we're making inroads in the subsector opportunities we shared with you last year, and we've prioritized 16 of those, which are growing and benefiting from secular trends. And as Doug mentioned, the sponsor and innovation economy ecosystems present large market opportunities, where we believe we are uniquely positioned to gain outsized wallet share.

For example, we grew our innovation economy client base by 30% last year. Finally, we continue to invest in our talent, adding over 2,000 client-facing and supporting team members in the last five years, while enabling them with real-time insights and analytics to increase sales productivity.

Okay. Turning to our lending exposure. Jeremy already covered some of this, so I won't add much further other than to say we're comfortable with our overall exposure, but we are closely monitoring both middle market companies and certain sectors that may be more significantly impacted by tariffs, as well as other areas where credit has broadly grown during this cycle.

In commercial real estate, our portfolio remains consistent at $200 billion, which is predominantly multifamily, mainly in Classes B and C where we've seen limited losses. And as Doug shared, our primary objective is to be the most important financial partner to our clients and to be a stable port in the storm.

Okay. So I'm going to finish with a powerful example of how our combined franchise across commercial banking, investment banking and markets is even better positioned to deliver comprehensive solutions to our clients. As we said earlier, we are one face to large market ecosystems. And private credit is no exception. We talked about this last year and we've made real progress since then.

We believe that we are uniquely positioned to sit at the center of this ecosystem. And our public commitment to direct lending speaks for itself, $50 billion from our own balance sheet, alongside nearly $15 billion from our co-lending partners. This will be deployed thoughtfully and over time, applying our consistent and disciplined approach to risk management. We do not do this for the purpose of gathering assets. We do this to meet our clients' needs.

Core to our strategy is that we partner with both our borrower and investor clients. When it comes to our borrower clients, we are committed to meeting their capital needs by delivering the most appropriate solution, whether it's public, private, hybrid, or any variation thereof. As for our investor clients, we do not see this as being at odds with those who provide these solutions as well. We see it as an opportunity to partner with them and promote a healthy, functioning market.

And all of this creates flywheel benefits, helping us capture revenues across trading, financing payments, advisory, among others. And we will continue to evolve our approach as needed to ensure we are best positioned to drive value for our clients.

So with that, I'll hand it over to Max and Umar who will give you an update on our Payments business.

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Welcome to the stage, Max Neukirchen.

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Thank you. Troy and Doug, and welcome to our deep dive on Payments. In Payments, we serve an incredible breadth of clients across sizes and industries all around the world. But we do not pursue a one-size-fits-all approach. We offer comprehensive solutions, tailored to their specific needs – from digital-first products to support start-ups, to complex global solutions for multinational companies.

Our business is world-leading. Last year, we generated more than $18 billion of revenues. And our scale is unmatched. We serve 20 of the largest 20 companies on the planet. We cover 80% of the Fortune 500 and we are number one in US middle market. And central to all of this is our goal of being the primary operating bank to each of our clients.

In addition to serving our clients, we're also a critical partner to the rest of the firm. For example, we hold $760 billion of deposits, which is almost one-third of the firm's deposit funding. Most of them are operating deposits. And we are also critical to the success of other businesses within JPMC as the examples on the bottom show.

Payments unlocks incremental revenues. For example, we have a successful collaboration with markets around seamless FX that has added hundreds of millions of incremental revenues over the last few years. Payments also generates significant cost savings. As you can see in the middle at the bottom, both securities services and CCB leverage our infrastructure to process trillions of dollars of savings every year.

And Payments powers alternative solutions for our clients. For example, we enable them to sweep funds into AWM, at the moment about $175 billion of balances. All these synergies create value for the firm, but they also really solidify our role as a leader in financial services.

Now, let me talk a little bit more about the sub-businesses we have in Payments. Treasury services is a business that offers liquidity management and money movement to clients. We are number one and we continue to grow. On an average day, we process more than $10 trillion of volume and that goes up to $14 trillion on peak days.

In merchant services, we allow companies to accept payments from their customers, both online and in-store. We are the number one acquirer in the US, and we are also the number one e-commerce acquirer in EMEA. Last year, we processed more than $2.6 trillion of volume, and at peak, more than 6,000 transactions per second.

Our trade business is focused on being a leader in key subsegments, such as structured trade. And as you can see on the page, the number 7 ranking has opportunities to grow. These first three businesses are well-established and generate more than 90% of our Payments revenues. However, the next two are areas of key investment and also show high growth. Embedded finance and solution encompasses vertical and horizontal value-added services, as well as software solutions. Our embedded payments platform is number one ranked.

And then, finally, we offer a best-in-class digital solutions, including our number one ranked client portals, JPMorgan Access and Connect as well as Kinexys, one of the largest blockchain networks in payments.

Now, what makes us unique in all of this? Our solutions create tangible value by combining the power of a large, trusted bank with the innovation of a tech company. And no other payments business has our unique set of assets, having a number one treasury services organization and the world-leading acquirer all under one roof. And we also differentiate by how we deliver this to our clients. We have a single coverage organization. We have a unified, high-touch approach to clients service. And we operate at scale 24/7 all around the world.

Let me bring this alive to you with two client examples, Booking Holdings and TotalEnergies. Booking Holdings on the left is a online travel agency that has household brands such as Booking.com and KAYAK. We've been with them since the beginning. We were their first bank. We gave them their first ever loan through the Commercial Bank. And of course, we have had a deep payments relationship.

Our payments relationship has evolved over the last 30 years to become Booking's pre-eminent partner by offering them the specific solutions that you see on the left hand side of the page. TotalEnergies is a global energy company, headquartered in France. We've enjoyed a longstanding relationship with them across Investment Banking, Markets, and of course, Payments. TotalEnergies leverages us for liquidity management and cash management, but most importantly, to power their global growth.

And beyond the day-to-day, we support TotalEnergies in defining modern day treasury management. We allow them to have real-time settlement, 24/7, leveraging our blockchain solutions, and they benefit from our AI-powered fraud prevention tools. Both examples show that we are a trusted partner to companies at every growth stage, earned by delivering solutions to their specific needs.

Now, let's turn to some key financials. We have seen incredible top line growth over the last few years, adding more than $8 billion of revenue at a 12% CAGR. But it's not only the absolute growth, it's also relative growth. Our treasury services market share has increased by more than 350 basis points over that timeframe. And it's the quality of these revenues that also matters. Payments is essential to our clients. Our relationships are deep and long-lasting, and those revenues are therefore consistent and recurring.

Two metrics we monitor very closely to judge the health of our franchise, actually growth in fees and growth in deposits as we can see in the middle of the page. Fees have grown at a 9% CAGR, driven by our investment in modern platforms as well as in expanded coverage, as you heard earlier from Doug. And over the same time period, as you can see at the middle – in the bottom, our deposits are more than 50%, mostly high-quality operating deposits.

Last year offered a clear demonstration of the strong earnings profile of this franchise. While revenue growth was nearly flat, it was a very successful year, because we were able to absorb significant rate-related headwinds through our deposit and our fee growth. And it's performance like that that will help us weather future cycles.

Now, let's look ahead – looking ahead, we see significant tailwinds that will position us well for continued growth. First of all, payments continue to digitize all around the world, with electronic solutions replacing cash. That grows the wallet for us, but, of course, also for the whole industry.

In addition to wallet growth, there continues to be a consolidation towards the largest players, reflecting an industry trend towards scale and security. JPMorgan is very well-positioned for that trend. And thirdly, payments is becoming more and more strategic, evolving from a back office function to a key revenue driver for many of our clients. That means clients are willing to pay a premium for differentiated solutions.

Now, how will we capture all of these opportunities going forward? For that, I'll hand it over to partner, Umar, who will take you through our five growth levers.

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Welcome to the stage Umar Farooq.

Thanks, Max; and good morning, everyone. As you heard, our business has tremendous momentum and natural tailwinds. We want to ensure that we capture this opportunity and have a five-pronged strategy to do so. Working closely with our partners in banking, we will continue to expand coverage across industries and geographies.

We will combine this expanded coverage with the strength of our balance sheet to deploy capital and meet the needs of our clients. We have been on a modernization journey for many years now. And given the centrality of technology to our business and the constant innovation in our space, we will continue to invest in platforms that are innovative, scalable and resilient. Last, but definitely not least, we are doubling down in our existing footprint and looking to expand to new markets.

Let me cover a few of these points in a bit more detail. Our partnership with Commercial Banking and Corporate Banking is a key asset for the Payments business. We see significant opportunities across segments and geographies to deepen existing relationships and to capture new clients. Our focus on expanding coverage is actually nothing new. Since 2022, we have expanded our banker head count by more than 1,000, and we intend to continue growing. Most importantly, as mentioned earlier, this shows the power of bringing the Commercial & investment bank together last year. Many of the segments we are focused on take our existing expertise from commercial banking in the United States and rolls it out across our international footprint.

Now you've heard quite a bit about our modernization journey in past investor days and can now say – see multiple years of investments paying off in our performance. Our double-digit growth in fee revenue is a testament to building a modern, highly scalable and resilient platform. In fact, we built all of our new applications for maximum flexibility, utilizing micro services and a cloud-ready architecture. Down the middle of this page, you can see many examples of completed and ongoing work across our entire product suite, including very importantly, the completion of our target state global platforms for Treasury Services and Merchant Services. We believe this gives us a sustainable advantage versus our peers. And I'd be remiss if I didn't say that in our business, you're never really done with modernization. And we will continue to invest in our platforms on an ongoing basis.

These state-of-the-art platforms enable industry-leading digital experiences and innovation. We are laser focused on providing the absolute best digital experience to every single client segment. We already have, as you heard, award winning, at-scale platforms like JPMorgan Access and Chase Connect that serve more than 400,000 users on a regular basis. But we are building new ones. We are really focused on building digital experiences that are targeted to specific segments like technology startups.

On the right of this page, you can see an area that makes us really proud, Kinexys, our blockchain business, formerly known as Onyx by JPMorgan. Kinexys is one of the largest and leading institutional blockchain platforms and has delivered many industry firsts from programmable payments for our corporate clients to instant settlement between US dollars and euros.

Our pedigree in this space is unique. We started investing in blockchain many years ago before our peers, fintechs included, and have stuck with this investment through all intervening cycles. Our world-class team has spent years building a platform that's scaled and fully complaint. And this platform, since launch, has processed nearly $2 trillion, putting it in a category by itself. And we are very excited about recent developments in areas like tokenized assets. With our platform, we are ready to capture these opportunities. And we intend to continue innovation in this space with the quality and the compliance expected of JPMorgan. Needless to say, we have some exciting products lined up, so stay tuned.

We are also very proud of our best-in-class data platform. As one of the largest players in payments, we have a data asset that is second to none. To harness the power of this data, we have been building and have completed building a cloud-native data infrastructure and are utilizing AI and machine learning models for everything, from prospect qualification to transaction screening and operations. The operational efficiencies our data platform has allowed us to capture with AI models are truly impressive.

In the last few years, our transaction volumes have gone up by more than 50%. At the same time, our AI models have allowed us to cut manual exceptions by more than 50%, delivering significant operating leverage. And that's not it. We also have been able to cut down the turnaround times for these exceptions by nearly 75%, which has allowed us to deliver exceptional client experience. Frankly, this is just a small example of how key our data asset will be to the future of our business as we expand and lean ever more so into technologies like generative AI.

Finally, we are excited about expanding our global footprint, something that's very important to many of our clients. We are already well positioned. We are the number one player in financial institution payments globally. Our SWIFT market share is significantly higher than any of our peers. However, as we mentioned earlier, we continue to invest in expanding corporate coverage across all segments from startups to multinationals. This goes hand in hand with expanding capabilities in our existing markets.

Take Mexico for an example. Mexico is the second largest economy in Latin America and has a large untapped payments opportunity. To capture this, we've been investing and expanding our product capabilities within Mexico. And since 2021, this has allowed us to double our client count and increase transaction counts by nearly 10 times. And Mexico is just one example. We have similar product expansion and modernization work going across many of the countries in our footprint. We are also expanding into new markets to capture new opportunities.

One exciting announcement is that we have launched an ADGM, UAE's free trade zone earlier this year. We plan to continue adding new geographies in a disciplined manner in the years to come. For example, the Shanghai Free Trade Zone, coming soon. Now, I'd love to share other countries on our roadmap, but you, as investors, are not the only ones listening.

Let me recap what Max and I covered over the last few minutes. We have an incredibly powerful franchise that we deliver to our clients, large and small, across the globe. They choose us as their primary operating bank because of the safety, the scale and innovation we deliver every single day. We continue to deliver strong performance, driven by double-digit organic growth and recurring revenue streams. And we believe that our targeted investments in state-of-the-art platforms and innovation set us up for high quality growth in the long term.

We have a great hand and even with moderate rate headwinds, we believe our business is well positioned to add several billion dollars of incremental annual revenue in the coming years. We truly hope you're as excited about our business as Max and I are.

And with that, I'll turn it back to Doug and Troy.