$JPM... Killed it. 

Rev + 11%, EPS + 50% ROE + 18% vs 12% ROTCE 21%
It's important to note you can't compare to last year given the 1x charge that was taken. Still ROTCE at 21% is more than it was pre-FDIC bank charge.

1) CCB
2) Investment Banking
3) Asset Management
4) NIM Discussion
5) Q&A

In Commercial Banking (CCB) you had a little bit of weakness coming from Biz Banking. Drilling down in the numbers, that just looks like NIM. Loans look flat, but you do have lower margins. 

All the Personal Lines were great (Auto, Personal, Card).Look at the growth. But even more than that, look at the ROE's they see on the Consumer Biz. 

INVESTMENT BANKING
Investment banking crushed it. Not really a confusion factor here, as this has been discussed a lot on my feed. When it rains it pours in investment banking.

ASSET MANAGEMENT
Crazy Strong. Net Inc up 25%, AUM up 18%. I'm glad you're enjoying that $FRB acquisition.

NIM Discussion
They are suggesting a 4.25% increase by yearend. If you get more than that it could be a swing factor. Look at what they think is going to happen in Card Services!!

The Deposits being flat is - for $JPM great! Recall, they are too big to fail and they were having some outflows from $FRB still in 2024. Now it's done. 

Q&A
1) Given he weirdly praised Jeremy and discussed succession planning, the first question out of the gates was worded to ask him to stay. He stated he thinks he'll peace out in about 5 years, but not stated person. IMO, this is a great sign that he praised Jeremy as he's been looking since the beginning of the decade for someone he was very cool to take it over.

2) CET capital Ratio growth as a function of being too big to fail. The lawsuit to get the regulators to stop is on. I agree. 15% is crazy high. The good news is that releasing it at any point would stave off a any sort of financial attack on the US pretty fast. 

3)  Question on going Int'l. Why are you doing it? Is there really that much benefit given everyone else has crashed and burned. 
Response: Yeah. We're going to do it mostly in a digital format. It will be great. 

4) Long long question that was basically: What grows $JPM in 2025? Anything new. The answer was acq finance. JUST FYI this dovetails into the $IWM long folks and the idea that M&A - though slightly delayed is the thing folks are missing when they try to be bearish.

5) They also remind folks they do not have as big a share as you'd expect in Asset Management.

Few more questions on the call, but the open is coming. I'll post more if there are additional good questions.